Recognised stock exchange (s. 2(92)) (range 4–5)

Who applies, and to whom. The stock exchange applies to the Member (Income Tax), Central Board of Direct Taxes, New Delhi.

Documents to accompany the application

• SEBI's approval for trading in derivatives;
• the exchange's up-to-date rules, bye-laws and trading regulations;
• confirmation that the conditions in clauses (b) to (f) of rule 4 are met; and
• any other information the exchange wishes to place before the Central Government.

After filing. The Central Government may call for further information it considers necessary. Having examined what has been furnished, it either notifies the exchange as a recognised stock exchange for section 2(92) or issues an order rejecting the application. It must do so before six months from the end of the month in which the application was received.

How long the notification lasts. The notification stays effective until SEBI's approval is withdrawn or expires, or the Central Government rescinds the notification.

Related provisions. Section 2(92); Rule 4.