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CS Executive · Capital Market and Securities Laws · Securities Contracts (Regulation) Act, 1956

Western India Stock Exchange has been granted recognition by the Central Government. From which date does the recognition take effect?

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

  1. AThe date of the Central Government's order
  2. BThe date of publication in the Gazette of IndiaCorrect
  3. CThe date of publication in the Official Gazette of the State of its principal office
  4. DThe date on which its bye-laws were submitted

Explanation

Under Section 4(3), recognition is published in the Gazette of India and in the State Official Gazette of the principal office's State, but it 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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