In the Public interest, HEM Stock Exchange Limited was issued an order by the Stock Exchange Board of India to produce certain information and explanation relating to its operation in writing. The management of the Stock exchange was reluctant to part with such information with SEBI and approached you to seek your advice in the following matters:
i)Duty of HEM Stock Exchange Limited to furnish periodic returns to SEBI;
ii)Power of SEBI to ask for the information asked as stated above, over and above the periodic returns;
iii)Period for which the Stock Exchange is required to maintain the books of account which may be inspected by SEBI;
iv)Duty of Stock Exchange and persons dealing with the Sock Exchange about the information sought by SEBI.
Advice them referring to the relevant provisions of the Securities Contracts (Regulation) Act, 1956.