Dr. Prashanto Banerjee writes a letter to the president of ANMI (Association of National Exchanges Members of India) criticizing their behavior, which is not fitting for an organization seeking self-regulatory organization (SRO) status. Specifically, ANMI is trying to protect and raise money for some brokers who are being investigated for serious market violations. This goes against the principles of an SRO to be impartial and committed to cleaning up the industry. Dr. Banerjee suggests ANMI needs to demonstrate zero tolerance for market abuses and prioritize investor interests in order to gain respect and the trust of regulators.