Discussion
The Securities and Exchange Board of India (SEBI) was established in
Answer: A
Correct answer: 1992
SEBI was constituted as a non-statutory body in 1988 and given statutory powers by the Securities and Exchange Board of India Act 1992, which is the year conventionally given for its establishment.
The timing is not coincidental: the securities scam of 1992 and the liberalisation begun in 1991 together made a regulator with real enforcement powers unavoidable. Its mandate is threefold - to protect investors, to develop the securities market and to regulate it - and the 1992 Act replaced the Controller of Capital Issues, whose consent-based system had governed issues until then.
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