Notification of recognised stock exchange enables exchanges meeting SEBI approval and prescribed conditions to be recognised, subject to government review. An application to the Member (Income Tax), Central Board of Direct Taxes is required for notification of a stock exchange as a recognised stock exchange, accompanied by SEBI approval for derivatives trading, up-to-date rules and bye-laws, confirmation of compliance with rule 6DDA conditions, and other information. The Central Government may seek further particulars, and after review will notify the exchange as recognised or reject the application within the prescribed decision period; the notification remains effective until SEBI approval lapses or the Government rescinds it.