Grant of recognition to stock exchanges: conditions, publication, government oversight and requirement of hearing before refusal. Grant of recognition to a stock exchange requires the Central Government's satisfaction, after inquiry, that the exchange's rules protect investors and fair dealing, that the exchange will accept additional conditions including membership criteria, and that recognition is in trade and public interest. Prescribed conditions may cover qualifications for membership, contract formation and enforcement between members, Government representation on the exchange, and maintenance and audit of members' accounts. Recognition must be published in the Gazette of India and the State Official Gazette, takes effect from that publication, refusal requires a hearing and written reasons, and specified exchange rules cannot be amended without Government approval.