SEBI has been formed under SEBI Act, 1992. SEBI Act, 1992 has come into force with effect from 30th January, 1992. SEBI is a body corporate having perpetual succession and common seal. Further, being a body corporate, it has its separate property, contractual rights, right to sue and be sued.
SEBI is an authority to regulate and develop the Indian capital market and protect the interest of investors in the capital market. SEBI has replaced the Controller of Capital Issues, an authority under Capital Issues (Control) Act, 1947.
Its regulatory jurisdiction extends over corporates in the issuance of capital and transfer of securities, in addition to all intermediaries and persons associated with securities market. It can conduct enquires, audit and inspection of all concerned and adjudicate offences under the Act. It has powers to register and regulate all market intermediaries and also to penalize them in case of violations of the provisions of the Act, Rules and Regulations made there under. SEBI has full autonomy and authority to regulate and develop an orderly securities market.
SEBI has its office at Mumbai and its other offices are located at Delhi, Kolkata and Chennai.
Management of SEBI (Section 4)
The general superintendence, direction and management of the affairs of SEBI vests in a Board of Members, which exercises all powers and do all acts and things which may be exercised or done by SEBI. Unless determined otherwise through regulations, the Chairman shall also have all these powers.
The Board of Members shall consist of following members, namely:
All questions which come up before any meeting of SEBI shall be decided by a majority votes of the members present and voting, and, in event of an equality votes, the chairman, or, in his absence, the person presiding, shall have a second vote or casting vote.
An interested party, like a company director, can be a member of SEBI. But if he has any, direct or indirect, pecuniary interest in any manner coming up for consideration at a meeting of SEBI he shall disclose the nature of his interest and shall not take part in deliberations or decision of SEBI in respect of that matter.
Board Members as on now:
|1.||Shri U K Sinha||Chairman|
|2.||Shri Rajeev Kumar Agarwal||Whole Time Member|
|3.||Shri Prashant Saran||Whole Time Member|
|4.||Shri S. Raman||Whole Time Member|
|5.||Shri Manoj Joshi||Part Time Member|
|6.||Ms. Anjuly Chib Duggal||Part Time Member|
|7.||Shri R. Gandhi||Part Time Member|
Functions of SEBI (Section 11)
The principal functions of SEBI are
The above functions, would inter-alia would include the following: