Since the liberalization of capital markets in 1992, SEBI has played a pivotal role in the financial markets in two ways. Firstly, it has focused on protecting the integrity of the market mechanism from any kind of influence. Secondly, SEBI has also focused substantially on protecting the interests of the retail and small investors, who were the most vulnerable to stock market fluctuations in the past. SEBI had undertaken a number of initiatives to protect the interests of the investors. Here is a partial list of measures that SEBI has taken; both in terms of legislations and implementation to ensure that the interests of the small and retail investors are adequately protected in the markets.