Section 8 - Power of Central Government to direct rules to be made or to make rules. - SECURITIES CONTRACTS (REGULATION) ACT, 1956

Extract

Power of Central Government 1 to direct rules to be made or to make rules. 8. (1) Where, after consultation with the governing bodies of stock exchanges generally or with the governing body of any stock exchange in particular, the Central Government is of opinion that it is necessary or expedient so to do, it may, by order in writing together with a statement of the reasons therefor, direct recognised stock exchanges generally or any recognised stock exchange in particular, as the case may be, to make any rules or to amend any rules already made in respect of all or any of the matters specified in sub-section (2) of section 3 within a period of 2 [ two months ] from the date of the order. (2) If any recognised stock exchange fails or neglects to comply with any order made under sub-section (1) within the period specified therein, the Central Government may make the rules for, or amend the rules made by, the recognised stock exchange, either in the form proposed in the order or with such modifications thereof as may be agreed to between the stock exchange and the Central Government. (3) Where in pursuance of this section any rules have been made or amended, the rules so made or amended shall be published in the Gazette of India and also in the Official Gazette or Gazettes of the State or States in which the principal office or offices of the recognised stock exchange or exchanges is or are situate, and, on the publication thereof in the Gazette of India, the rules so made or amended shall, notwithstanding anything to the contrary contained in the Companies Act, 1956 (1 of 1956), or in any other law for the time being in force, have effect as if they had been made or amended by the recognised stock exchange or stock exchanges, as the case may be. ********* 1 Powers are exercisable by SEBI also vide S. O. 573 (E), Dated 30-07-1992, published in the Gazette of India, Extra., Pt. II, Section 3 (ii), Dated 30-07-1992. 2 Substituted for six months by the Securities Laws (Amendment) Act, 1995, Sec 19, w.e.f. 25-01-1995.

