| 词条 | Securities and Exchange Board of India | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 释义 |
|agency_name = Securities and Exchange Board of India |nativename = भारतीय प्रतिभूति और विनिमय बोर्ड |logo = SEBI logo.svg |logo_width = 150px |logo_caption = SEBI Logo |seal = |seal_width = |seal_caption = |picture = SEBI_Bhavan.jpg |picture_width = 220px |picture_caption = SEBI Bhavan, Mumbai headquarters |formed = {{Date and age|1988|04|12}} {{Date and age|1992|01|30}} ({{small|Acquired Statutory Status}})[1] |preceding1 = |dissolved = |superseding = |jurisdiction = Government of India |headquarters = Mumbai, Maharashtra |employees = 643+(2012)[1] |chief1_name = Ajay Tyagi, IAS |chief1_position = ({{small|Chairman}}) |chief2_name = Anand Rajeshwar Baiwar, IRS |chief2_position = ({{small|Executive Director}}) |website = {{url|www.sebi.gov.in}} |footnotes = |budget = |chief3_name = |chief3_position = |parent_department=}} The Securities and Exchange Board of India (SEBI) is the regulator for the securities market in India. It was established in 1988 and given statutory powers on 30 January 1992 through the SEBI Act, 1992.[2] HistorySecurities and exchange Board of India (SEBI) was first established in the year 1988 as a non-statutory body for regulating the securities market. It became an autonomous body by The Government of India on 12 May 1992 and given statutory powers in 1992 with SEBI Act 1992 being passed by the Indian Parliament. SEBI has its headquarters at the business district of Bandra Kurla Complex in Mumbai, and has Northern, Eastern, Southern and Western Regional Offices in New Delhi, Kolkata, Chennai and Ahmedabad respectively. It has opened local offices at Jaipur and Bangalore and is planning to open offices at Guwahati, Bhubaneshwar, Patna, Kochi and Chandigarh in Financial Year 2013 - 2014. Controller of Capital Issues was the regulatory authority before SEBI came into existence; it derived authority from the Capital Issues (Control) Act, 1947. Initially SEBI was a non statutory body without any statutory power. However, in 1992, the SEBI was given additional statutory power by the Government of India through an amendment to the Securities and Exchange Board of India Act, 1992. In April 1988 the SEBI was constituted as the regulator of capital markets in India under a resolution of the Government of India. The SEBI is managed by its members, which consists of following: The chairman who is nominated by Union Government of India.Two members, i.e., Officers from Union Finance Ministry. One member from the Reserve Bank of India. The remaining five members are nominated by Union Government of India, out of them at least three shall be whole-time members. After amendment of 1999, collective investment scheme brought under SEBI except NIDHI, chit fund and cooperatives. Organization structureAjay Tyagi was appointed chairman on 10 January 2017, replacing U K Sinha,[3] and took charge of the chairman office on 1 March 2017. The board comprises:[4]
List of Chairmen:[5]
Functions and responsibilitiesThe Preamble of the Securities and Exchange Board of India describes the basic functions of the Securities and Exchange Board of India as "...to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected there with or incidental there to". SEBI has to be responsive to the needs of three groups, which constitute the market:
SEBI has three functions rolled into one body: quasi-legislative, quasi-judicial and quasi-executive. It drafts regulations in its legislative capacity, it conducts investigation 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 appeal process to create accountability. There is a Securities Appellate Tribunal which is a three-member tribunal and is currently headed by Justice Tarun Agarwala, former Chief Justice of the Meghalaya High Court.[6] A second appeal lies directly to the Supreme Court. SEBI has taken a very proactive role in streamlining disclosure requirements to international standards.[7] PowersFor the discharge of its functions efficiently, SEBI has been vested with the following powers:
There are two types of brokers:
SEBI committees Technical Advisory Committee
