law: Securities Contracts (Regulation) Act, 1956
  10.Power of Central
  
  Government to make or amend bye-laws of recognised stock exchanges.-
  (1) The Central
  
  Government may, either on a request in writing received by it in this behalf
  
  from the governing body of a recognised stock exchange or on its own motion, if
  
  it is satisfied after consultation with the governing body of the stock
  
  exchange that it is necessary or expedient so to do and after recording its
  
  reasons for so doing, make bye-laws for all or any of the matters specified in
  
  section 9 or amend any bye-laws made by such stock exchange under that section.
  (2) Where in pursuance
  
  of this section any bye-laws have been made or amended, the due-laws so made or
  
  amended shall be published in the Gazette of India and also in the Official
  
  Gazette of the State in which the principal office of the recognised stock
  
  exchange is situate, and on the publication thereof in the Gazette of India,
  
  the bye-laws so made or amended shall have effect as if they had been made or
  
  amended by the recognised stock exchange concerned.
  (3) Notwithstanding
  
  anything contained in this section, where the governing body of a recognised
  
  stock exchange objects to any bye-laws made or amended under this section by
  
  the Central Government on its own motion, it may, within six months of the
  
  publication thereof in the Gazette of India under sub-section (2) , apply to
  
  the Central Government for revision thereof, and the Central Government may,
  
  after giving an opportunity to the governing body of the stock exchange to be
  
  heard in the matter, revise the bye-laws so made or amended, and where any bye-laws
  
  so made or amended are revised as a result of any action taken under this
  
  sub-section, the bye-laws so revised shall be published and shall become
  
  effective as provided in sub-section (2).
  (4) The making or the
  
  amendment or revision of any bye-laws under this section shall in all cases be
  
  subject to the condition of previous publication;
  Provided that if the Central Government is satisfied in any case that in the
  
  interest of the trade or in the public interest any bye-laws should be made,
  
  amended or revised immediately, it may, by order in writing specifying the
  
  reasons therefor, dispense with the condition of previous publication.