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of <h1>SEBI Can Amend Stock Exchange Bye-Laws, Requires Consultation and Gazette Publication; Objections Allowed Within Two Months.</h1> The Securities and Exchange Board of India (SEBI) has the authority to create or amend bye-laws for recognized stock exchanges either upon request from the exchange's governing body or on its own initiative, provided it consults with the governing body and records its reasons. Once made or amended, these bye-laws are published in the Gazette of India and the relevant State Gazette, becoming effective as if enacted by the stock exchange itself. If the governing body objects, it can request a revision within two months. SEBI may dispense with prior publication if immediate action is deemed necessary for trade or public interest.
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