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Improving the legal process in enforcement at SEBI

Dharmishta Raval ()
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Dharmishta Raval: Indira Gandhi Institute of Development Research

Indira Gandhi Institute of Development Research, Mumbai Working Papers from Indira Gandhi Institute of Development Research, Mumbai, India

Abstract: 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.

Keywords: enforcement process; securities market regulation (search for similar items in EconPapers)
JEL-codes: G28 K22 K23 K41 K42 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-reg
Date: 2011-04
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