Which of the following is the feature of functioning of SEBI?

SEBI has quasi-legislative function. SEBI has quasi-judicial function. SEBI has quasi executive function. All of the above

All of the above

SEBI has three functions rolled into one body: quasi-legislative, quasi-judicial and quasi executive. It drafts regulations in its legislative capacity, it conducts investigation and enforcement action in its executive function and it passes rulings and orders in its judicial capacity. Though this makes it very powerful, there is an appeal process to create accountability. There is a Securities Appellate Tribunal which is three-member tribunal. A second appeal lies directly to the Supreme Court.