ABC Ltd. issued prospectus for the subscription of its shares for ₹500 crores in 2008. The issue was oversubscribed by 20 times. The company issued shares to all the applicants on pro – rata basis. Later SEBI inspected the prospectus and found some misleading statement about the management of the company in it. SEBI imposed a penalty of ₹5 crores and banned its three executive directors for dealing in securities market for three years.
Identify the function and its type performed by SEBI in the above case.
