Fourth, in the matter of ensuring financial stability, the government must normally leave the responsibility to the regulators, assuming an activist role only in times of crisis. BIS central bankers’ speeches  7  51. The crisis has made a strong case for a more expanded role for central banks.
As compared to most other countries, the extent of progress that has been made by our securities regulator in terms of technology penetration and safety measures is impressive and currently, absolutely world class. SEBI should be proud of that.