The question
"Cricket without an umpire: no-balls everywhere, catches 'taken' off the ground, and the strongest team just... wins. Why would anyone watch? A ₹250 lakh crore market without a referee would be worse."
SEBI — the Securities and Exchange Board of India — is that referee. This chapter explains what it can and cannot do, why its powers were earned the hard way, and the concrete ways it protects a student investor who owns three shares of something.