If SEBI is satisfied, having regard to the nature or the volume of transactions in securities in any State or area that it is necessary so to do, it may, by notification in the Official Gazette, declare this section to apply to such State or area, and thereupon every contract in such State or area which is entered into after date of the notification otherwise than between members of a recognized stock exchange in such State or area or through or with such member shall be illegal.
