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of <h1>Government can supersede Securities and Exchange Board for six months during emergencies or persistent defaults</h1> The Central Government may supersede the Securities and Exchange Board for up to six months in cases of grave emergency preventing the Board from functioning, persistent default in complying with government directions resulting in deteriorated financial position or administration, or circumstances requiring action in public interest. Upon supersession, all members vacate office, their powers transfer to government-appointed persons, and Board property vests in the Central Government. The government may reconstitute the Board before the supersession period expires, with former members eligible for reappointment. Any supersession notification and action report must be presented to Parliament.
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