12. Way Forward

To reliably extract the benefits of well-functioning markets, adequate regulation for issuers, investors, and intermediaries in addition to robust supervisory arrangements to protect investors, promote deep and liquid markets, and manage systemic risk are critical. Such a framework in turn needs to be anchored in a good investment climate that includes a sound taxation and accounting framework, reliable and quality accountancy, creditor rights, property rights, and bankruptcy and competition law.

In this Context, the Indian Government and the SEBI has taken a number of laudable measures. Also, both SEBI and retail participants should be active in spreading market wisdom and empowering investors in planning their finances and understanding the markets. The reform process should continue in consultation with all stakeholders.