Shareholder approval for exchange shareholdings required; disclosure of identity, registrations, fit and proper status, penalties, litigation and associations. Applicants for Board approval to hold equity shares in a recognised stock exchange or clearing corporation must disclose identity, contact and employment details, regulator and statutory registrations, a declaration on fit and proper requirements, prior Board approvals, actions or penalties by statutory authorities, pending litigation, potential disqualifying activities, and associations with trading or clearing members to enable regulatory assessment.