Section 9 of SCRA : Section 9: Power Of Recognised Stock Exchanges To Make Bye-Laws

Explanation using Example

Imagine a scenario where the Bombay Stock Exchange (BSE) decides to extend its trading hours to better accommodate international investors in different time zones. To do this, BSE would draft new bye-laws adjusting the opening and closing times of the market. However, before these changes can take effect, they must be approved by the Securities and Exchange Board of India (SEBI).

Once SEBI approves the extended hours, the BSE would publish the changes in the Gazette of India and in the Maharashtra State Gazette since that's where its principal office is located. The new trading hours would then become effective from the date of publication, allowing traders to operate in the extended market hours.