Correct Answer: Regulating the functioning of commercial banks

Solution : The correct answer is (c). Regulating the functioning of commercial banks

SEBI, the Securities and Exchange Board of India, is primarily responsible for regulating the securities market in India and protecting the interests of investors. Its main functions include:

a) Regulating the securities market

b) Protecting the interests of investors

However, SEBI's mandate does not include regulating the functioning of commercial banks. The regulation and supervision of commercial banks in India fall under the purview of the Reserve Bank of India (RBI).