G.V. Ramakrishna, the first chairman of Securities and Exchange Board of India, once made an interesting remark. “Brokers should know that the road from Dalal Street (where the Bombay Stock Exchange is located) to Mittal Court (where Sebi was then based) doesn’t run through North Block (where the finance ministry is located)," he said. Back then, the Securities and Exchange Board of India Act, 1992 had just been passed. So market participants were still getting used to the idea that securities market regulations were no longer controlled by the finance ministry, but by an independent regulatory body called Sebi.