Securities and Exchange Board of India: from a 1988 resolution to a statutory regulator
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, and the provisions of the Securities and Exchange Board of India Act, 1992 (15 of 1992) came into force on January 30, 1992. The Preamble describes its basic functions as to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Constituted as non-statutory body:
April 12, 1988
Statute:
Securities and Exchange Board of India Act, 1992 (15 of 1992)
Act came into force:
January 30, 1992
Why it matters for exams: Origin, statute and Preamble of the capital-market regulator are recurring questions in bank and civil services exams.
Kerala PSCUPSCSSCBank