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The case discusses the role played by the Securities and Exchange Board of India (SEBI) as a regulator of Indian capital markets. The case discusses in depth the capital market reforms initiated by SEBI. In spite of these reforms and increasing regulatory powers over the years, SEBI has been largely unsuccessful in controlling capital market scams. The case examines the strengths and weaknesses of SEBI as a regulatory organisation. It describes the recent initiatives by SEBI to promote investor education and corporate governance, transparency and abidance of regulations among corporates. The case is structured to enable students to: (1) study and analyse the structure of capital markets in India; (2) examine the roles and responsibilities of a capital market regulator; (3) understand the capital market reforms initiated by a regulatory authority and their benefits to the retail investors; (4) identify the loopholes in the financial system that allows capital market scams to happen and suggest a suitable course of action to avoid them; and (5) discuss the future of the Indian capital market and the role of SEBI. The case is intended for MBA/PGDBM level students as part of the finance curriculum.