Eliminate mal practices in security market Major achievementsSEBI has enjoyed success as a regulator by pushing systematic reforms aggressively and successively. SEBI is credited for quick movement towards making the markets electronic and paperless by introducing T+5 rolling cycle from July 2001 and T+3 in April 2002 and further to T+2 in April 2003. The rolling cycle of T+2[8] means, Settlement is done in 2 days after Trade date.[9] SEBI has been active in setting up the regulations as required under law. SEBI did away with physical certificates that were prone to postal delays, theft and forgery, apart from making the settlement process slow and cumbersome by passing Depositories Act, 1996.[10] SEBI has also been instrumental in taking quick and effective steps in light of the global meltdown and the Satyam fiasco.{{Citation needed|date=May 2010}} In October 2011, it increased the extent and quantity of disclosures to be made by Indian corporate promoters.[11] In light of the global meltdown, it liberalised the takeover code to facilitate investments by removing regulatory structures. In one such move, SEBI has increased the application limit for retail investors to ₹ 2 lakh, from ₹ 1 lakh at present.[12] ControversiesSupreme Court of India heard a Public Interest Litigation (PIL) filed by India Rejuvenation Initiative that had challenged the procedure for key appointments adopted by Govt of India. The petition alleged that, "The constitution of the search-cum-selection committee for recommending the name of chairman and every whole-time members of SEBI for appointment has been altered, which directly impacted its balance and could compromise the role of the SEBI as a watchdog." [13][14] On 21 November 2011, the court allowed petitioners to withdraw the petition and file a fresh petition pointing out constitutional issues regarding appointments of regulators and their independence. The Chief Justice of India refused the finance ministry's request to dismiss the PIL and said that the court was well aware of what was going on in SEBI.[13][15] Hearing a similar petition filed by Bengaluru-based advocate Anil Kumar Agarwal, a two judge Supreme Court bench of Justice SS Nijjar and Justice HL Gokhale issued a notice to the Govt of India, SEBI chief UK Sinha and Omita Paul, Secretary to the President of India.[16][17]Further, it came into light that Dr KM Abraham (the then whole time member of SEBI Board) had written to the Prime Minister about malaise in SEBI. He said, "The regulatory institution is under duress and under severe attack from powerful corporate interests operating concertedly to undermine SEBI". He specifically said that Finance Minister's office, and especially his advisor Omita Paul, were trying to influence many cases before SEBI, including those relating to Sahara Group, Reliance, Bank of Rajasthan and MCX.[18][19] SEBI and Regional Securities ExchangesSEBI in its circular dated May 30, 2012 gave exit - guidelines for Securities exchanges. This was mainly due to illiquid nature of trade on many of 20+ regional Securities exchanges. It had asked many of these exchanges to either meet the required criteria or take a graceful exit. SEBI's new norms for Securities exchanges mandates that it should have minimum net-worth of Rs.100 crore and an annual trading of Rs.1,000 crore. The Indian Securities market regulator SEBI had given the recognized Securities exchanges two years to comply or exit the business.[20] Process of de-recognition and exitFollowing is an excerpts from the circular:[21] 1.Exchanges may seek exit through voluntary surrender of recognition. 2.Securities where the annual trading turnover on its own platform is less than Rs 1000 Crore can apply to SEBI for voluntary surrender of recognition and exit, at any time before the expiry of two years from the date of issuance of this Circular. 3.If the Securities exchange is not able to achieve the prescribed turnover of Rs 1000 Crores on continuous basis or does not apply for voluntary surrender of recognition and exit before the expiry of two years from the date of this Circular, SEBI shall proceed with compulsory de-recognition and exit of such Securities exchanges, in terms of the conditions as may be specified by SEBI. 4.Securities Exchanges which are already de-recognised as on date, shall make an application for exit within two months from the date of this circular. Upon failure to do so, the de-recognized exchange shall be subject to compulsory exit process. SEBI departmentsSEBI regulates Indian financial market through its 20 departments.[22]
