Who has the power to make rules restricting voting rights under SCRA?

Under the Securities Contracts (Regulation) Act (SCRA), the power to make or amend rules restricting voting rights primarily rests with the  Recognised Stock Exchanges , but these rules require  approval from the Central Government (or SEBI)  to become effective, with the government also having the power to direct changes or even make rules themselves if exchanges fail to act. The government's role is crucial for oversight, ensuring rules align with public interest, and modifications can be made during approval.  Key Players & Their Roles:

• Stock Exchanges :  Can propose rules or amendments regarding voting rights.
• Central Government  (via SEBI):  Approves, modifies, or rejects these rules and can also initiate rule-making or amendments if needed. 

Process:

1. Exchange Proposes:  A stock exchange makes or amends a rule concerning voting rights.
2. Government Approval:  The rule must be sent to the Central Government (SEBI) for approval.
3. Government Action:  The government can approve, modify the rules, or direct the exchange to make specific changes.
4. Publication:  Once approved, the rules are published in the Official Gazette and become effective. 

In essence, while exchanges initiate, the  Central Government holds ultimate authority  to ensure such rules serve the broader market and investor interests.