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Firstly, the official name of SEBI is "Securities and Exchange Board of India".

Now to your question. The Securities and Exchange Board of India (SEBI) was formed in 1992 with the SEBI Act 1992 (see related links for article.) being passed. SEBI is responsible for the needs of three groups of people:

  • the issuers of securities
  • the investors
  • the market intermediaries.

SEBI has three functions in its body: quasi-legislative, quasi-judicial, and quasi-executive. It drafts regulations in its legislative capacity, it conducts investigation and enforcement action in its executive function and it passes rulings and orders in its judicial capacity. Although this makes SEBI very powerful, there is an appeals process to create accountability. There is a Securities Appellate Tribunal which is a three member tribunal and is presently headed by a former Chief Justice of a High court - Mr. Justice NK Sodhi. A second appeal lies directly to the Supreme Court.

SEBI has enjoyed success as a regulator by pushing systemic reforms aggressively and successively (e.g. the quick movement towards making the markets electronic and paperless rolling settlement on T+2 basis). SEBI has been active in setting up the regulations as required under law.

This is the role of SEBI in India.

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14y ago

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