law: Securities Contracts (Regulation) Act, 1956
  3.Application for
  
  recognition of stock exchanges .-
  (1) Any stock
  
  exchange, which is desirous of being recognised for the purposes of this Act,
  
  may make an application in the prescribed manner to the Central Government.
  (2) Every application
  
  under sub-section (1) shall contain such particulars as may be prescribed , and
  
  shall be accompanied by a copy of the bye-laws of the stock exchange for the
  
  regulation and control of contracts and also a copy of the rules relating in
  
  general to the constitution of the stock exchange, and in particular, to-
  (a)
  
  the governing body of such stock exchange, its constitution and powers of
  
  management and the manner in which the business is to be transacted;
  (b)
  
  the powers and duties of the office bearers of the stock exchange;
  (c)
  
  the admission into the stock exchange of various classes of members, the
  
  qualifications for memberships, and the exclusion, suspension, expulsion and
  
  re-admission of members there from or there into;
  (d)
  
  the procedure for the registration of partnerships as members of the stock
  
  exchange in cases where the rules provide for such membership; and the
  
  nomination and appointment of authorised representatives and clerks.