The Securities and Exchange Board of India (SEBI), the regulator of thecountry's 24 stock exchanges is often described as the watchdog of the capitalmarkets. Some would, however, argue that the analogy is quite inappropriategiven the inadequate powers that have been conferred on SEBI. If at all acomparison can be made with a member of the canine species, cynics contend thebody should be described as a lapdog, a gentle pet whose bark is usually muchworse than its bite.