Securities and Exchange Board of India (SEBI)
SEBI is the regulatory body for securities and commodity market in India under the Ministry of Finance within the Government of India. It was established on 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992.
About SEBI
- Regulatory body for securities and commodity market in India.
- Under the Ministry of Finance within the Government of India.
- Established on 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992.
- Before it came into existence, the Controller of Capital Issues was the market’s regulatory authority, and derived power from the Capital Issues (Control) Act, 1947.
- SEBI became an autonomous body on 30 January 1992 and was accorded statutory powers with the passing of the SEBI Act, 1992 by the Parliament of India.
- Its Headquarters is in Mumbai, Maharashtra.
- It has Northern, Eastern, Southern and Western Regional Offices in New Delhi, Kolkata, Chennai, and Ahmedabad, respectively.
Structure of SEBI
SEBI is managed by its board of members, which consists of:
- The chairman, who is nominated by the Union Government of India.
- Two members from the Union Finance Ministry.
- One member from the Reserve Bank of India.
- The remaining five members are nominated by the Union Government of India, and out of them at least three should be whole-time members.
List of Chairman of SEBI till present
| Name | From | To |
|---|---|---|
| Madhabi Puri Buch | 1 March 2022 | Present |
| Ajay Tyagi | 10 February 2017 | 28 February 2022 |
| U K Sinha | 18 February 2011 | 10 February 2017 |
| C. B. Bhave | 18 February 2008 | 18 February 2011 |
| M. Damodaran | 18 February 2005 | 18 February 2008 |
| G. N. Bajpai | 20 February 2002 | 18 February 2005 |
| D. R. Mehta | 21 February 1995 | 20 February 2002 |
| S. S. Nadkarni | 17 January 1994 | 31 January 1995 |
| G. V. Ramakrishna | 24 August 1990 | 17 January 1994 |
| Dr. S. A. Dave | 12 April 1988 | 23 August 1990 |
Functions of SEBI
- SEBI has three powers rolled into one body:
- quasi-legislative – It drafts regulations in its legislative capacity,
- quasi-executive – it conducts investigation and enforcement action in its executive function and
- quasi-judicial – it passes rulings and orders in its judicial capacity.
Powers of SEBI
- to approve by−laws of Securities exchanges.
- to require the Securities exchange to amend their by−laws.
- inspect the books of accounts and call for periodical returns from recognised Securities exchanges.
- inspect the books of accounts of financial intermediaries.
- compel certain companies to list their shares in one or more Securities exchanges.
- registration of Brokers and sub-brokers.
- eliminate malpractices in security market.