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A stock exchange wishing to be recognised under the SCRA goes through three sequential statutory steps. Which sections respectively deal with the application, the grant of recognition, and the withdrawal of recognition?
Answer & Solution
Correct answer: C.
1. The SCRA structures the recognition lifecycle across three consecutive sections.
2. Section 3 governs the application for recognition by the exchange.
3. Section 4 governs the grant of recognition by the Central Government.
4. Section 5 governs the withdrawal of recognition.
5. Powers under Sections 4 and 5 are delegated concurrently to 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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