SEBI operates less as a regulator and more as a puppet in the hands of those wielding power. Unless the pressure to act comes from the top, it desists from action. The crackdown on DLF is a case in point.
Recently, SEBI cracked down on India’s biggest realty company, DLF. It barred six of its top executives, including promoter-chairman KP Singh, from entering the securities market for three years. Most critics hailed the judgment. On social media, there were comments that the stock market regulator had finally found its teeth.