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On

“A COMPREHENSIVE STUDY ON SEBI GUIDELINES

REGARDING INVESTOR PROTECTION”

 Partial Fulfillment of the requirement for the Degree of

 Master of  Business Administration (MBA)

ARMY INSTITUTE OF MANAGEMENT & TECHNOLOGY

(GREATER NOIDA)

 Submitted by:

Sarve! "#$ar
  MBA Ba%!('*++)
  F,#r%! Se$e%er

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AC"NO-LEGMENT

Firstly I would like to thank Mr. ANAND RAI (Asst Professor) who provided me
great help in completing research report on SEBI !I"#I$ES F%& 'E
I$ES'%& P&%'E*'I%$+

 I acknowledge with gratitude the continued support and encouragement given ,y my

faculty mem,ers and Mr. S. MOHANTY  possi,le ,y not only showing me the
direction ,ut also laying light on it ,y sharing valua,le insights and his vast
e-perience and knowledge on the su,.ect+

I also thank to all people who helped me and in clearing my /ueries with regard to
 pro.ect+ 'hey helped me out of the way giving a part of their precious time+

#astly0 I convey my gratitude to all those who are directly or indirectly related to this
 pro.ect and helped me to complete this pro.ect report+

'hanks and &egards0

Sarvesh kumar 

1BA (I) SE1+

PRICE DROP PRICE DROP

-62%

-35% -80%

50-90% Off On Womens Styles

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 PREFAE 
 

'he importance of management is ,eing increasingly reali2ed in industrial and non3

industrial organi2ations0 ,oth in India and a,road+ 'o cater to the needs of these giant
 ,usiness corporations several institutions are performing the remarka,le .o, of 
imparting management education+
'o provide the students an opportunity to see the management in action and get
ade/uate e-posure regarding in this field+ 'he &esearch Pro.ect has ,een made an in3
 ,uilt part of 1+B+A+
Beside theoretical ,ackground of management concepts at the .o, practice
training is an essential part of 1+B+A programmed+ Every student has to undergo
research pro.ect in some field to have a practical e-posure of the various functional
areas of the organi2ation0 i+e+0 uman &esource "evelopment0 1arketing0 Finance0
Production and other related activities of ,usiness world+ 'he purpose is to make
management students familiar with day to day functioning of market so as to ,lend
theory with practice of management+
  I would like to mention that the pro.ect I have drawn upon the work of many
e-perts in the field of management and the management theory+ 'heir names have
 ,een included in ,i,liography at the end of the pro.ect report+
  In addition to this I would also like to mention that it is not easy .o, to summari2e
the whole concept of satisfaction in a report+ 'he concept is very vast0 however 
assuming that the pro.ect has got something to say on this topic+
Indian security market is working to the challenges thrown in ,y Indian Economy+ 'o
survive in this highly competitive scenario management Studies are going much
importance+ 1BA aims at developing manager for the ,usiness+ ence0 study of a
statutory ,ody is vital part of an 1BA Program+ !nderstanding of working aspect of 
SEBI 4556 with a managerial 1ind it is o,viously to undergo a pro.ect specially the
field of management+

CHAPTER PLAN

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 4)   I$'&%"!*'I%$
•  SEBI
•   I$ES'%& 

 
6) %B7E*'IES %F S'!"8

9) &ESEA&* 1E'%"%#%8

:) *AP'E& S*E1E

;) *%$*#!SI%$

<) &EFE&E$*ES

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INTRODUCTION

=A' IS SEBI>
Securities and E-change Board of India (SEBI) was esta,lished ,y the overnment of 
India through an e-ecutive resolution0 and was su,se/uently upgraded as a fully
autonomous ,ody (a statutory Board) in the year 4556 with the passing of the
Securities and E-change Board of India Act (SEBI Act) on 9?th 7anuary 4556+ In
 place of overnment *ontrol0 a statutory and autonomous regulatory ,oard with
defined responsi,ilities0 to cover ,oth development @ regulation of the market0 and
independent powers has ,een set up+ Parado-ically this is a positive outcome of the
Securities Scam of 455?354+

'he ,asic o,.ectives of the SEBI are as

• 'o protect the interests of investors in securities
• 'o promote the development of Securities 1arket
• 'o regulate the securities market and
• For matters connected therewith or incidental thereto+

