In an interesting order, SEBI has admonished the Bombay Stock Exchange, ending with a scolding, but no corporal punishment. The case relates to re-imbursement of losses of market makers, which BSE says it didn't need permission to do as nothing which is not prohibited is permitted. SEBI concludes that maybe that is true but BSE has not been a good boy at the same time - next time please tuck the shirt in before coming to class.
Here is the order - see para 5 for the chastisement (is it just me or has SEBI disabled the copy function from its order?)
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