Business Ethics and Corporate Governance, Second Edition

RELIABLE AND EFFECTIVE ENFORCEMENT

SEBI aims at ensuring that no misconduct goes unnoticed or unpunished. It keeps an eye on the happenings in the market and identifies anything unusual or undesirable which may adversely affect the efficacy of the market. Every market participant, irrespective of his size and influence in the market or in the policy, is held accountable for his misdeeds. The proactive approach of the regulator in enforcement can be gauged from the fact that during the financial year 2002–03, SEBI passed 561 orders, out of which over 350 were punitive.