Prior approval for re-commencing trading on the Stock Exchange.
Summary
The circular mandates that stock exchanges with no trading for six months or more must obtain prior SEBI approval before resuming trading. It requires these exchanges to ensure adequate infrastructure and compliance with all regulatory stipulations as a precondition for such approval. For exchanges with less than six months of inactivity, the requirement is limited to internal board review and reporting to SEBI.
Text
stock exchanges that have no trading for a period of six months or more shall resume trading only after ensuring that adequate and effective trading systems... are in place and have also complied with all other regulatory requirements... Further, the stock exchanges shall resume trading only after obtaining prior approval from SEBI.
the stock exchanges shall also comply with SEBI circular no. MIRSD/DPS-III/Cir-22/2008 dated July 23, 2008 on Annual Systems Audit within sixty days from the date of commencement of trading.
In case the stock exchanges have no trading for a period of less than six months, the stock exchange shall ensure that necessary regulatory requirements have been complied with before resuming trading and the matter may be placed before its Board with reasons, if any. The same may be informed to SEBI in the Monthly Development Report / Quarterly Development Report.
Source: SecMarx — Prior approval for re-commencing trading on the Stock Exchange.. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.