law: Securities Contracts (Regulation) Act, 1956
  
  22.Right of appeal against refusal by stock exchanges to list securities of
  
  public companies.-
  Where a recognised
  
  stock exchange acting in pursuance of any power given to it by its bye-laws,
  
  refuses to list the securities of any public company, the company shall be
  
  entitled to be furnished with the reasons for such refusal, and may appeal
  
  against the decision of the recognised stock exchange to the Central Government
  
  , and the Central Government may, after giving the stock exchange an
  
  opportunity of being heard, vary or set aside the decision of the recognised
  
  stock exchange, and when it does so the stock exchange shall be bound to act in
  
  conformity with the doors of the Central Government.
  Penalties And
  
  Procedure