Supersession of exchange committee after persistent governance, IT security and risk management failures led to appointment of independent administrator. Supersession was ordered because independent systems audit and inspection revealed pervasive IT security and controls failures, ineffective risk management and surveillance, extensive manual intervention in settlement processes, and deficient governance marked by resignations, acrimonious deliberations and failure to implement SEBI directives. Repeated regulatory notices and timelines for rectification went unheeded and the Committee did not produce satisfactory time bound remediation; cumulatively these lapses created systemic risk to investors and the market, warranting appointment of an independent administrator to assume Committee functions to restore compliance and operational integrity.