ABOLITION OF CONTROLLER OF CAPITAL ISSuES AND EMERGENCE OF SEBI

Earlier, prior to the setting up of SEBI, the Capital Issues (Control) Act, 1947 governed capital issues in India. The main objectives of this Act were: (i) to ensure that investment in the private corporate sector does not violate priorities and objectives laid down in the Five Year Plans or flow into unproductive sectors; (ii) to promote the expansion of private corporate sector on sound lines in general, and further the growth of particular corporate enterprises having sound capital structure; and (iii) to distribute capital issues time-wise in such a manner that there is no overcrowding in a particular period. The Act was enacted to ensure sound capital structure for corporate ...

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