Introduction:
The establishment of the securities and exchange board of India (SEBI) was a land mark government measure to monitor and regulate capital market activities and to promote healthy development of the market.
The SEBI was constituted in 1988 by a resolution of government of India and it was made a statuary body by the securities and exchange board of India Act, 1992.
SEBI’s regulatory reach has been extended to more areas and there is a considerable change in the capital market. SEBI’s annual report for 1997-1998 has stated that throughout its six year existence as a statuary body it has sought to balance the twin objectives of