The MoF's Amendment-Shaped New Year Wish

In light of the powers accorded to the Government of India under Section 30 of the Securities Contracts (Regulation) Act, 1956; and in furtherance of its public policy goals to ensure that an additional degree of care is embedded into the system with regard to public shareholding, the Securities Contracts (Regulation) Rules, 1957 ("Rules") were enacted by the Government of India. These Rules lay down the procedure for applications that stock exchanges may make to the Securities and Exchange Board of India in order to be recognised, the fees required to be paid for such applications, and the documents and particulars required for this purpose as well. The Rules also detail the qualifications for the membership of a recognised stock exchange, their compliances and disclosure requirements, and the requirements with respect to the listing of securities on such recognised stock exchanges.