The SEBI has imposed a penalty of 7269.5 crores on Pearls Agrotech Corporation Limited (PACL) and its four directors- tar lochan Singh, Sukhdev singh, gurmeet Singh, and Subrata Bhattacharya who had mobilized funds from the general public through illegal collective investments schemes in the name of purchase and development of agriculture land. While imposing the penalty, the biggest in its history, the securities and exchange boards of India said the company deserved maximum penalty for duping the common man. Its prevention of Fraudulent and Unfair Trade Practices Regulations provides for severe to severe penalties for dealing with such violations. As per SEBI norms, it can impose a penalty of 25 crores or three times of the profit made by indulging in Fraudulent and unfair trade practices of the illicit gains. In the context of the above case:

(a) State the objectives of setting up SEBI. 

(b) Identify the type of function performed by SEBI by quoting lines from the paragraph.