Recognition of stock exchanges under SCRA requires grant subject to conditions, timely renewal filing and gazette publication. Granting recognition to a stock exchange is effected by a formal instrument following an application for recognition or renewal under the Securities Contracts (Regulation) framework; recognition may be granted for a specified period or permanently, subject to conditions stated in the instrument or later prescribed, and renewal applications must be submitted within a prescribed advance period with the recognition published in the central and State official gazettes.