SEBI began as a non-statutory body set up by a government resolution before an Act made it statutory

National Institutions Economy & Banking Polity & Governance

SEBI began as a non-statutory body set up by a government resolution before an Act made it statutory

Background

The Securities and Exchange Board of India records on its own site that it 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.
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 Securities and Exchange Board of India describes its basic functions as being to protect the interests of investors in securities, to promote the development of the securities market, and to regulate the securities market.
Appeals against the Board's orders lie to the Securities Appellate Tribunal.

Constituted as a non-statutory body: April 12, 1988 Established as a statutory body: 1992 SEBI Act provisions came into force: January 30, 1992 Act number: 15 of 1992

Why it matters for exams: The two-stage story of a regulator that existed before its Act, and the three objectives in SEBI's Preamble, are standard economy questions.

Kerala PSCUPSC

2 October 2026 Source: Securities and Exchange Board of India Updated 3 October 2026

In plain words

SEBI Securities and Exchange Board of India — The statutory regulator of India's securities market.

SAT Securities Appellate Tribunal — The tribunal that hears appeals against orders of the Board.