SEBI is Corrupt or Incompetents?

To find out we have to think on following current events.

What was the Idea and Logic behind not to ask FII to cover up short position created via landing and borrowing system from overseas and sold in Indian Stock market with immediate effect by SEBI (Regulator of Indian Stock Market)?

This implies that the knowledge of SEBI is not sufficient and they are going by Trail and Error Method at the cost of Wealth of Genuine Indian Investors (After the News Report, Market React negatively and SEBI is watching the Market as a Spectator not as a Watch Dog.)

If such kind of stand and action taken by the SEBI then they have no moral right to conduct the Market.

If we ask any layman then he will immediately make comment that 'SEBI is waiting for the more damage of market, so the manipulators can make their game successful at the cost of Genuine Investor and Growth of Economy'.

When our future market are settling by cash not by delivery, then there is no need of lending and borrowing system require. Then why this system was introduced by SEBI that has to be explain to Genuine Indian Investor or take responsibility of Misconducts.