Consideration of grant of recognition

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..... fied in regulation 20; (d) the applicant satisfies the requirements relating to the ownership and governance structure specified in these regulations; (e) the applicant satisfies the networth requirements specified in these regulations; (f) the applicant satisfies the requisite capability including its financial capacity, functional expertise and infrastructure. Explanation.-For the purposes of this sub-regulation, the term demutualised means that the ownership and management of the applicant is segregated from the trading rights or clearing rights, as the case may be, in terms of these regulations. (3) An applicant seeking recognition as a stock exchange shall, in addition to the conditions as specified in sub-regulations .....

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..... he business feasibility plan has been appraised by a reputed agency having expertise in securities market; and (m) any other conditions as may be specified by the Board. (4) An applicant seeking recognition as a clearing corporation shall, in addition to the conditions as specified in sub-regulations (1) and (2), comply with the following conditions, namely:- (a) the applicant has necessary infrastructure to ensure timely clearing and settlement of trades; 1 [ Provided that where the applicant is a limited purpose clearing corporation specified under Chapter IV-A, compliance with the requirement under this clause may be demonstrated by way of outsourcing arrangement(s) with a recognized clearing corporation(s), subject to such .....

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..... d redressal of grievances arising out of clearing and settlement of trades; (j) the applicant has an agreement with a depository and with a recognised stock exchange in respect of clearing and settlement of the trades; (k) the business feasibility plan has been appraised by a reputed agency having expertise in securities market; and (l) any other conditions as may be specified by the Board. (5) The Board may, on being satisfied with the capability of the applicant to comply with the conditions laid down in this regulation, grant in-principle approval to the applicant which shall be valid for a period of one year. Provided that the Board may, upon sufficient cause shown by the applicant, extend the validity of in-principle app .....

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