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<h1>SEBI Circular on Regulation 45: Stock Exchanges Prohibited from Self-Listing; Independent Committees to Oversee Compliance and Conflicts.</h1> The circular outlines procedures for the listing control mechanism of stock exchanges as per SECC Regulations, specifically Regulation 45. It mandates that a stock exchange cannot list itself or its associated exchange. The Listing Department of the exchange where the listing occurs is responsible for monitoring compliance, similar to listed companies. An Independent Oversight Committee will handle conflicts, and a Conflict Resolution Committee (CRC) established by SEBI will oversee and review potential conflicts between listed and listing exchanges. This circular, issued under the Securities and Exchange Board of India Act, aims to protect investors and regulate the securities market.