Dharmishta Raval
|
The first statutory regulatory body that the
government of India set up post the reforms of
1991 was the Securities and Exchanges Board of
India (SEBI). As a regulator for the securities
markets, SEBI was given the powers to create
subordinate legislation and to investigate
wrong-doing and impose relevant penalties. In this
paper, we examine and describe the legal processes
at SEBI with a focus on the enforcement process,
particularly on the quasi-judicial functions. We
make an attempt to lay out the principles that
ought to drive such functions in a regulatory
body, against which we compare the current
workings at SEBI. We propose a series of
improvements through which the rule of law could
be further strengthened. |