Supersession of Council of Management for governance failures and appointment of administrator to restore market integrity. SEBI found that the Members Welfare Trust was established without approval and that substantial, poorly documented loans were granted mainly to office-bearers and trustees, leaving large outstanding dues. The exchange failed to adopt accounts, lacked internal controls, and did not comply with SEBI directives to reconstitute the trust, suspend indebted members, recover dues and submit inquiry reports. Concluding governance and financial integrity had broken down and investor confidence was impaired, SEBI superseded the Council of Management and appointed an administrator to exercise its powers.