Section 12 in The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012
12. Renewal of recognition.
(1)In addition to rule 7 of the rules, the provisions of these regulations, as they apply for grant of recognition to a stock exchange, shall also apply in relation to an application for renewal of recognition of a recognised stock exchange.(2)A recognised clearing corporation desirous of renewal of recognition shall make an application to the Board in Form A of Schedule-I of these regulations and such application shall reach the Board atleast three months prior to the date of expiry of the recognition.(3)The provisions of these regulations, as they apply for grant of recognition to a clearing corporation, shall also apply in relation to an application for renewal of recognition of a recognised clearing corporation.(4)An applicant seeking renewal of recognition as a stock exchange shall pay fee in terms of rule 7 of the rules, and an applicant seeking renewal of recognition as a clearing corporation shall also pay fee as payable by a stock exchange.(5)The recognised stock exchange and recognised clearing corporation shall comply with the applicable conditions specified in sub-regulation (3) and sub-regulation (4) of regulation 7, as the case may be, on a continuous basis.
