A recognised stock exchange and recognised clearing corporation, under the SCRA shall maintain and preserve all the books, registers, other documents and records relating to the issue or transfer of its securities for a period of ………….

Section 6(2) of the SCRA, 1956 provides: every recognised stock exchange and every member thereof shall maintain and preserve for such periods not exceeding five years such books of account, and other documents as the Central Government, after consultation with the stock exchange concerned, may prescribe in the interest of the trade or in the public interest, and such books of account, and other documents shall be subject to inspection at all reasonable times by the Securities and Exchange Board of India.

So the Act itself caps the prescribable retention period at a maximum of five years — it doesn't fix five years absolutely; it empowers the Central Government to prescribe any period up to five years.