The
Securities and Exchange Board of India (SEBI) is the regulator for the
securities market in India. It was established on 12 April 1992 through the
SEBI Act, 1992. it was officially
established by The Government of India in the year of 1992 with SEBI Act 1992
being passed by the Indian Parliament. SEBI is having it's Headquarter at the
business district of Bandra Kurla Complex in Mumbai, and has Northern, Eastern,
Southern and Western Regional Offices in New Delhi, Kolkata, Chennai and
Ahmedabad respectively. Controller of Capital Issues was the regulatory
authority before SEBI came into existence; it derived authority from the
Capital Issues (Control) Act, 1947.
Initially
SEBI was a non statutory body without any statutory power. However in the year
of 1995, 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. In April, 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, which consists of following:
- The chairman who is nominated by Union Government of India.
- Two members, i.e. Officers from Union Finance Ministry.
- One member from The Reserve Bank of India.
- The remaining 5 members are nominated by Union Government of India, out of them at least 3 shall be whole-time members.
List of Chairmen:
|
Name
|
From
|
To
|
|
U.K.Sinha
|
18 February 2011
|
Till now
|
|
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
and responsibilities:
- SEBI has to be responsive to the needs of three groups, which constitute the market:
- The issuers of securities
- The investors
- The market intermediaries.
SEBI
has three functions rolled into one 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. Though this makes it very powerful,
there is an appeal 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.
Powers
For the discharge of its functions efficiently, SEBI has been
invested with the necessary powers which are:
1.
to approve by−laws of stock exchanges.
2.
to require the stock exchange to amend their by−laws.
3.
inspect the books of accounts and call for periodical returns from
recognized stock exchanges.
4.
inspect the books of accounts of a financial intermediaries.
5.
compel certain companies to list their shares in one or more stock
exchanges.
6.
levy fees and other charges on the intermediaries for performing
its functions.
7.
grant license to any person for the purpose of dealing in certain
areas.
8.
delegate powers exercisable by it.
9.
prosecute and judge directly the violation of certain provisions
of the companies Act.
10.
power to impose monetry penalties.
SEBI committee:
1. Technical Advisory Committee
2. Committee for review of structure of market infrastructure
institutions
3. Members of the Advisory Committee for the SEBI Investor Protection
and Education Fund
4. Takeover Regulations Advisory Committee
5. Primary Market Advisory Committee (PMAC)
6. Secondary Market Advisory Committee (SMAC)
7. Mutual Fund Advisory Committee
8. Corporate Bonds & Securitization Advisory Committee
9. Takeover Panel
10. SEBI Committee on Disclosures and Accounting Standards (SCODA)
11. High Powered Advisory Committee on consent orders and compounding
of offences
12. Derivatives Market Review Committee
13. Committee on Infrastructure Funds
14. Regulation over Financial Terms of Various Athourities.
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