SEBI's Growing Power: Questioning the Watchdog's Oversight
The article addresses the increasing authority of SEBI, India's market regulator, while critically asking who will oversee its actions. It alludes to past financial scandals, notably the National Stock Exchange's alleged algo scam and regulatory capture, as cautionary tales. The piece promotes an independent publication or book ('Scam92') that delves into these financial frauds, emphasizing the need for pro-consumer information and robust accountability mechanisms as SEBI's influence expands.
This piece explores the paradoxical challenge of increasing power for India's market regulator, SEBI, and the simultaneous need to ensure the regulator itself is held accountable. The central query, 'Who Will Watch the Watchdog?', underscores a fundamental concern about unchecked authority, even in bodies designed to maintain market integrity. The article draws upon historical precedents, referencing the 'inside story' of the National Stock Exchange's alleged algo scam and instances of regulatory capture, which exemplify past failures in oversight and governance. These historical examples serve as a backdrop to current discussions about SEBI's expanding mandate, suggesting that greater power necessitates greater scrutiny.Furthermore, the content functions as a compelling promotion for a publication, likely a book or magazine series, promising 'fiercely independent and pro-consumer information on personal finance.' It specifically highlights 'Scam92,' indicating a detailed exposé on financial frauds, possibly connected to the 29-year history mentioned. By offering access to 'outstanding research' and historical archives, the publication positions itself as a crucial resource for understanding systemic issues in financial markets. The implicit message is that an informed public and independent analysis are vital components in ensuring that regulatory bodies like SEBI effectively fulfill their roles without succumbing to the very pressures they are meant to regulate.
