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Securities and Exchange Board of India

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Securities and Exchange Board of India औ

SEBI Bhavan, Mumbai headquarters

Agency overview


12 April 1992[1]


Government of India


Mumbai, Maharashtra


525 (2009)[2]

Agency executive

U. K. Sinha, Chairman

Website www. the SEBI was given additional statutory power by the Government of India through an amendment to the Securities and Exchange Board of India Act 1992. which consists of following: a) The chairman who is nominated by central government. Initially SEBI was a non statutory body without any statutory power. However in 1995. 1998 the SEBI was constituted as the regulator of capital markets in India under a resolution of the Government of India. The SEBI is managed by its members.[1] Contents [hide]    1 History 2 Organization structure 3 Functions and responsibilities o o       3. 1947. c) One member from the RBI. and has Northern. Eastern.sebi. SEBI is headquartered in the business district of Bandra Kurla Complex in Mumbai. d) The .e. b) Two members. Chennai and Ahmedabad. In 1992.1 Powers 3.Kolkata.2 SEBI Committees 4 Major achievements 5 Controversies 6 Corruption 7 See also 8 References 9 External links [edit]History It was formed officially by the Government of India in 1992 with SEBI Act 1992 being passed by the Indian Parliament. It was established on 12 April 1992 through the SEBI Act. officers of central The Securities and Exchange Board of India (frequently abbreviated SEBI) is the regulator for the securities market in India. Controller of Capital Issues was the regulatory authority before SEBI came into existence. Southern and Western regional offices in New Delhi. i. it derived authority from the Capital Issues (Control) Act.

It has recently opened local offices at Jaipur and Bangalore and is planning to open offices at Guwahati. Thomas Mathew Joint Secretary. B. Jairath magya Member Appointed Anand Sinha Deputy Governor. Bandra East.400051. Bhave 18 February 2008 18 February 2011 . Mumbai. Ministry of Finance V.remaining five members are nominated by the central government. Bhubaneshwar. B. Patna. The office of SEBI is situated at SEBI Bhavan. Ministry of Corporate Affairs List of former Chairmen[5]: Name From To C.Chennai & Ahmedabad. out of whom at least three shall be wholetime members. [edit]Organization structure Further information: SEBI Organization Chart Upendra Kumar Sinha was appointed chairman on 18 February 2011 replacing C. Bandra Kurla Complex. Kochi and Chandigarh. with its regional offices at Kolkata. Reserve Bank of India Naved Masood Secretary. K. Delhi. Bhave.[3] The Board comprises[4] Name Designation Upendra Kumar Sinha Chairman Prashant Saran Whole Time Member Rajeev Kumar Agarwal Whole Time Member Dr.

Damodaran 18 February 2005 18 February 2008 G. . quasi-judicial and quasi-executive. S. Nadkarni 17 January 1994 31 January 1995 G. SEBI has three functions rolled into one body: quasi-legislative. Justice NK Sodhi. S. Dave 12 April 1988 23 August 1990 [edit]Functions and responsibilities SEBI has to be responsive to the needs of three groups. N. [edit]Powers For the discharge of its functions efficiently. R.M. A. to require the stock exchange to amend their by−laws. it conducts investigation and enforcement action in its executive function and it passes rulings and orders in its judicial capacity. to approve by−laws of stock exchanges. Ramakrishna 24 August 1990 17 January 1994 Dr. Bajpai 20 February 2002 18 February 2005 D. SEBI has been invested with the necessary powers which are: 1. 2. A second appeal lies directly to the Supreme Court. 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 . inspect the books of accounts and call for periodical returns from recognized stock exchanges. It drafts regulations in its legislative capacity. V.Mr. Though this makes it very powerful. compel certain companies to list their shares in one or more stock exchanges. 3. 5. inspect the books of accounts of a financial intermediaries. Mehta 21 February 1995 20 February 2002 S. which constitute the market:    the issuers of securities the investors the market intermediaries. 4.