Since its inception SEBI has ,een working targeting the securities and is attending to
the fulfillment of its o,.ectives with commenda,le 2eal and de-terity+ 'he
improvements in the securities markets like capitali2ation re/uirements0 margining0
esta,lishment of clearing corporations etc+ reduced the risk of credit and also reduced
the market+

SEBI has introduced the comprehensive regulatory measures0 prescri,ed registration

norms0 the eligi,ility criteria0 the code of o,ligations and the code of conduct for 
different intermediaries like0 ,ankers to issue0 merchant ,ankers0 ,rokers and su,3
 ,rokers0 registrars0 portfolio managers0 credit rating agencies0 underwriters and others+
It has framed ,ye3laws0 risk identification and risk management systems for *learing
houses of stock e-changes0 surveillance system etc+ which has made dealing in
securities ,oth safe and transparent to the end investor+

Another significant event is the approval of trading in stock indices (like S@P *$
 $ifty @ Sense-) in 6???+ A market Inde- is a convenient and effective product
 ,ecause of the following reasonsC
• It acts as a ,arometer for market ,ehavior
• It is used to ,enchmark portfolio performance
• It is used in derivative instruments like inde- futures and inde- options
• It can ,e used for passive fund management as in case of Inde- Funds+

'wo ,road approaches of SEBI is to integrate the securities market at the national
level0 and also to diversify the trading products0 so that there is an increase in num,er 
of traders including ,anks0 financial institutions0 insurance companies0 mutual funds0

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 primary dealers etc+ to transact through the E-changes+ In this conte-t the introduction
of derivatives trading through Indian Stock E-changes permitted ,y SEBI in 6??? A"
is a real landmark+

SEBI appointed the #+ *+ upta *ommittee in 455D to recommend the regulatory

framework for derivatives trading and suggest ,ye3laws for &egulation and *ontrol of 
'rading and Settlement of "erivatives *ontracts+ 'he Board of SEBI in its meeting
held on 1ay 440 455D accepted the recommendations of the committee and approved
the phased introduction of derivatives trading in India ,eginning with Stock Inde-
Futures+ 'he Board also approved the Suggestive Bye3laws as recommended ,y the
"r #* upta *ommittee for &egulation and *ontrol of 'rading and Settlement of 
"erivatives *ontracts+

SEBI then appointed the 7+ &+ erma *ommittee to recommend &isk *ontainment
1easures (&*1) in the Indian Stock Inde- Futures 1arket+ 'he report was su,mitted
in $ovem,er 455D+

owever the Securities *ontracts (&egulation) Act0 45;< (S*&A) re/uired

amendment to include derivatives in the definition of securities to ena,le SEBI to
introduce trading in derivatives+ 'he necessary amendment was then carried out ,y
the overnment in 4555+ 'he Securities #aws (Amendment) Bill0 4555 was
introduced+ In "ecem,er 4555 the new framework was approved+

"erivatives have ,een accorded the status of SecuritiesG+ 'he ,an imposed on trading
in derivatives in 45<5 under a notification issued ,y the *entral overnment was
revoked+ 'hereafter SEBI formulated the necessary regulationsH,ye3laws and
intimated the Stock E-changes in the year 6???+ 'he derivative trading started in
India at $SE in 6??? and BSE started trading in the year 6??4+

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-HO IS INVESTOR/
• An individual who takes an ownership position in a company0 thus assuming
risk of loss in e-change for anticipated returns+
• A money source for a lender+
• 'he holder of a mortgage or the permanent lender for whom the mortgage
 ,anker services the loan+ Any person or institutions that invest in mortgages+
• %ne whose principal concern in making an investment is to ma-imi2e return
while minimi2ing risk0 in contrast to the speculator who is prepared to accept
greater risk in the hopes of making ,etter3than3average profits+ top of page
• An individual whose primary concerns in the purchase of a security are regular 
dividend income0 safety of the original investment0 and if possi,le0 capital
appreciation+
• "ue to the unusual nature of this type of investment0 the State of *alifornia
re/uires that investors who participate in vertical or life settlement investments
fall within a specific set of investment criteria to protect people who may not
have the investment knowledge to fully comprehend the comple-ity of this type
of investment+
• A person who makes investments+
• A company that invests in mortgages that other company has originated+ 'hey
 purchase the mortgage for a set amount and collect the payments+ !ltimately0 a
 ,orrowerGs loan may ,e sold to an investor+
• A person whose principal purpose is to invest money prudently and productively
over the longer term with the investment o,.ectives ,eing achievement of a
reasona,le return and capital appreciation to preserve purchasing power+
• An organi2ation putting its money into the pro.ect (see alsoC "onor Funder)+
• Individual who commits money in the hopes of earning a profit+
• Any entity that invests in mortgages or mortgage ,acked securities+
• 'he actual source of money for the mortgage+
• 'he owner of a loan 'a- #ien 3 A claim against property for unpaid ta-es+
• someone who commits capital in order to gain financial returns
• Investment is a term with several closely3related meanings in finance and
economics+ It refers to the accumulation of some kind of asset in hopes of
getting a future return from it+
• Investor AB is a Swedish investment company0 founded in 454< and still
controlled ,y the =allen,erg family+ 'he company owns a controlling stake in
several large Swedish companies+ In 6??4 it had a market value of 5? ,illion
kronor (4? ,illion)+

