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of <h1>Operating a stock exchange or clearing corporation requires Board recognition; existing entities have a three-month grace period.</h1> No individual or entity may conduct or assist in organizing a stock exchange or clearing corporation without obtaining recognition from the Board as per the Act, rules, and regulations. Stock exchanges recognized under the Act at the commencement of these regulations are deemed recognized under these regulations. Existing clearing houses or individuals settling trades of recognized stock exchanges may continue operations for three months from the commencement date or until their recognition application is processed if submitted under regulation 4.
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