Committee on Infrastructure Funds 14. High Powered Advisory Committee on consent orders and compounding of offences 12. grant license to any person for the purpose of dealing in certain areas. levy fees and other charges on the intermediaries for performing its functions. [edit]SEBI Committees 1. Mutual Fund Advisory Committee 8.[citation needed] In October 2011. Takeover Regulations Advisory Committee 5. it increased the extent and quantity of disclosures to be made by Indian corporate promoters. Technical Advisory Committee 2. SEBI has also been instrumental in taking quick and effective steps in light of the global meltdown and the Satyam fiasco. 10.[9] [edit]Controversies . power to impose monetry penalties.[7] SEBI has been active in setting up the regulations as required under law. 7. Settlement is done in 2 days after Trade date. prosecute and judge directly the violation of certain provisions of the companies Act. Committee for review of structure of market infrastructure institutions 3. Primary Market Advisory Committee (PMAC) 6. delegate powers exercisable by it. from Rs 1 lakh at present. it liberalised the takeover code to facilitate investments by removing regulatory structures.6. [edit]Major achievements SEBI has enjoyed success as a regulator by pushing systemic reforms aggressively and successively. SEBI has increased the application limit for retail investors to Rs 2 lakh. The rolling cycle of T+2[6] means. Secondary Market Advisory Committee (SMAC) 7. 8. In one such move. SEBI is credited for quick movement towards making the markets electronic and paperless by introducing T+5 rolling cycle from July 2001 and T+3 in April 2002 and further to T+2 in April 2003. Members of the Advisory Committee for the SEBI Investor Protection and Education Fund 4. Takeover Panel 10.[8] In light of the global meltdown. 9. Regulation over Financial Terms of Various Athourities. Derivatives Market Review Committee 13. Corporate Bonds & Securitization Advisory Committee 9. SEBI Committee on Disclosures and Accounting Standards (SCODA) 11.

H . It may be noted that the Report does not necessarily reflect the views of SEBI on the various proposals and recommendations. The petition alleged that. . "The constitution of the search-cum-selection committee for recommending the name of chairman and every wholetime members of SEBI for appointment has been altered. which directly impacted its balance and could compromise the role of the SEBI as a watchdog. The Chief Justice of India refused the finance ministry’s request to dismiss the PIL and said that the court was well aware of what was going on in SEBI. the internal group constituted by SEBI consisting of its senior officers had proposed certain amendments to the SEBI Act. including those relating to Sahara Group. 2002. The report of the Expert Group is placed for eliciting public comments on the recommendations. Bank of Rajasthan and MCX. He specifically said that Finance Minister's office. Secretary to the President of India. SEBI also endeavors to achieve the standards of IOSCO/FSAP." [10][11] On 21 November 2011. 1992 (the SEBI Act) was amended in the years 1995.. SEBI would consider the comments received from various sources before taking any final view on the recommendations. 1999 and 2002 to meet the requirements of changing needs of the securities market and responding to the development in the securities market. a two judge Supreme Court bench of JusticeSS Nijjar and Justice HL Gokhale issued a notice to the Govt of India. the court allowed petitioners to withdraw the petition and file a fresh petition pointing out constitutional issues regarding appointments of regulators and their independence. SEBI chief UK Sinha and Omita Paul. were trying to influence many cases before SEBI. He said. Based on the Report of Joint Parliamentary Committee (JPC) dated December 2. Reliance. [15][16]. the SEBI Act was amended to address certain shortcomings in its provisions. it came into light that Dr KM Abraham (the then whole time member of SEBI Board) had written to the Prime Minister about malaise in SEBI.Kania (Former Chief Justice of India) to consider the proposals. "The regulatory institution is under duress and under severe attack from powerful corporate interests operating concertedly to undermine SEBI". In this background.. The mission of SEBI is to make India as one of the best securities market of the world and SEBI as one of the most respected regulator in the world.[13][14] Further.Supreme Court of India heard a Public Interest Litigation (PIL) filed by India Rejuvenation Initiative that had challenged the procedure for key appointments adopted by Govt of India.[10][12] Hearing a similar petition filed by Bangaluru-based advocate Anil Kumar Agarwal. 1992 he Securities and Exchange Board of India Act. and especially his advisor Omita Paul. The SEBI Board had constituted an Expert Group under the Chairmanship of Mr Justice M. SEBI ACT.