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Securities and Exchange Board of India (SEBI) is a board (autonomous body) created by the Government of India in 1988 and given statutory form in 1992 with the SEBI Act 1992. Its head office is in Mumbai, and other offices in Chennai, Kolkatta and Delhi. SEBI is the regulator of Securities markets in India. It is chaired by Mr. M. Damodaran, a respected civil servant credited with turning around large public sector companies from near death scenarios, including the famous Unit Trust of India. The Board comprises whole time members and outside members (representing the finance ministry, RBI and experts). The present whole time members are Mr. G Anantharaman, Dr. TC Nair and Mr. VK Chopra. Below the Board, the staff/officers of the organization are led by Executive Directors (EDs). The present EDs are Mr. RK Nair, Ms. Usha Narayanan, Mr. Sandeep P Parekh and Mr. P. K. Nagpal. Also, Mr. MS Ray, a senior IRS officer on deputaion, is an Officer on Special Duty (equivalent to an ED). The organisational structure of SEBI can be found under the SEBI website by clicking on the RTI Act 2005 at the top.(no direct link)

SEBI has three functions rolled into one body: quasi-legislative, quasi-judicial and quasi-executive. It drafts rules in its legislative capacity, it conducts enquiries and enforcement action in its executive function and it passes rulings and orders in its judicial capacity. Though this makes it very powerful, there is an appeals process to create accountibility. There is a Securities Appeallate Tribunal which is a three member tribunal and is presently headed by a former Chief Justice of a High court - Mr. Justice NK Sodhi. A second appeal lies directly to the Supreme Court(where important questions of law arise.

SEBI has had a mixed history in terms of its success as a regulator. Though it has pushed systemic reforms aggressively and successively (e.g. the quick movement towards making the markets electronic and paperless), it lacked the legal expertise, till recently, needed to sustain prosecutions/enforcement actions. SEBI has taken its present executive director in charge of enforcement from the market on a contract besides several other officers taken from leading firms and corporates also on contract. It has recently inducted around 40 officers from the five leading law schools in the country. These measures are expected to improve the speed and quality of the success rate of SEBI in courts.

• Securities and Exchange Board of India