Requirements for grant of recognition

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....ship and governance structure specified in these regulations; (e) the applicant satisfies the net worth requirements specified in these regulations; (f) the applicant satisfies the requisite capability including its financial capacity, functional expertise and infrastructure. (2) An applicant seeking recognition as a stock exchange shall, in addition to the conditions specified in sub-regulation (1), comply with the following conditions, namely, - (a) the applicant has the necessary infrastructure for the orderly execution of trades; (b) the applicant has an online screen-based trading system; (c) the applicant has an online surveillance capability which monitors prices, volumes and positions ....

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....applicant has adequate risk management mechanism; (c) the applicant has a settlement procedure including netting, novation and guarantee for settlement of trades in place, which is in accordance with the manner specified by the Authority; (d) the applicant has the capacity to establish a fund to guarantee settlement of trades; (e) the applicant has necessary capability to have a wide network of clearing members and has adequate facility to admit and regulate its members; (f) the applicant has established connectivity with the depositories, clearing banks, stock exchange and clearing members; (g) the applicant has adequate systems' capacity for on-line/real time risk management of trades clear....

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....horised entry or access; (e) the depository has established standard transmission and encryption formats for electronic communications of data between the depository, participants, issuers and issuers' agents; (f) the physical or electronic access to the premises, facilities, automatic data processing systems, data storage sites and facilities including back up sites and facilities and to the electronic data communication network connecting the depository, participants, issuers and issuers' agents is controlled, monitored and recorded; (g) the depository has a detailed operations manual explaining all aspects of its functioning, including the interface and method of transmission of information between the deposito....