▁created ▁confusion , ▁and ▁for ▁the ▁most ▁part ▁the ▁prov isions ▁were ▁un en force able . ▁ ▁This ▁was ▁because ▁the ▁Exchange ▁as ▁a ▁regul atory ▁Organisation , ▁had ▁no ▁dis cret ion ▁to ▁reason ably ▁moder ate ▁the ▁strict ▁and ▁un reason able ▁application ▁of ▁the ▁letter ▁of ▁the ▁Act ▁once ▁a ▁particular ▁provision ▁was ▁not ▁explicitly ▁stated ▁in ▁the ▁Act . ▁The ▁Ministry ▁of ▁Fin ance , ▁in ▁recogn izing ▁this ▁problem , ▁worked ▁with ▁the ▁Exchange ▁to ▁introduce ▁a ▁more ▁dynamic ▁piece ▁of ▁legisl ation . ▁ ▁As ▁a ▁rem ed ial ▁measure , ▁the ▁Government , ▁through ▁the ▁Ministry ▁of ▁Fin ance , ▁passed ▁legisl ation ▁repe aling ▁the ▁ 1 9 8 1 ▁Act ▁and ▁replacing ▁it ▁with ▁the ▁Sec ur ities ▁Indust ry ▁Act ▁of ▁ 1 9 9 5 ▁which ▁brought ▁into ▁operation ▁the ▁establishment ▁of ▁a ▁Sec ur ities ▁and ▁Exchange ▁Commission . ▁ ▁The ▁ 1 9 9 5 ▁Act ▁v ests ▁with ▁the ▁Commission , ▁the ▁authority ▁to ▁maintain ▁surve ill ance ▁over ▁the ▁se cur ities ▁market ▁and ▁ensure ▁order ly , ▁fair ▁and ▁equ itable ▁deal ings ▁in ▁se cur ities . ▁Furthermore , ▁all ▁market ▁actors , ▁meaning ▁issu ers , ▁under writ ers , ▁invest ment ▁advis ers , ▁stock bro k ers ▁and ▁deal ers , ▁etc . ▁must ▁register ▁with ▁the ▁Commission , ▁who ▁will ▁be ▁responsible ▁for ▁cont rolling ▁and ▁super vis ing ▁their ▁activities . ▁The ▁Exchange ▁on ▁the ▁other ▁hand ▁will ▁reg ulate