ABC Ltd. issued prospectus for the subsc...

ABC Ltd. issued prospectus for the subscription of its shares for RS. 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 RS. 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.

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Protective function and probibition of fraudulent and unfair trade practices.

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