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The Securities and Exchange Board of India—The Indian Capital Market Regulator
Introduction
One of the economic priorities of the Government of Independent India was to evolve a clear policy framework for the fast track industrialization of the country and to ensure that country’s scarce resources are properly channelled and directed. Private sector had a role to play, but only under the watchful eye of the state. Institutions were gradually built for this purpose. Before the establishment of the capital market regulator, the Securities and Exchange Board of India (SEBI), the Capital Issues (Control) Act (CICA), 1947 governed capital issues in India. The main objectives of this Act were (i) to ensure that investment in the private corporate ...
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