Letters: The role of the regulator

With reference to Jaimini Bhagwati’s article “Integrity and Indian Capital Markets” (April 20), Sebi’s role in tightening the screws on insider trading associated with capital market operations has received criticism. The arguments questioning the integrity of the regulator can generate considerable amount of attention and debate.

First, the Sebi, since inception, has enjoyed autonomy with little interference of Ministry of Finance to oversee and monitor the development of the capital markets. It is a professional-run entity with adequate expertise in product development, surveillance and risk management. This is evident from past committee reports and recommendations on capital market development and Sebi’s