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OB0ECTIVES OF STUDY

'he o,.ectives of my research study are followingC

 'o understand the functioning of SEBI in India+

 'o find out how SEBIJS protects the interest of investor+

 'o study and evaluate the rules and regulations of SEBI+

 'o find out how SEBI control trading in security market+

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RESEARCH METHODOLOGY

&esearch 1ethodology is a way ,y which the research pro,lem can ,e solve

systematically in it+ =e study the various steps that are generally adopted ,y a
research pro,lem along with the logic ,ehind them+

&esearch is a search for knowledge with the help pf o,.ective @ systematic method
for finding a solution towards a specific pro,lem+

P&%B#E1 "EFI$I'I%$C

K*omprenshive study on SEBI uidelines &egarding Investor protectionL

"A'A S%!&*ESC

Primary dataC
&etail investor0 stock ,roker0 investment consultants0 Portfolio manager 

Secondary dataC
Books 0 7ournals0 1aga2ines 0we,sites+

1A&ME' &ESEA&* "ESI$C

*onclusive (descriptive approach) will ,e adopted in the study

S*%PE %F &ESEA&*C
&esearch is going to ,e done in the city of $%I"A0
&EA'E& $%I"A0 "E#I
 

"A'A *%##E*'I%$C
"ata will ,e collected ,y personal interview from Investor0 portfolio managers0
student of 1BAHIB0 Employees of companies+

SA1P#I$ "ESI$C
It encompasses on the following design+

SA1P#I$ !$I'C
Stock ,roker 0retail investors 0managers0 Student of 1BA and employees of company+
SA1P#E SINEC
'he sample si2e will ,e ;? person+

SA1P#I$ P&%*E"!&EC
7udgmental sampling

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HO- SEBI PROTECT THE INVESTOR1S INTEREST/

'E *ommittee set up under the *hairmanship of "r $+ #+ 1itra su,mitted its study
report on investor protection to the overnment+ 'he following are the
recommendationsC

 'here is a need for a specific Act for protecting investorsG interest+ 'he Act
should codify0 amend and consolidate laws and practice for the purpose of 
 protecting investorsG interest in corporate investments+
 A .udicial forum is needed for the redressal of investorsG grievance for the
 purpose of remedying the same with the award of compensation+ 'he
consumer forum should ,e the redressal forum only for the purpose of 
compensating the investors+

 'he provisions relating to investor education and protection fund should ,e

removed from the *ompanies Act0 45;< and included in the SEBI Act0 4556
and the fund should ,e administered ,y SEBI+

 SEBI should ,e the only regulator for the entire capital market0 ,oth primary
and secondary+ It should have powers for investigation and to attach the pu,lic
fund and all converted assets to prevent misappropriation+ But it should not
have powers to award compensation0 which is the .o, of a .ustice delivery
system+

 'he regulator may re/uire all IP%Js to ,e insured on the principle of third
 party insurance with differential premium ,ased on the risk study ,y the
insurance companies+

 SEBI should have the power and function of an on3and3off3the3field regulator+

'he report has listed a num,er of additional powers to ,e conferred on SEBI+
owever0 it cannot ,e an investigator0 regulator and .udge at the same time+

 'he SEBI Act0 4556 should ,e amended to provide for statutory standing
committees on investorsG protection0 market operation and standard setting+

 'he Securities *ontract (&egulations) Act0 45;< should ,e amended to provide

for corporatisation and principles of good governance for stock e-changes+

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