If SEBI is of the opinion that the governing body of any recognized stock exchange should be superseded, it may serve on the governing body a written notice in this regard specifying the reasons. After giving an opportunity to the governing body to be heard in the matter, SEBI may, by notification in the Official Gazette declare the governing body of such stock exchange to be superseded. It may appoint any person or persons to exercise and perform all the powers and duties of the governing body, and, where more persons than one are appointed, may appoint one of such persons to be the chairman and another to be the vice-chairman thereof.
