Section 11(2) in The Securities Contracts (Regulation) Act, 1956
(2)On the publication of a notification in the Official Gazette under sub-section (1), the following consequences shall ensue, namely:—(a)the members of the governing body which has been superseded shall, as from the date of the notification of supersession, cease to hold office as such members;(b)the person or persons appointed under sub-section (1) may exercise and perform all the powers and duties of the governing body which has been superseded;(c)all such property of the recognised stock exchange as the person or persons appointed under sub-section (1) may, by order in writing, specify in this behalf as being necessary for the purpose of enabling him or them to carry on the business of the stock exchange, shall vest in such person or persons.
