Form of Recognition :

Rule 6 provides that the recognition granted to a stock exchange shall be in Form B and subject to the following conditions, namely –

(a) that the recognition unless granted on a permanent basis, shall be for such period not less than one
year as may be specified in the recognition;

(b) that the stock exchange shall comply with such conditions as are or may be prescribed or imposed
under the provisions of the Act and these rules from time to time.

In case of a recognised stock exchange, renewal of such recognition should be sought from SEBI not later than 3 months before expiry of the period of recognition.

In case SEBI desires to withdraw recognition from a stock exchange, SEBI shall first issue a show-cause notice in Form C and obtain information. Only after considering the submissions of the stock exchange SEBI can take a decision on withdrawal of recognition.