infrastructure institutions including exchanges, clearing houses, depositories and payment infrastructure.
"These must be seen as extended part of regulatory apparatus because they play legislative function as they are authorised to write the by-laws.
"...They also performed an executive function such as enforcing the by-laws and also detecting the violation of regulations and laws," he said.
Earlier speaking at the event, SEBI Chairman U K Sinha said insider trading issues and corporate governance are major focus areas before the market regulator.
NSE MD and CEO Chitra Ramkrishna said time has come for India to target and achieve the lofty goal of being among the top markets globally.