Section 8(6) in Securities Contracts (Regulation) Rules, 1957
(6)[ A limited liability partnership as defined in the Limited Liability Partnership Act, 2008 (6 of 2009), shall also be eligible to be elected its a member of a stock exchange if [Inserted by the Securities Contracts (Regulation) Amendment Rules, 2013. w.e.f. 24.10.2013.](i)such "limited liability partnership" undertakes to comply with such financial requirements and norms as may be provided by the Securities and Exchange Board of India for registration of such limited liability partnerships under subsection (1) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);(ii)the designate partners of the 'limited liability partnership' are not disqualified from being members of a stock exchange under sub-rule (1) [except clause (b) and (f) thereof] or sub-rule (3) [except clause (a) and clause (f) thereof and the designated partners of the 'limited liability partnership' had not held the offices of Directors in any company or body corporate or partner in any firm or 'limited liability partnership', which had been a member of the stock exchange and had been declared defaulter or expelled by the stock exchange; and(iii)not less than two designated partners of the 'limited liability partnership' are persons who possess a minimum experience of two years:-(a)in dealing in securities; or(b)as portfolio managers; or(c)as investment consultants.]
