5. (1) Any Stock Exchange which is eligible for registration under section 4 may, in such form and manner as may be prescribed, apply to the Commission for registration. (2) The Commission, if it is satisfied, after such inquiry and after obtaining such further information as it may consider necessary,-(i) that the Stock Exchange is eligible for registration; and(ii) that it would be in the interest of the trade and also in the public interest to register the Stock Exchange;may grant a certificate of registration to the Stock Exchange. (3) No application for registration shall be refused except after giving the applicant an opportunity of being heard.