law: Securities Contracts (Regulation) Act, 1956
  12.Power to suspend
  
  business of recognised stock exchanges.-
  If in the opinion of
  
  the Central Government an emergency has risen and for the purpose of meeting
  
  the emergency the Central Government considers it expedient so to do, it may,
  
  by notification in the Official Gazette, for reasons to be set out therein,
  
  direct a recognised stock exchange to suspend such of its business for such
  
  period not exceeding seven days and subject to such conditions as may be
  
  specified in the notification, and, if, in the opinion of the Central
  
  Government, the interest of the trade or the public interest requires that the
  
  period should be extended, may, by like notification extend the said period
  
  from time to time:
  Provided that where the period of suspension is to be extended beyond the first
  
  period, no notification extending the period of suspension shall be issued
  
  unless the governing body of the recognised association has been given an
  
  opportunity of being heard in the matter.
  Contracts and Options
  
  IN Securities