| Consider the following statements about the Securities and Exchange Board of India (SEBI). |
| 1. SEBI is a quasi-legislative, quasi-judicial and quasi-executive body. |
| 2. The appeal against SEBI decision can be made to securities appellate tribunal. |
| 3. The second appeal can be made to High Court. |
| Which of the statements given above are correct? |
A) 1 and 2
B) 1 and 3
C) 2 and 3
D) All of these
Correct Answer: A
Solution :
[a] SEBI has three functions rolled into one body. Quasi-legislative, quasi-judicial and quasi-executive. It drafts regulations in its legislative capacity, it conducts investigation and enforcement action in its executive function and it passes rulings and orders in its judicial capacity. Though, this makes it very powerful, there is an appeal process to create accountability. There is a securities appellate tribunal, which is a three-member tribunal and is headed by a former Chief Justice of a High Court. A second appeal lies directly to the Supreme Court.
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