The Securities and Exchange Board of India (SEBI) has been a visible entity in the Indian capital market, thanks to the tremendous growth in the capital market and its numerous legislative and institutional responses in attempting to ensure the orderly functioning of the market, protecting public investors and development of new products and institutions. While a general awareness of the role that SEBI is expected to and has played exists among investors, academics and lay people, the exact legal levers that SEBI operates are not widely understood, from an economic perspective.