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With reference to functions of Security Exchange Board of India, consider the following statements:

1. It has power to ensure the orderly development of capital market.

2. It has power to protect the investors in the capital market.

3. It has power to ensure proper functioning of insurance market in India.

4. It has power to regulate the merchant banking in India. Which of the statements given above is/are correct?

A)  1, 2, 3 and 4    

B)  2 and 3

C)  2, 3 and 4        

D)  1, 2 and 4