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Improving the legal process in enforcement at SEBI

Author

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  • Dharmishta Raval

    (Indira Gandhi Institute of Development Research)

Abstract

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.

Suggested Citation

  • Dharmishta Raval, 2011. "Improving the legal process in enforcement at SEBI," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2011-008, Indira Gandhi Institute of Development Research, Mumbai, India.
    • Handle: RePEc:ind:igiwpp:2011-008
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    File URL: http://www.igidr.ac.in/pdf/publication/WP-2011-008.pdf
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Interesting readings
      by Ajay Shah in Ajay Shah's blog on 2011-05-20 09:33:00
    2. Interesting Readings for May 20, 2011
      by Ajay Shah in Citizen Economists on 2011-05-20 22:20:24

    More about this item

    Keywords

    enforcement process; securities market regulation;

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law
    • K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law

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