<b>Ajay Shah:</b> The road ahead at Sebi

Deep reforms necessary at the regulator to fulfil its core objectives

Ajay Tyagi inherits one of the best regulators of India. As a black box, the Securities and Exchange Board of India (Sebi)’s main task is to deliver liquidity and market efficiency in India’s financial markets. The report card at Sebi needs to also worry about the increasing importance of overseas trading of India’s biggest financial products, Nifty and the rupee. The journey to these objectives runs through reforms of Sebi as an institution.

The most successful element of India's financial reforms is the equity market. The establishment of SEBI, NSE and NSDL gave a quantum jump in market design and regulatory