(F. No. SEBI/LE/22780/03 - Dated: 4-12-2003 - SEBI - IN THE MATTER OF SUPERSEDING THE COMMITTEE OF THE CALCUTTA STOCK EXCHANGE ASSOCIATION LIMITED UNDER SECTION 11 OF THE SECURITIES CONTRACTS (REGULATION) ACT, 1956.
S.O. No.314(E) - SEBI/LE/2096/03 - Dated: 25-3-2003 - SEBI - Order Under Section 11 of the Securities Contracts (Regulation) Act, 1956 Superseding the Governing Board of Ahmedabad Stock Exchange
S.O. No.1030(E) - SEBI/LE/18591/02 - Dated: 24-9-2002 - SEBI - Corporatisation of stock exchanges by which ownership, management, and trading membership would be segregated from each other. Administrative steps will be taken and legislative changes
S.O. No.596(E) - SEBI/LE/8716/02 - Dated: 3-6-2002 - SEBI - Corporatisation of Stock Exchanges by which Ownership, Management, and Trading Membership would be segregated from each other. Administrative steps will be taken and legislative changes.
S.O. No.551(E) - SEBI/LE/8716/02 - Dated: 21-5-2002 - SEBI - Amendments of the Article of Association of Calcutta Stock Exchange Association Ltd.
S.O. No.535(E) - SEBI/LE/8579/2002 - Dated: 20-5-2002 - SEBI - Securities and Exchange Board of India (hereinafter referred to as SEBI) had discussed the issue of demutualisation with the stock exchanges from time to time.
S.O. No.439(E) - SEBI/LE/6220/02 - Dated: 17-4-2002 - SEBI - Central Government to segregate ownership and trading membership from management of stock exchanges - Whereas Vadodara stock Exchange has failed to comply with the said order within the time stipulated
S.O. No.438(E) - SEBI/LE/6216/02 - Dated: 17-4-2002 - SEBI - Central Government to segregate ownership and trading membership from management of stock exchanges - Whereas Mangalore Stock Exchange has failed to comply with the said order within the time stipulated.
S.O. No.437(E) - SEBI/LE/6215/02 - Dated: 17-4-2002 - SEBI - Central Government to segregate ownership and trading membership from management of stock exchanges - Whereas Pune Stock Exchange has failed to comply with the said order within the time stipulated therein.
S.O. No.436(E) - SEBI/LE/6214/02 - Dated: 17-4-2002 - SEBI - Central Government to segregate ownership and trading membership from management of stock exchanges - Whereas Madras Stock Exchange has failed to comply with the said order within the time.
S.O. No.435(E) - SEBI/LE/6213/02 - Dated: 17-4-2002 - SEBI - Central Government to segregate ownership and trading membership from management of stock exchanges Jaipur Stock Exchange Limited.
S.O. No.434(E) - SEBI/LE/6212/02 - Dated: 17-4-2002 - SEBI - Central Government to segregate ownership and trading membership from management of stock exchanges; and Whereas Hyderabad Stock Exchange Limited has failed to comply with” the said order within the time stipulated.
S.O. No.433(E) - SEBI/LE/6211/02 - Dated: 17-4-2002 - SEBI - Central Government to segregate ownership and trading membership from management of stock exchanges.
S.O. No.432(E) - SEBI/LE/6208/02 - Dated: 17-4-2002 - SEBI - Central Government to segregate ownership and trading membership from management of stock exchanges - Whereas Cochin Stock Exchange Limited has failed to comply with the said order within the time stipulated.
S.O. No.431(E) - SEBI/LE/6207/02 - Dated: 17-4-2002 - SEBI - Central Government to segregate ownership and trading membership from management of stock exchanges Bhubaneshwar Stock Exchange
S.O. No.430(E) - SEBI/LE/6204/02 - Dated: 17-4-2002 - SEBI - Central Government to segregate ownership and trading membership from management of stock exchanges - Whereas Bangalore Stock Exchange Limited has failed to comply with the said order within the time stipulated.
S.O. No.429(E) - SEBI/LE/6203/02 - Dated: 17-4-2002 - SEBI - Central Government to segregate ownership and trading membership from management of stock exchanges.
S.O. No.1232(E) - SEBI/LE/41871/2001 - Dated: 19-12-2001 - SEBI - Amend Article 29 of its Articles of Association so as to remove the maximum fine that can be imposed on an erring member and to provide for a fine depending on the nature and the gravity of the violation within a period of 60 days from the date of the order.
S.O. No.393(E) - SEBI/LE/28231/01 - Dated: 8-5-2001 - SEBI - Securities Contracts (Regulation) Act, 1956 do hereby direct that following clauses in the articles of Bhubaneshwar Stock Exchange shall be inserted namely.
S.O. No.392(E) - SEBI/LE/28232/01 - Dated: 8-5-2001 - SEBI - Amendment in the Securities Contracts (Regulation) Act, 1956 following clauses in the articles of Gauhati Stock Exchange shall be inserted namely.
S.O. No.540(E) - SEBI/LE/SE/977/97 - Dated: 1-8-1997 - SEBI - Meeting of the Executive Committee of Inter-Exchange Co-ordination Group
G.S.R. No.763(E) - SEBI/SMD/II/3/93 - Dated: 14-10-1994 - SEBI - Cochin Stock Exchange Ltd. has pursuant to the said statutory order amended some of its Articles of Association and SEBI vide its order dated January 5, 1994.
S.O. No.14(E)-SEBI/SMD/11/3/93(E) - Dated: 11-1-1994 - SEBI - Amendment in Articles of Association the Cochin Stock Exchange Ltd.
S.O. 929(E).-SEBI/SMD/II/1/93(E) - Dated: 24-11-1993 - SEBI - Amendment in the respective Rules/Articles of Association the Bangalore Stock Exchange Limited.
SO 573(E) - Dated: 30-7-1992 - SEBI - Notification under section 29A - Powers exercisable by Central Government delegated to SEBI