Recognised stock exchange conditions require SEBI approval, client data recording, audit trails, and transaction modification controls. A stock exchange seeking notification as a recognised stock exchange for the purposes of section 2(92) must satisfy specified conditions in relation to trading in derivatives. The exchange must obtain and operate within the approval and guidelines of the Securities and Exchange Board of India, record and store client particulars including unique client identity number and Permanent Account Number, maintain a complete audit trail of cash and derivative market transactions for seven tax years, prevent erasure of registered transactions, allow modification only for genuine error, and submit monthly details of modified transactions in Form No. 1 within fifteen days of month-end.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Recognised stock exchange conditions require SEBI approval, client data recording, audit trails, and transaction modification controls.
A stock exchange seeking notification as a recognised stock exchange for the purposes of section 2(92) must satisfy specified conditions in relation to trading in derivatives. The exchange must obtain and operate within the approval and guidelines of the Securities and Exchange Board of India, record and store client particulars including unique client identity number and Permanent Account Number, maintain a complete audit trail of cash and derivative market transactions for seven tax years, prevent erasure of registered transactions, allow modification only for genuine error, and submit monthly details of modified transactions in Form No. 1 within fifteen days of month-end.
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