The Securities and Exchange Board of India (Sebi) is in the news for the imposition of a penalty of Rs 7 lakh on the National Highways Authority of India (NHAI). Some have been breathless asking how a regulator could penalise another regulator while others are hailing it as a landmark event. Neither is warranted since it is the Sebi’s duty to ensure that issuers of securities that are listed on stock exchanges and traded by the public in the market, adhere to compliance conditions imposed by law.
However, this piece is not about the merits of the case. It is about
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