<Ul> <Li> the issuers of securities </Li> <Li> the investors </Li> <Li> the market intermediaries . </Li> </Ul> <Li> the issuers of securities </Li> <Li> the market intermediaries . </Li> <P> 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 a three - member tribunal and is headed by Mr. Justice JP Devadhar, a former judge of the Bombay High Court . A second appeal lies directly to the Supreme Court . SEBI has taken a very proactive role in streamlining disclosure requirements to international standards . </P>

Who is the regulator of sebi and who is the head