1.4.9 · HinglishMarket Participants
Learn role of SEBI as regulator
1.4.9· Stock-Market › Market Participants
SEBI KYA HAI?
Market ko regulator ki zaroorat KYUN hoti hai?
Pehle principles se socho. Kisi bhi aisi market mein jahan information unequal hoti hai, teen problems aati hain:
| Problem | Seedha matlab | Real example |
|---|---|---|
| Information asymmetry | Insiders tumse zyada jaante hain | Ek director buri news se pehle shares bech deta hai |
| Fraud / manipulation | Koi demand ya numbers fake karta hai | Pump-and-dump, cooked balance sheets |
| No trust | Buyers ko darr hai ki sellers deliver nahi karenge | Tum pay karo aur shares kabhi aaye hi nahi |
SEBI apna kaam KAISE karta hai — teen "hats"
SEBI ek saath teen hats pehnta hai (ek rare combination):
Hat 1 — Quasi-Legislative (rules banata hai)
- Regulations frame karta hai (jaise LODR — Listing Obligations, Insider Trading Regulations, Mutual Fund Regulations).
- KYUN: rules ko Parliament se zyada tezi se adapt karna hota hai, isliye SEBI ko apne domain mein legislate karne ka power diya gaya hai.
Hat 2 — Quasi-Executive (enforce/police karta hai)
- Intermediaries ko register & monitor karta hai: brokers, sub-brokers, merchant bankers, depositories (NSDL/CDSL), mutual funds, RTAs, rating agencies.
- Records ko inspect, investigate, search, seize karta hai.
- KYUN: bina enforcement ke rule sirf ek suggestion ban jaata hai.
Hat 3 — Quasi-Judicial (judge & punish karta hai)
- Hearings karta hai, orders pass karta hai: fines, disgorgement, market se bans.
- Appeals SAT (Securities Appellate Tribunal) mein jaati hain, phir Supreme Court mein.
- KYUN: SEBI ki power ko absolute hone se rokta hai — uske upar bhi ek check hai.
Woh log jinhe SEBI protect aur control karta hai
Worked Examples
Common Mistakes (Steel-manned)
Recall Feynman: ek 12-saal ke bacche ko explain karo
Socho ek bada playground hai jahan bacche toys paison ke badle swap karte hain. Kuch bade bacche cheat karte hain — woh toote toys chhupate hain ya secrets peek karte hain. Toh school ek strict, fair teacher appoint karta hai jo sabko dekhta hai, swapping ke rules banata hai, toys check karta hai ki woh real hain, aur cheaters ko punish karta hai taaki sharmile bacche bhi safe feel karein. Woh teacher SEBI hai. Teacher yeh promise nahi kar sakta ki tumhara toy valuable ho jayega — woh kismet hai — par yeh promise karta hai ki koi tumhe cheat nahi karega.
Flashcards
SEBI ki full form kya hai?
Securities and Exchange Board of India
Kis Act ke under SEBI statutory regulator hai?
SEBI Act, 1992
SEBI ke teen purposes (Preamble) kya hain?
Investors ko protect karna, Market ko develop karna, Securities market ko regulate karna
SEBI ke teen types of powers ("hats") kya hain?
Quasi-Legislative, Quasi-Executive, Quasi-Judicial
Quasi-legislative power ka matlab hai SEBI kya kar sakta hai?
Securities market ke liye regulations/rules frame karna
Quasi-judicial power se SEBI kya kar sakta hai?
Hearings hold karna aur orders pass karna — fines, disgorgement, market bans
SEBI order ko appeal kahan karte hain?
SAT (Securities Appellate Tribunal), phir Supreme Court mein
Kya SEBI tumhe market losses se protect karta hai?
Nahi — sirf unfair/fraudulent practices se; market risk tumhara hai
Teen intermediaries ke naam batao jo SEBI register/regulate karta hai.
Brokers, depositories (NSDL/CDSL), mutual funds (aur merchant bankers, RTAs bhi)
Kaun sa scam 1992 mein SEBI ko statutory empowerment ka trigger bana?
Harshad Mehta securities scam
Stock exchange (NSE/BSE) SEBI ke upar hai ya neeche?
Neeche — exchanges SEBI ke regulated hain (woh SEBI ke under SROs hain)
IPO se pehle SEBI kaun sa document vet karta hai?
Draft Red Herring Prospectus (DRHP)
SEBI dwara investor grievance redress ka portal kaun sa hai?
SCORES
Market ko regulator ki zaroorat kyun hai (first principle)?
Information asymmetry aur fraud hatane ke liye, taaki capital flow ke liye zaroori trust build ho
Connections
- Stock Exchanges (NSE BSE) — woh players jinhe SEBI regulate karta hai
- Depositories NSDL and CDSL — SEBI ke under intermediaries
- Insider Trading — ek key cheez jo SEBI prosecute karta hai
- IPO and DRHP — SEBI ka disclosure gatekeeping
- Market Participants Overview — jahan issuers, intermediaries, investors milte hain
- Investor Protection and SCORES — grievance channel
- SAT Securities Appellate Tribunal — SEBI ke upar appeal check