law: Securities Contracts (Regulation) Act, 1956
  8.Power of Central
  
  Government to direct rules to be made or to make rules.-
  (1) Where, after
  
  consultation with the governing bodies of stock exchanges generally or with the
  
  governing body of any stock exchange in particular, the Central Government is
  
  of opinion that it is necessary or expedient so to do, it may, by order in
  
  writing together with a statement of the reasons therefor, direct recognised
  
  stock exchanges generally or any recognised stock exchange in particular, as
  
  the case may be, to make any rules or to amend any rules already made in
  
  respect of all or any of the matters specified in sub-section (2) of section 3
  
  within a period of six months from the date of the order.
  (2) If any recognised
  
  stock exchange fails or neglects to comply with any order made under
  
  sub-section (1) within the period specified therein, the Central Government may
  
  make the rules for, or amend the rules made by, the recognised stock exchange,
  
  either in the form proposed in the order or with such modifications thereof as
  
  may be agreed to between the stock exchange and the Central Government.
  (3) Where in pursuance
  
  of this section any rules have been made or amended, the rules so made or
  
  amended shall be published in the Gazette of India and also in the Official
  
  Gazette or Gazettes of the State or States in which the principal office or
  
  offices of the recognised stock exchange or exchanges is or are situate, and on
  
  the publication thereof in the Gazette of India, the rules so made or amended
  
  shall, notwithstanding anything to the contrary contained in the Companies Act,
  
  1956 (I of 1956), or in any other law for the time being in force, have effect,
  
  as if they had been made or amended by the recognised stock exchange or stock
  
  exchanges, as the case may be.