Business Ethics and Corporate Governance, Second Edition

SEBI’S RECORD OF PERFORMANCE

R. Rajagopalan in his book Directors and Corporate Governance makes the following observation on the role of SEBI: ‘The Securities and Exchange Board of India and its various committees should be complimented for many things happening in the capital market in India. Be it in the area of protection of small investors’ interests, or technology upgradation or development of securities market, SEBI has indeed been working with commensurate speed and efficiency in the last couple of years. There has, however, been a common perception that SEBI has not developed a cadre of regulatory personnel to effectively track violations. After the Harshad Mehta’s securities scam in the 1990s which was blamed on a systemic failure, ...