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<h1>SEBI Replaces Bhubaneshwar Stock Exchange Management Over Financial Mismanagement and Misappropriation of Funds.</h1> The Securities and Exchange Board of India (SEBI) has superseded the Council of Management of the Bhubaneshwar Stock Exchange (BhSE) due to financial mismanagement and failure to implement SEBI directives. An inquiry revealed that funds were misappropriated through the Members Welfare Trust, with loans disbursed without proper procedures or security. SEBI found ongoing conflicts among exchange officials, failure to adopt financial accounts, and inadequate action on financial irregularities. Consequently, SEBI appointed an administrator to oversee the exchange's operations for one year, aiming to restore investor confidence and ensure market integrity.