Question

Which of the following is not a participant of the securities market?

• A. Issuers
• B. Intermediaries
• C. Investors
• D. SEBI

Hint:

Remember the three main participants: Issuers (who issue securities), Investors (who buy/sell), and Intermediaries (who facilitate). Regulators like SEBI, RBI, or SEC are not participants—they are market watchdogs.

Answer 1

The Correct Option is D

Step 1: Understanding the Concept:
Participants in the market are those who buy, sell, or facilitate the transactions of securities.
Step 2: Detailed Explanation:
Issuers (companies) issue securities to raise capital.
Investors (public/institutions) buy these securities.
Intermediaries (brokers/depositories) facilitate these transactions.
SEBI (Securities and Exchange Board of India) is the regulator. It makes rules and oversees the participants, but it is not a "participant" in the sense of trading or facilitating a specific trade.
Step 3: Final Answer:
(D) SEBI