Q.Explain the powers of SEBI.

SEBI's powers combine elements of all three arms of government within its own specialised regulatory sphere.

SEBI's powers under the SEBI Act, 1992 are unusual in combining three different kinds of authority:

1. Quasi-legislative powers — SEBI can draft, notify and enforce rules and regulations, which carry the force of law once notified, exactly like legislation.
2. Quasi-executive powers — SEBI can inspect the books and records of stock exchanges and intermediaries, conduct investigations, pass cease-and-desist orders, and order search and seizure where warranted.
3. Quasi-judicial powers — SEBI can hold hearings and pass judgments in cases of fraud or unfair trade practices, imposing penalties such as fines or suspension/cancellation of an intermediary's registration. …

Listing SEBI's powers as identical to its functions — powers are the LEGAL AUTHORITY (legislative/executive/judicial) that lets SEBI carry out its …