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of <h1>Central Government Can Supersede Stock Exchange Governing Body; Appointees Assume Duties and Manage Property</h1> The Central Government has the authority to supersede the governing body of a recognized stock exchange if deemed necessary. This involves issuing a written notice, allowing the governing body a chance to be heard, and then potentially declaring its supersession via an official notification. Upon supersession, appointed individuals assume the powers and duties of the governing body, and relevant stock exchange property may vest in them. These appointees hold office for a specified period, during which the Central Government can mandate the reconstitution of the governing body, at which point the property re-vests in the newly formed governing body.
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