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<h1>SEBI Directs Stock Exchanges to Enforce Disciplinary Actions Against Members Under Securities Contracts Rules, 1957</h1> The Securities Contracts (Regulation) Rules, 1957, mandate that the governing body of a stock exchange must take disciplinary action against a member if directed by the Securities and Exchange Board of India (SEBI). Upon receiving an enquiry report under the Act, SEBI can instruct the stock exchange to impose penalties such as fines, expulsion, or suspension. The governing body must comply with SEBI's directions and cannot alter the action without SEBI's prior approval. SEBI retains the authority to modify or withdraw its directives, either on its own initiative or upon the member's request.