SEBI began as a non-statutory body set up by a government resolution and became statutory under its own Act

Background

The Securities and Exchange Board of India was constituted as a non-statutory body on April 12, 1988 through a resolution of the Government of India.
It was established as a statutory body in the year 1992, when the provisions of the Securities and Exchange Board of India Act, 1992 (15 of 1992) came into force on January 30, 1992.
The Preamble of the Board describes its basic functions as to protect the interests of investors in securities, to promote the development of the securities market and to regulate the securities market, and for matters connected with or incidental to that.
Appeals against the Board's orders lie to the Securities Appellate Tribunal.
The regulator's own site lists its Board, organisation structure, powers and functions, and its committees.