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
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
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Persistent link: http://EconPapers.repec.org/RePEc:ind:igiwpp:2011-008
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