Schedule - II (Part - D) - Application for seeking recognition as a Stock Exchange/ Clearing Corporation - Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018

PART - D Application for seeking recognition as a Stock Exchange/ Clearing Corporation [See regulation 4, 6 and 7] (1) An applicant seeking recognition as a stock exchange/ clearing corporation shall substantiate its capability to fulfill all the requirements laid down under SCRA, SCRR and regulation 7 of these Regulations at the time of making the application. (2) For the purpose of grant of in-principle approval under regulation 7(5) of these Regulations, the Board may take into account the factors which it may deem fit in the interest of the securities market. For this purpose, the Board may consider the information and documents including but not limited to the following:- (a) Business feasibility plan for the next five years, (b) Net worth certificate/ financial books and bank account details, (c) Detailed write-up on each of its functions, (d) Details of authorised officials along with specimen signatures of the authorized signatories, (e) Proposed organisational structure, (f) Necessary undertakings, (g) Manpower planning, (h) Background and necessary information (as specified herein) to establish that its shareholders/promoters are fit and proper persons, Information regarding its Office set-up, appointment of Managing Director after following due process. (3) Before grant of final approval, in addition to the above, the applicant shall satisfy the Board with regard to compliance of the following: (a) Appointment of heads of key departments such as legal, listing, member registration, trading and surveillance in case of a stock exchange, and (b) Appointment of heads of key departments such as risk, legal, clearing and settlement, in case of a clearing corporation. (c) Satisfactory compliance with observations of the Board during inquiry/ inspection by the Board. (d) Any other requirement as the Board may deem necessary for disposal of the application.