Section 45(1) in The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012
(1)Subject to the provisions of applicable laws in force, a recognised stock exchange may apply for listing of its securities on any recognised stock exchange, other than itself and its associated stock exchange, if,-(a)it is compliant with the provisions of these regulations particularly those relating to ownership and governance;(b)it has completed three years of continuous trading operations immediately preceding the date of application of listing; and(c)it has obtained approval of the Board.
