Indian Capital Market and Sebi (Post Liberalisation Scenario 1992–2002)

The paper covers, the role of SEBI after it was granted statutory powers in 1992. The genesis and roles of SEBI and need for a proper legal, financial and institutional set-up is highlighted. The technological development has made the India Capital Market an operationally efficient market but there is a decline in number of issues. The lack of investors interest has put a question mark on SEBI's effectiveness as a regulator. Furthermore, the development of NIM and Stock Market are taken as an indicator of SEBI's effectiveness in market regulation. Finally few suggestions are given to improve the efficiency of the investment environment and market regulator.