Supersession of stock exchange governing body permits appointment of administrators and vesting of exchange property pending reconstitution. The Central Government may serve notice and, after hearing, supersede the governing body of a recognised stock exchange by Gazette notification and appoint one or more persons to exercise its powers. On notification, members of the superseded body cease in office, appointed person(s) assume governing powers and specified exchange property vests in them; their term is as the notification specifies and may be varied, and on re-constitution the vested property shall re-vest in the re-constituted governing body. The Securities and Exchange Board may exercise these powers as noted.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Supersession of stock exchange governing body permits appointment of administrators and vesting of exchange property pending reconstitution.
The Central Government may serve notice and, after hearing, supersede the governing body of a recognised stock exchange by Gazette notification and appoint one or more persons to exercise its powers. On notification, members of the superseded body cease in office, appointed person(s) assume governing powers and specified exchange property vests in them; their term is as the notification specifies and may be varied, and on re-constitution the vested property shall re-vest in the re-constituted governing body. The Securities and Exchange Board may exercise these powers as noted.
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