Unofficial trading prohibition: regulatory action taken to replace exchange governance after persistent off system derivatives dealing. SEBI identified recurring unofficial open outcry trading in ASE premises in local derivatives called 'phatak,' with members participating and cash settlements outside exchange clearing, despite warnings and inspections. ASE failed to curb the activity, adequately discipline implicated members, amend governance as directed, or secure police action. SEBI concluded that these failures amounted to regulatory non compliance and threats to market integrity, and exercised statutory powers to supersede the Governing Board and appoint an independent administrator to restore oversight and compliance.