Regulatory direction to discipline members: SEBI can compel exchanges to impose non-monetary sanctions and approve any changes. Upon receipt of an enquiry report under the Act, the Securities and Exchange Board of India may direct a stock exchange's governing body to impose disciplinary measures on an offending member, including fines, expulsion, suspension or other non-monetary penalties; the governing body must give effect to such directions notwithstanding its rules or bye-laws and may not commute, revoke or modify such action without SEBI's prior approval. SEBI may modify or withdraw its direction on its own motion or on representation by the member.