To understand the regulatory and control systems in-built in the market, we must study the structural framework of the capital market. The capital market consists of the following elements.

1. One the one hand are the innumerable, but not organised savers, and
2. At the other end are those seeking capital from the capital market;
3. Regulatory Body:
   SEBI (the Securities & Exchange Board of India) an autonomous and statutory body acts as the market regulator and market developer. It regulates and controls the capital users and all functionaries between the users and the investors.
4. The Stock Exchanges:
   There are 23 Stock Exchanges registered with SEBI and under its regulation. They provide a transparent and safe (risk-free) forum of a market for investors to transact and invest their funds.
5. The Depositories:
   The depositories are innovative institutions, who are able to render the market paperless by holdings securities electronically, providing ease and speed for those transacting in the market.
6. The Registered Intermediaries:
   They consist of brokers, sub-brokers, Trading and Clearing Members, portfolio managers, Bankers to Issue, merchant bankers, registrars, underwriters and credit rating agencies. They all provide a basket of services to the investors to lesson risk and make transacting earlier and smooth. They are all registered with SEBI and act under the regulation of SEBI abiding by the Code of Conduct prescribed for each of them governing their respective roles.