Section 7(5) in The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012
(5)The Board may, on being satisfied with the capability of the applicant to comply with the conditions laid down in this regulation, grant an in-principle approval to the applicant which shall be valid for a period of one year:Provided that the Board may, upon sufficient cause shown by the applicant, extend the validity of in-principle approval for a further period not exceeding six months.
