Functions and Responsibilities
SEBI has to be responsive to the needs of three groups, which constitute the market:
- the issuers of securitie
- the investors
- the market intermediaries.
SEBI has three functions rolled into one body: quasi-legislative, quasi-judicial and quasi-executive. It drafts regulations in its legislative capacity, it conducts investigation and enforcement action in its executive function and it passes rulings and orders in its judicial capacity. Though this makes it very powerful, there is an appeals process to create accountability. There is a Securities Appellate Tribunal which is a three-member tribunal and is presently headed by a former Chief Justice of a High court - Mr. Justice NK Sodhi. A second appeal lies directly to the Supreme Court.
Read more about this topic: Securities And Exchange Board Of India
Famous quotes containing the words functions and and/or functions:
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—Kate Millett (b. 1934)
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—Ralph Waldo Emerson (1803–1882)