Power to amend exchange bye laws: SEBI may make, publish, and revise bye laws subject to consultation and review. Power to make or amend recognised stock exchange bye laws is vested in the Securities and Exchange Board of India, which may act on a written request or on its own motion after consulting the exchange's governing body and recording reasons; such bye laws must be published in the Gazette of India and the State Official Gazette and take effect on publication, while the exchange may seek revision from the Board, which must hear the exchange before revising; prior publication is required except where the Board, for trade or public interest reasons recorded in writing, dispenses with prior publication.