Key Terms & Concepts — UPSC Mains
SEBI (Securities and Exchange Board of India)
"India's statutory regulatory body for the securities market, established in 1988 as a non-statutory body and given statutory powers under the SEBI Act, 1992."
The Securities and Exchange Board of India (SEBI) is the regulatory authority for the securities and capital market in India. It was initially established on April 12, 1988 as a non-statutory executive body by a government resolution. It was subsequently given statutory powers when the SEBI Act, 1992 came into force on January 30, 1992. SEBI's headquarters is at the Bandra Kurla Complex (BKC) in Mumbai. It has regional offices in New Delhi, Kolkata, Chennai, and Ahmedabad. SEBI's primary functions include: (a) protecting the interests of investors in securities, (b) promoting the development of the securities market, and (c) regulating the securities market. It regulates stock exchanges (BSE, NSE), mutual funds, portfolio managers, credit rating agencies, merchant bankers, and other market intermediaries. SEBI has quasi-legislative (makes regulations), quasi-executive (conducts investigations, surveillance), and quasi-judicial powers (passes orders, adjudicates disputes). Appeals against SEBI orders go to the Securities Appellate Tribunal (SAT), and further appeals lie before the Supreme Court. The SEBI Board consists of a Chairman, two members from the Union Finance Ministry, one from the Reserve Bank of India, and five other members appointed by the Central Government.
Extremely high-frequency Prelims topic (establishment year, statutory status year, headquarters, functions). Mains GS3 (capital market regulation, investor protection, corporate governance).
- 1 Established: April 12, 1988 (non-statutory); statutory: SEBI Act, 1992 (January 30, 1992)
- 2 Headquarters: Bandra Kurla Complex (BKC), Mumbai
- 3 Functions: Protect investors, develop market, regulate market
- 4 Powers: Quasi-legislative, quasi-executive, quasi-judicial
- 5 Appeals: SEBI → SAT (Securities Appellate Tribunal) → Supreme Court
- 6 Board: Chairman + 2 Finance Ministry + 1 RBI + 5 other members
- 7 Regulates: Stock exchanges, mutual funds, credit rating agencies, merchant bankers, FPIs
- 8 Key regulations: SEBI (LODR) for listed companies, SEBI (PIT) for insider trading
- 9 Current Chairman: Madhabi Puri Buch (first woman chair, since 2022)
SEBI appointed KV Ramana Murty as Whole-Time Member in March 2026, continuing the organisation's role in strengthening market oversight amid volatile global conditions driven by the Iran-US conflict and energy crisis.