law: Securities Contracts (Regulation) Act, 1956
  
  19.Stock exchanges other than recognised stock exchanges prohibited.-
  (1) No person shall,
  
  except with the permission of the Central Government, organise or assist in
  
  organising or be a member of any stock exchange (other than a recognised stock
  
  exchange ) for purpose of assisting in, entering into or performing any
  
  contracts in securities.
  (2) This section shall
  
  come into force in any State or area on such date as the Central Government
  
  may, by notification in the Official Gazette, appoint.