(1) The Board may, after considering the application under regulation 4 and on being satisfied that the applicant has complied with the conditions laid down in regulation 7 and is eligible to act as a recognised stock exchange or a recognised clearing corporation, as the case may be, grant recognition to the applicant in terms of section 4 of the Act, in the interest of the securities market.
(2) The recognition granted to a stock exchange under sub-regulation (1) shall be in Form B of the rules.
(3) The recognition granted to a clearing corporation shall be in Form B of Schedule-I of these regulations.
(4) The recognised stock exchange and the recognised clearing corporation shall comply with such other conditions, including those with regard to the nature of securities to be dealt with, as may be imposed by the Board from time to time.
Period of recognition