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1. The prayer in the writ petition is to issue a writ of declaration declaring Rule 8(2) of the Securities Contracts (Regulation) Rules, 1957, as unconstitutional and directing the second respondent to grant membership to the petitioner without imposing any unreasonable and arbitrary terms.

2. The case of the petitioner is briefly stated hereunder : According to him, he is well qualified with a Bachelor's degree in Engineering and Master's Diploma in Business Management. Because of his master's degree in business management, particularly in finance and marketing, he is interested in the business of trading and securities. He is fully qualified to take up a career in the business of dealing in securities. However, by virtue of certain provisions of the Securities Contracts (Regulation) Act, 1956, and the rules made thereunder and by virtue of the bye-laws--articles of association of the stock exchanges, the entry of proficient men into this field of business was effectively being prevented by vested interests. The second respondent did not take steps to implement the directives of the high powered committee headed by G. S. Patel. For two years after these directives, the second respondent did not take steps to implement these directives, but only flooded the exchange with persons of their own Choice. Later, the second respondent herein, by advertisements in newspaper made in September, 1987, invited applications from two categories of persons, viz., (1) post-graduate degree holders in commerce, economics and business administration from recognised/ approved universities/institutions and members of professional bodies such as the Institute of Chartered Accountants of India, the Institute of Costs and Works Accountants of India and the Institute of Company Secretaries of India ; and (2) persons, who have a pass in plus two or XIIth standard examination with an experience of three years in the business of shares and securities. He sent his application in the prescribed format along with an earnest money deposit of Rs. 5,000. He was called for an interview on May 24, 1988, by the second respondent herein. The applicants were not seeking any employment, but were only entering into a business, which cannot be curtailed by way of interview or other selection procedures. The petitioner and his father initially filed. a writ petition, namely, W. P. No. 1573 of 1987 under Article 52 of the Constitution of India against the respondents herein, which is pending in the Supreme Court of India. The writ petition which was filed challenging the constitutional validity of the various provisions of the Securities Contracts (Regulation) Act and the rules made thereunder, was withdrawn by them on August 1, 1988. After the withdrawal of the writ petition, he received a communication dated July 29, 1988, from the second respondent, informing him that his application was not considered favourably. No reasons were mentioned in the said letter, for not considering his application favourably. By this letter, the opportunity of carrying on business in shares and securities, has been denied to him and in such circumstances, he has approached this court as stated above. The first set of reliefs is sought by him both as a person aggrieved and as by way of public interest litigation.