Section 57: Application for license to carry on dealing in securities

1) A company or body desirous of carrying on dealing in securities has to make an application to the Board for a license to carry on securities business in such form and accompanied by such details, documents and fees as may be prescribed.

2) The application to be made pursuant to Sub-section (1) shall specify the following matters:-

(a) Type of securities business and services to be provided,

(b) If an agent is to be appointed to carry on securities business and if such business is to be carried on in collaboration with others, matters pertaining thereto,

(c) In the case of those business persons, as prescribed, who are allowed to carry on business only upon obtaining membership of a stock exchange, a recommendation letter from the concerned stock exchange,

(d) Grounds proving the ability to carry on the proposed securities business and such other information as may be specified by the Board.