COVER
STORY
regulator defiant companies
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.
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