The application for obtaining a brokerage licence shall be submitted to the Exchange's management, accompanied by all documents establishing compliance with the conditions stipulated in Article 16. The management shall review the applications and make its recommendations to the Board for taking a decision thereupon, which shall be final. Any person whose application has been rejected may appeal against such a decision before the Civil High Court, within sixty days from the date of his notification of such rejection or taking cognizance thereof.

The Board shall, from time-to-time determine the number of brokers, subject to the Exchange's need.