Recognised stock exchange requirements: SEBI approval, client identification, immutable records and audit trail required; notification follows application. Conditions for notification as a recognised stock exchange for derivatives require SEBI approval for derivatives trading, recording client particulars including unique client identity number and PAN, maintaining a seven year audit trail of cash and derivative transactions, and ensuring transactions once registered cannot be erased or modified. Applications to the Member(L), CBDT must include SEBI approval, current rules and bye laws, confirmation of compliance with those operational conditions and any other information; the Central Government may request further information, decide on notification or rejection within the prescribed period, and the notification remains effective while SEBI approval subsists and until rescinded.
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 requirements: SEBI approval, client identification, immutable records and audit trail required; notification follows application.
Conditions for notification as a recognised stock exchange for derivatives require SEBI approval for derivatives trading, recording client particulars including unique client identity number and PAN, maintaining a seven year audit trail of cash and derivative transactions, and ensuring transactions once registered cannot be erased or modified. Applications to the Member(L), CBDT must include SEBI approval, current rules and bye laws, confirmation of compliance with those operational conditions and any other information; the Central Government may request further information, decide on notification or rejection within the prescribed period, and the notification remains effective while SEBI approval subsists and until rescinded.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
