Securities and Exchange Board of India and the Indian Capital Markets - A Survey of the Regulatory Provisions

55 Pages Posted: 29 Sep 2012

See all articles by G. Sabarinathan

G. Sabarinathan

Indian Institute of Management (IIMB), Bangalore

Date Written: July 30, 2004

Abstract

The Securities and Exchange Board of India (SEBI) has been a visible entity in the Indian capital market, thanks to the tremendous growth in the capital market and its numerous legislative and institutional responses in attempting to ensure the orderly functioning of the market, protecting public investors and development of new products and institutions. While a general awareness of the role that SEBI is expected to and has played exists among investors, academics and lay people, the exact legal levers that SEBI operates are not widely understood, from an economic perspective.Such an understanding would be an important first step for a more systematic evaluation of the contribution of SEBI to the working of the Indian securities market. The paper traces the evolution of regulation of two of the more important aspects of the securities market, namely the primary and the secondary market. The paper does not emperically evaluate the economic or financial impact of SEBI's regulatory activity or the exercise of its regulatory provisions or analyse the same from a public policy perspective. Instead the paper would be a useful precursor to either of such analyses. This paper is part of a larger research endeavour to critically examine the field of securities regulation in India under the supervision of SEBI.

Keywords: Securities and Exchange Board of India, SEBI, Securities Contract Regulation Act, Securities Contract Regulation Rules, Controller of Capital Issues, Indian Securities Market, Primary Market, Secondary Market

Suggested Citation

Sabarinathan, G., Securities and Exchange Board of India and the Indian Capital Markets - A Survey of the Regulatory Provisions (July 30, 2004). IIM Bangalore Research Paper No. 228. Available at SSRN: https://ssrn.com/abstract=2152909 or http://dx.doi.org/10.2139/ssrn.2152909

G. Sabarinathan (Contact Author)

Indian Institute of Management (IIMB), Bangalore ( email )

Bannerghatta Road
Bangalore, Karnataka 560076
India

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