Securities and Exchange Board of India
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| Securities & Exchange Board of India | |
| |
| Founded | 1992 |
|---|---|
| Headquarters | Mumbai |
| Key People | Chairman C. B. Bhave |
| Web site | http://www.sebi.gov.in |
The Securities & Exchange Board of India (SEBI) has since 1992 regulated that country's financial markets focusing on investor protection in much the same way that the Securities & Exchange Commission (SEC) regulates U.S. markets. SEBI also regularly releases closely watched investment data about the Indian financial markets.
History
SEBI was established on April 12, 1992[1] following passage of the Securities and Exchange Board of India Act. The Act aimed "to provide for the establishment of a Board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market and for matters connected," according to its preamble.[2] SEBI's nine-member board currently includes high-ranking members of India's Ministry of Finance, Ministry of Corporate Affairs and Reserve Bank.[3]
Key People
SEBI Chairman C. B. Bhave took over the leadership from M. Damodaran in Februaury 2008 after the latter's three-year term expired.[4] He was previously chairman of the National Securities Depository Ltd (NSDL), which had been part of a Supreme Court lawsuit brought by SEBI over allegations it made "undue profits" in an initial public offer (IPO) scandal.[5] Bhave ran SEBI's secondary market division from 1992 to 1996 and also served as head of primary markets from 1995 to 1996. He subsequently joined NDSL, where he served as chairman until taking the SEBI post.
Latest News
Foreign institutional investors have been net sellers of Indian securities in the first nine months of 2008, according to data recently released by SEBI.[6] These investors hold around 15 percent of the top 500 listed equities on the Bombay Stock Exchange and their withdrawals are placing downward pressure on the market, analysts noted.
References
- ↑ About SEBI. SEBI. Retrieved on September 19, 2008.
- ↑ THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992. SEBI. Retrieved on September 19, 2008.
- ↑ BOARD MEMBERS. SEBI. Retrieved on September 19, 2008.
- ↑ CB Bhave to take the reins at SEBI. Times of India. Retrieved on September 19, 2008.
- ↑ Tough task ahead for C.B. Bhave. The Hindu. Retrieved on September 19, 2008.
- ↑ FIIs likely to stay net sellers. Hindustan Times. Retrieved on September 19, 2008.
