(1) If an application is received in accordance with section 37, the Board may grant a license to operate the securities market to the applicant organized organization in the prescribed format after conducting the necessary investigation and if the Board is satisfied with the following:- (a) Issuance of a license to operate the securities market is in the interest of investors and the general public or is the proper functioning of the securities market. If it is deemed necessary to grant such a license for operation, (b) If the applicant organization has completed the things mentioned in sub-section (2). It should be mentioned in the application:- (a) that the organized organization was established with the purpose of establishing and operating the securities market in the legal provisions or articles of association for establishing the organized organization, (b) that the paid-up capital of the organized organization shall not decrease to five million rupees until the time that the organized organization operates the securities market, as determined by the board To maintain, (c) that the organized organization has sufficient grounds to provide the necessary infrastructure and facilities to operate the securities market to the satisfaction of the board, (d) Matters related to listing or making other similar arrangements to grant recognition to the securities traded on its behalf, (e) By following the rules and regulations proposed by the organized organization to operate the securities market, the securities transactions will be carried out regularly and investors' interests will be protected, (f) Clearing the accounts of the transactions in the securities market and suitable for publishing the records and details of the transactions. Arranged, (g) Matters that can be properly investigated in relation to the complaints made by its members regarding the transactions, (h) If its members do not fulfill their obligations according to the agreement, action will be taken as mentioned in the regulations in this regard.