Depicts a kind of drawing tool for drawing circles with. The 見 (see) component was later added to suggest watching something being drawn. Based on the original meaning "compass; a kind of drawing tool", now written as 槼. The meaning has shifted over time and now means "rules".

Evolution

Bronze script

Late Shang dynasty (~1100 BC)

Seal script

Shuowen (~100 AD)

Clerical script

Western Han dynasty (202 BC-9 AD)

Clerical script

Eastern Han dynasty (25-220 AD)

Regular script

Modern