11.4 Regulatory Challenges and Future Outlook

The challenge list (the exam's audit): (1) the capacity-vs-complexity gap (SEBON's-and-the- exchange's resources against the market's growth); (2) the perimeter problem's persistence (the unlicensed schemes'-and-crypto's worlds); (3) the enforcement's credibility (the few-and- slow cases — the deterrence's deficit); (4) the governance culture (the family-company-and- promoter dominance; the minority's voice); (5) the market's concentration (the banking-heavy index; the thin-trading scrips); (6) the political economy (the market's politicisation; the interest- group capture risks); (7) the cross-border integration's management (the capital-account- and-foreign-access's sequencing). The outlook: the infrastructure-and-participation foundation is laid (the demat-and-TMS era's dividend); the next decade's test is the software — the enforcement, the governance-and-the products' depth — the small-market-to-mature-market journey.