Sebi chairpersons have often differed on investigation priorities

Different categories of offences tend to be in focus at different times, shows analysis

The Securities and Exchange Board of India (Sebi), an old market hand had once said, is a chairperson-driven organisation.  

An analysis of key investigations conducted during the tenures of different heads does show a marked difference in priorities. To be sure, some of this may be driven by existing market circumstances and events of the time.

Around 80 per cent of cases that the stock market regulator investigated at the turn of the millennium dealt with market manipulation and price rigging. This has now dropped to under 40 per cent.  Insider trading, financial statements fraud and a wide variety of