SEBI

The Securities and Exchange Board of India, the statutory regulator of the securities market since 1992. It writes and enforces the rules for stock exchanges, brokers, depositories, mutual funds, portfolio managers and research analysts, and for listed companies through the listing, issue, takeover and insider trading regulations.

For an analyst its output is a stream of primary sources. Its circulars set when a company must disclose a default, a pledge or an auditor's resignation; its orders name the people found to have manipulated a share or misused unpublished information; and its consultation papers announce rule changes months before they take effect. A SEBI order against a promoter group is a fact your valuation has to absorb.

Appeals against its orders go to the Securities Appellate Tribunal and then to the Supreme Court, so an order can take years to become final.

Read the order itself before any coverage of it.