This document discusses self-regulatory organizations (SROs) in the context of securities markets regulation in India. It provides background on the rationale for establishing SROs and notes some confusion around their role. It then outlines the organization of the discussion, functions of SROs, the relationship between regulators and SROs, different models of SROs, and issues in SRO regulation. Finally, it discusses SROs that currently exist in India and some debates around their role and relationship with the securities regulator SEBI.