Securities and Exchange Board of India Chairman Tuhin Kanta Pandey says that strengthening investor protection, curbing finfluencer-driven excesses, regulating derivatives trading and maintaining a consultative, data-driven regulatory approach are vital for market stability. In an interview to Hitesh Vyas and George Mathew a year after taking charge at SEBI, Pandey speaks about market safety, IPO momentum, retail participation and the road ahead for reforms. This entire year has been quite a topsy-turvy year in terms of geopolitical developments and all kinds of uncertainties. Nevertheless, Indian capital markets — the primary market — has remained a very active market. In fact, it is number one in the world in terms of IPOs and number three in terms of value. So far, more than Rs 7 lakh crore has already been raised in debt and equity. We have carried out various kinds of reforms in terms of facilitating the ease of doing business and investments, investor protection and empowerment, strengthening the regulatory framework, fostering market development and also measures taken to strengthen the equity derivatives market. So, …