Read the following passage and answer the question.

Deepti's grandfather was unwell. He called Deepti and gave her a box containing cash and certain papers which were crumbled. He saw them carefully and found that these were share certificates. Deepti now wants to know the process through which she can trade in these shares. She also learnt about the trading procedure and got to know about SEBI as well. She told her friend Rekha, "SEBI regularly inspects the various elements of trading and also conducts the broker's enquiries. SEBI also promotes fair trade practices for investor protection. It also controls insider trading and impose penalties in case of such malpractices." She also told her friend about many instruments such as commercial papers or bills which are not traded on stock exchanges.

Which of the following function is not performed in above case by SEBI?

Development

The correct answer is option 3- Development.

Development function is not performed in above case by SEBI.

The Securities and Exchange Board of India was established by the Government of India on 12 April 1988 as an interim administrative body to promote orderly and healthy growth of securities market and for investor protection.  SEBI also promotes fair trade practices for investor protection. It also controls insider trading and impose penalties in case of such malpractices- Protective function.

SEBI regularly inspects the various elements of trading and also conducts the broker's enquiries- Regulatory function.

The overall objective of SEBI is to protect the interests of investors and to promote the development of, and regulate the securities market. SEBI was entrusted with the twin task of both regulation and development of the securities market. It perform 3 type of function-

* Regulatory Functions, * Development Functions, * Protective Functions