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Section 13A of the SCRA enables a recognised stock exchange to establish an additional trading floor outside its main area of operation. What is the statutory precondition for establishing such a floor?
Answer & Solution
Correct answer: A.
1. Section 13A regulates additional trading floors of a recognised stock exchange.
2. Such a floor may be established only with the prior approval of SEBI.
3. The floor must comply with the terms and conditions stipulated by SEBI.
4. RBI, the Ministry of Finance, the High Court and SAT play no role in this approval.
_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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