law: Securities Contracts (Regulation) Act, 1956
  11.Power of Central
  
  Government to supersede governing body of a recognised stock exchange.-
  (1) Without prejudice
  
  to any other powers vested in the Central Government under this Act, where the
  
  Central Government is of opinion that the governing body of any recognised
  
  stock exchange should be superseded, then, notwithstanding anything contained
  
  in any other law for the time being in force, the Central Government may serve
  
  on the governing body a written notice that the Central Government is
  
  considering the super session of the governing body for the reasons specified
  
  in the notice and after giving an opportunity to the governing body to be heard
  
  in the matter it may, by notification in the Official Gazette, declare the
  
  governing body of such stock exchange to be superseded, and may appoint any
  
  person or persons to exercise and perform all the powers and duties of the
  
  governing body, and, where more persons than one are appointed, may appoint one
  
  of such persons to be the chairman and another to be the vice-chairman thereof.
  (2) On the publication
  
  of a notification in the Official Gazette under sub-section (1), the following
  
  consequences shall ensue, namely;-
  (a)
  
  the members of the governing body which has been superseded shall, as from the
  
  date of the notification of super session, cease to hold office as such
  
  members;
  (b)the
  
  person or persons appointed under sub-section (1) may exercise and perform all
  
  the powers and duties of the governing body which has been superseded;
  (c)
  
  all such property of the recognised stock exchange as the person or persons
  
  appointed under sub-section (1) may, by order in writing, specify in this
  
  behalf as being necessary for the purpose of enabling him or them to carry on
  
  the business of the stock exchange, shall vest in such person or persons.
  (3) Notwithstanding
  
  anything to the contrary contained in any law or the rules or bye-laws of the
  
  recognised stock exchange the governing body of which is superseded under
  
  sub-section (1), the person or persons appointed under that sub-section shall
  
  hold office for such period as may be specified in the notification published
  
  under that sub-section , and the Central Government may from time to time, by
  
  like notification, vary such period.
  (4) The Central
  
  Government may at any time before the determination of the period of office of
  
  any person or persons appointed under this section call upon the recognised stock
  
  exchange to re-constitute the governing body in accordance with its rules and
  
  on such re-constitution all the property of the stock exchange which has vested
  
  in, or was in the possession of, the person or persons appointed under
  
  sub-section (1) shall re-vest or vest, as the case may be, in the governing
  
  body so re-constituted;
  Provided that until a governing body is so re-constituted, the person or persons
  
  appointed under sub-section (1) shall continue to exercise and perform their
  
  powers and duties.