law: Securities and Exchange Board of India Act, 1992
  17.Power of Central
  
  Government to supersede the Board.- 
  (1) If at any time the
  
  Central Government is of opinion- 
  (a)
  
  that on account of grave emergency, the Board is unable to discharge the
  
  functions and duties imposed on it by or under the provisions of this Act: or
  
  (b) that the Board has persistently made default in complying with any
  
  direction issued by the Central Government under this Act or in the discharge
  
  of the functions and duties imposed on it by or under the provision of this Act
  
  and as a result of such default the financial position of the Board or the
  
  administration of the Board has deteriorated: or
  (c)
  
  that circumstances exist which render it necessary in the public interest so to
  
  do, the Central Government may, by notification, supersede the Board for such
  
  period, not exceeding six months, as may be specified in the notification.
  (2) Upon the
  
  publication of a notification under sub-section (1) superseding the Board,- 
  (a)
  
  all the members shall, as from the date of suppression, vacate their offices as
  
  such;
  (b)
  
  all the powers, functions and duties which may, by or under the provisions of
  
  this Act, be exercised or discharged by or on behalf of the Board, shall until
  
  the Board is reconstituted under sub-section (3), be exercised and discharged
  
  by such person or persons as the Central Government may direct; and
  
  (c) all property owned or controlled by the Board shall, until the Board is
  
  reconstituted under subsection (3), vest in the Central Government.
  (3) On the expiration
  
  of the period of suppression specified in the notification issued under
  
  sub-section (1), the Central Government may reconstitute the Board by a fresh
  
  appointment and in such case any person or persons who vacated their offices
  
  under clause (a) 0f sub-section (2), shall not be deemed disqualified for
  
  appointment:
  Provided that the Central Government may, at any time, before the
  
  expiration of the period of suppression, take action under this sub-section.
  (4) The Central
  
  Government shall cause a notification issued under sub-section (10 and a full
  
  report of any action under this section and the circumstances leading to such
  
  action to be laid before each House of Parliament at the earliest.