Comment on the following: SEBI powers to amend the bye-laws of a recognized stock exchange is unlimited

SEBI may, either on a request in writing received by it in this behalf from the governing body of a recognized stock exchange or on its motion, if is satisfied after consultation with the governing body of the stock exchange that it is necessary or expedient so to do and after recording its reasons for so doing make or amend any bye-laws made by such stock exchange. Where, any bye-laws have been made or amended, the bye laws so made or amended shall be published in the Gazette of India and also in the official Gazette of State in which the principal office of the recognised stock exchange is situated and, on the publication thereof in the Gazette of India, the bye laws so made or amended shall have effect as if they had been made or amended by the recognized stock exchange concerned. Where the governing body of a recognized stock exchange objects to any bye-laws made or amended by the SEBI on it is motion, it may, within two months of the publication thereof in the gazette of India apply to SEBI for revision thereof and SEBI may, after giving an opportunity to the governing body of the stock exchange to be heard in the matter, revise the bye-laws so made or amended, and where any bye-laws so made or amended and are revised as a result of any action taken, shall be published and will become effective as prescribed. The making or the amendment or revision of any bye-laws shall in all cases be subject to the condition of previous publication. However, if SEBI is satisfied in any case that in the interest of the trade or in public interest any bye-laws should be made, amended or revised immediately, it may, by order, in writing specifying the reasons thereof, dispense with the condition of previous publication.