What is exchange board or What is SEBI Surely you have read definition of stock exchange but let's cut it in simple terminology You must have seen auctions of some items or goods market and vegetable market known as ' Sabji mandi ' and 'Anaaj mandi '.So let's understand what happens in vegetable market, it is platform where buyer and sellers meets, fundamentally it's a more b2b deal there but that is fixed place to meet buyer and sellers under a regulating authority like state government . Sellers sell there goods and buyers pay a price to sellers ,Whereas buyers and sellers both have to pay a small amount of commission to regulating authority . Here a doubt arises ,why buyer and seller doesn't trade freely instead of trading under regulating authority as both of them are having loss of commission money. Why regulating authorities are needed ? They make quality standards of goods and services for sellers . They make fair pricing policies so that prices