This document provides an overview of several regulatory bodies in India, including TRAI, SEBI, RBI, and discusses the need for their autonomy and accountability. It reviews the functions and establishment of SEBI, noting its role in protecting investors and promoting development of the securities market. The document also discusses the role of RBI as the monetary authority and regulator of the financial system. It raises questions around the definitions of functional areas between different regulators and whether a super regulator is needed to oversee the multiple financial market regulators in India.