Which of the following is NOT a feature of a stock exchange?

Deals in both new and second hand securities

1) Association of persons: A stock exchange is an association of persons or body of individuals which may be registered or unregistered.
2) Market for securities: Stock exchange is a market, where securities of corporate bodies, government and semi-government bodies are bought and sold.
3) Deals in second hand securities: It deals with shares, debenture, bonds and such securities already issued by the companies. In short it deals with existing or second hand securities and hence it is called secondary market.
4) Regulates trade in securities: Stock exchange does not buy or sell any securities on its own account. It merely provides the necessary infrastructure and facilities to its members and brokers who trade in securities. It regulates the trade activities so as to ensure free and fair trade.