SAFEGUARDING THE WHISTLEBLOWERS: THE SEBI (STOCK BROKER) (AMENDMENT) REGULATIONS, 2024

Whistle Blowers are often referred to as the 'Guardians of Good Governance ' and it is for this reason that a sound and effective mechanism for protection of the whistle-blowers becomes essential. Whistle blower is a person who exposes wrongdoings, and corrupt and fraudulent practices carried out in an organisation. However, these whistle-blowers often fall victim to retaliations such as punishments, work firings or even physical injury. In this background, the present research attempts to understand the history and evolution of whistle-blower protection in India, the various whistle-blower protection laws that exist in the country, and the primarily focus of this research is on the recently introduced Securities and Exchange Board of India (Stock Broker) (Amendment) Regulations, 2024. Further, it attempts to critically analyse the success of this amendment and also its shortcomings, and rests the case by listing the whistle-blower policy of a few institutions and corporations to better understand the implications of such a mandate.