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This is with reference to "SEBI moots super self-regulatory organisation" (Business Line, December 17). Whether it is the `disgorgement order' or the move to accept and recognise the offer of `super self-regulatory organisations,' SEBI's initiatives have to be complemented. The man at the helm, Mr M. Damodaran, deserves praise. India today is a thriving financial market and the psychology and the behavioural aspects of the market participants are strikingly different from those of developed economies. Actions by the regulator will have to be punitive and swift to check the general tendency to not comply with laws. Dithering can shake investor confidence.

Balakrishnan

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