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CS Executive · Capital Market and Securities Laws · Secondary Market in India

Recognition is granted to Bharat Commodity-Equity Exchange, whose principal office is in Gujarat. From what date does the recognition take effect?

Recognition takes effect from the date of its publication in the Gazette of India. Although it must also be published in the State Official Gazette where the principal office is situated, Section 4(3) fixes the Gazette of India publication date as the effective date.

  1. AThe date of its publication in the Gazette of IndiaCorrect
  2. BThe date of its publication in the Gujarat Official Gazette
  3. CThe date the application was made
  4. DThe date the exchange's bye-laws were adopted

Explanation

Section 4(3) requires publication in the Gazette of India and in the Official Gazette of the State where the principal office is situate, but recognition has effect from the date of publication in the Gazette of India. The State Gazette date is therefore not the operative date.

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