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Under the SCRA, the term "recognised stock exchange" is defined in a particular relational way. Which definition matches the statute?
Answer & Solution
Correct answer: B.
1. The Act ties the status of a recognised stock exchange to a specific recognition act.
2. A recognised stock exchange means one which is for the time being recognised by the Central Government.
3. Listing on a SEBI page is not the criterion; an active recognition order is.
4. RBI does not grant recognition under the SCRA; that power lies with the Central Government, concurrently with SEBI.
_Source: ICSI CS Executive Paper 6 (Securities Laws and Capital Markets) — Lesson 1: Securities Contracts (Regulation) Act, 1956, pp. 4-21._
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