Power to make bye laws allows recognised stock exchanges to regulate trading, settlements, member conduct and impose penalties. Recognised stock exchanges, with prior approval of the Securities and Exchange Board of India, may make bye laws to regulate contracts and market operations including market hours, clearing houses and periodical settlement, reporting and publication of clearing particulars, prohibition of blank transfers, carry over regulation, market rate determination, contract terms and margin requirements, listing and suspension of securities, and regulation of member conduct and trading volumes. Bye laws may render certain contracts void for contravention, impose disciplinary punishments on members, require prescribed publication before effect, and may be made effective immediately by the Board in urgent public interest cases.