Regulation 18 - Power of the Board to Supersede the Authority - Securities And Exchange Board of India(Central Listing Authority) Regulations, 2003

CHAPTER IV MISCELLANEOUS Power of the Board to Supersede the Authority 18 (1) If at any time the Board is of the opinion that circumstances exist which render it necessary in the interests of investors or the securities market or in the public interest so to do, the Board may, by order, supersede the Authority for such period as may be specified in the order. (2) Upon the issuance of an order under sub-regulation (1) superseding the Authority: (a) all Members shall, as from the date of supersession, be deemed to have vacated their offices; and (b) all functions and powers which may, by or under the provisions of these regulations, be exercised or discharged by or on behalf of the Authority, shall until the Authority is reconstituted under sub-regulation (3), be exercised and discharged by the Board or such persons or persons the Board may direct. (3) On the expiration of the period of supersession specified in the notification issued under sub-regulation (1), or earlier in the discretion of the Board, the Board may reconstitute the Authority by fresh appointment and in such case any person or persons who vacated their offices under clause (a) of sub-regulation (2), shall not be deemed disqualified for appointment; Provided that the Board may at any time, even before the expiration of the period of supersession, take action under this sub-regulation.