Stock Exchange

“Stock Exchange” means a market, exchange or other place at which securities are regularly offered for sale, purchase or exchange, including any services connected with such business.

Grant Of A License As A Stock Exchange

Anybody corporate which is carrying on or intends to carry on the business of operating a stock exchange. shall make an application to the Commission for the grant of a license as a stock exchange in such form, together with such documents and such fee as may be specified by the Commission from time to time in that behalf.

Terms And Conditions To Be Complied With For The Grant Of A License To A Stock Exchange

No licences shall be granted under this Act to anybody corporate as a stock exchange which does not comply with the terms and conditions set out in Part I of the Schedule hereto.

Grant Of Certificate

1. On receipt of an application made under section 15 of the SEC Act, the Commission having considered the particulars stated therein and, where it deems necessary, having given the applicant an opportunity of being heard, in person or by a representative, shall by written notice to the applicant, inform the applicant whether he is being granted a license or not.
2. Where the Commission grants a license to –
   1. A body corporate to carry on the business of a stock exchange, it shall issue a certificate to that effect for a period of five years;
   
   

   Renewal Of License

   A licensed stock exchange may six months prior to the expiry of the licence, make an application to the Commission in the prescribed form together with a prescribed fee for a renewal of the license.