Fundamental, structural changes required in way markets function

What do you think have been the key achievements of Sebi in 2012?

Going by the state of the economy and of the market, we felt mere window dressing and incremental changes would not do. As such, we embarked upon some fundamental and structural changes in the way markets should function, keeping in mind the need for drawing household savings from across the length and breadth of the country into the market.

The whole IPO system underwent a major change in 2012. Electronic IPO using broker infrastructure at thousands of places, expansion of ASBA, stricter due diligence norms and code of conduct for Investment Bankers, disclosure of track record of Investment Bankers and, most importantly, introduction of rejection criteria for draft red-herring prospectus are in the rule book now. For the expansion of mutual funds to smaller cities and towns, extra

... contd.