64. Rules of a market institution

The rules of a market institution shall be approved by the Commission and such approved rules shall operate as a binding contract-

The market institution, each issuer of securities, each trading participant, clearing member and depository participant respectively shall observe and perform the obligations under the provisions of the rules so far as those provisions are applicable to the market institution, issuer, trading participant, clearing member or depository participant as the case may be.

The rules of a market institution in so far as they have been approved by the Commission, shall not be amended, varied or rescinded without the prior approval of the

Where a market institution proposes to amend its rules, the market institution shall forward to the Commission in writing the proposed amendment.

The Commission shall, after hearing the market institution within ninety days of receipt of the proposed amendment give written notice to the market institution as to whether such amendments to the rules are-

Where the proposed amendment is disallowed, the

Where the Commission fails to revert to the market institution within ninety days, proposed amendments to such rules under subsection (4) shall take effect immediately on the expiration of ninety days.

Upon receipt of notice under subsection (5), the market institution shall give immediate effect to such rule.

Notwithstanding the provisions contained in subsections (5) and (8), the Commission may amend the rules of any market institution at any time and such rules shall take effect with immediate effect or on such date as specified by the Commission.