Grants of application for recognition Inter-connected Stock Exchange of India Ltd., Mumbai. - S.O. No.977(E) - SEBI/LE/1996/98 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 18th November, 1998 S.O.977(E).- Securities and Exchange Board of India, having considered the application for recognition made under Section 3 of the Securities Contracts (Regulation) Act, 1956 by Inter-connected Stock Exchange of India Ltd., Mumbai and being satisfied that it would be in the interest of the trade and also in the public interest so to do, hereby grants, in exercise of the powers conferred by Section 4 of the Securities Contracts (Regulation) Act, 1956 recognition to the said Exchange under Section 4 of the said Act for three years ending on November 17, 2001 in respect of contracts in securities subject to the conditions stated herein below or as may be prescribed or imposed hereafter :- 1. The Exchange shall comply with the following conditions before commencement of trading : a) Traders of the Exchange are registered with SEBI and a minimum number of 50 traders are So registered; b) Establishment of Settlement Guarantee Fund and certificate from Chartered Accountant certifying that the corpus of the Fund as proposed by the Exchange has been established and is available; 1 [ (c) All the participating stock exchanges commence a uniform trading and settlement cycle which may be different from the trading and settlement cycle of the Interconnected Stock Exchange of India Limited. ] 2. The traders of the Exchange shall maintain Base Minimum Capital of ₹ 4.00 lakhs. However, to start with the traders may have a Base Minimum Capital of ₹ 2 lakhs which shall be increased to ₹ 3.00 lakhs within six months and to ₹ 4.00 lakhs at the end of the first year from the date of commencement of trading of the Exchange. If a trader fails to maintain the Base Minimum Capital as stipulated, trading rights of the trader shall be suspended with immediate effect. [F.No. SEBI/LE/1996/98] DEVENDRA RAJ MEHTA, Chairman ********* Notes:- 1. Substituted vide Notification No. S.O. No.192 (E) dated 30-03-1999 before it was read as c) Participating Stock Exchanges commence a uniform trading and settlement cycle in tune with the trading and settlement cycle of Exchange.