Question

needs and importance of functional report of sebi

Answer 1

When stock markets were introduced in the country for the first time, it was mostly operated and regularized by the stock brokers, which created chaos in trading, settlement and clearing operations.

So the Government of India, on the act of parliament 1992, introduced the SEBI Act.
The Act states

…to provide for the establishment of a Board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market and for matters connected therewith or incidental thereto…

SEBI is the primary regulator of Securities market in India. 
It has isolated trading, settlement and clearing of securities, providing delegation to each categories.

Answer 2

Electronic records management system commonly provide specialized security & auditing functionality tailored to the needs of records manager.