See also
References1. ^http://www.sebi.gov.in/acts/EmployeeDetails.html 2. ^1 {{cite web|title=About SEBI|url=http://www.sebi.gov.in/sebiweb/stpages/about_sebi.jsp|publisher=SEBI|accessdate=26 September 2012|archiveurl=https://web.archive.org/web/20101003235606/http://www.sebi.gov.in/sebiweb/stpages/about_sebi.jsp|archivedate=3 October 2010}} 3. ^A rendezvous: CB Bhave's 3-years at SEBI - CNBC-TV18. Moneycontrol.com. Retrieved on 2013-07-29. 4. ^{{cite web|url=http://www.sebi.gov.in/Board.pdf |title=Microsoft Word - Boardmembers.doc |format=PDF |date= |accessdate=2012-02-28}} 5. ^{{cite web|url=http://www.sebi.gov.in/chairmen.pdf|title=Former Chairmen of SEBI |publisher=SEBI|accessdate=19 February 2011}} 6. ^[https://wap.business-standard.com/article/pti-stories/justice-tarun-agarwala-appointed-securities-appellate-tribunal-presiding-officer-118121201035_1.html Justice Tarun Agarwala appointed Securities Appellate Tribunal presiding officer - Business Standard].wap.business-standard.com (2018-12-12). Retrieved on 2019-03-24. 7. ^{{cite web|url=http://barandbench.com/content/212/cyril-shroff-managing-partner-mumbai-national-capital-market-head-amarchand#.U3MCRvmSyLF|publisher=http://barandbench.com/|title=Cyril Shroff Managing Partner Mumbai & National Capital Market head Amarchand}} 8. ^{{cite web|title=Discussion Paper Implementation of T+2 rolling settlement|url=http://www.sebi.gov.in/commreport/t2.pdf|publisher=SEBI|accessdate=25 October 2012}} 9. ^{{cite news|title=Sebi gets rolling on T+2 settlement schedule|url=http://articles.economictimes.indiatimes.com/2003-01-04/news/27546293_1_settlement-cycle-institutional-trades-t-5|accessdate=25 October 2012|newspaper=economictimes|date=4 January 2003}} 10. ^Sebi’s 25-year journey. Livemint (2013-05-21). Retrieved on 2013-07-29. 11. ^{{cite news|title=SEBI makes it mandatory for companies to disclose promoters' shares|url=http://articles.economictimes.indiatimes.com/2011-10-06/news/30250534_1_promoters-pledge-disclosures|accessdate=26 October 2012|newspaper=Economic Times|date=6 October 2011}} 12. ^{{cite web|title=Sebi doubles retail limit, tightens IPO norms|url=http://business.rediff.com/report/2010/oct/26/sebi-tightens-ipo-norms.htm|publisher=business.rediff.com|accessdate=27 October 2010}} 13. ^1 {{cite news | url=http://forbesindia.com/printcontent/30372 | title=Is Sebi’s Autonomy Under Threat? | date=15 November 2011 | accessdate=10 April 2012}} 14. ^{{cite news | url=http://timesofindia.indiatimes.com/business/india-business/PIL-alleges-nexus-in-Sebi-appointments/articleshow/10612161.cms | title=PIL alleges nexus in Sebi appointments | date=5 November 2011 | accessdate=10 April 2012}} 15. ^{{cite news | url=http://www.moneylife.in/article/8/21576.html | title=SC allows eminent citizens to withdraw petition against SEBI chief's appointment | date=21 November 2011 | accessdate=10 April 2012}} 16. ^{{cite news|title=Notice to Centre on quo warranto against SEBI chief|url=http://www.thehindu.com/news/national/sebi-chief-appointment-under-sc-scrutiny/article3938457.ece|accessdate=26 September 2012|newspaper=The Hindu|date=26 September 2012}} 17. ^{{cite news|title=SC seeks Centre’s reply on PIL on Sebi chairman’s appointment|url=http://www.deccanherald.com/content/281208/sc-seeks-centres-reply-pil.html|accessdate=26 September 2012|newspaper=The Deccan Herald|date=26 September 2012}} 18. ^{{cite web | url=https://www.scribd.com/firstpost/d/70646038-K-M-Abraham-s-Letter-to-PM | title=KM Abraham's letter to PM | publisher=Prime Minister's Office | date=20 October 2011 | accessdate=11 April 2012}} 19. ^{{cite news | url=http://www.firstpost.com/business/pranab-chidu-feud-may-be-revived-over-sebi-chief-pil-129459.html | title=Pranab-Chidu feud may be revived over Sebi chief PIL | date=12 November 2011 | accessdate=11 April 2012}} 20. ^{{Cite news|url=http://www.livemint.com/Money/foV0xOfxkv4GSJjQ5z1PUL/15-regional-Securities-exchanges-to-shut-operations-as-Sebi-deadl.html|title=15 regional Securities exchanges to shut operations as Sebi deadline approaches|last=Rukhaiyar|first=Ashish|date=2014-05-20|work=livemint.com/|access-date=2017-05-15}} 21. ^{{Cite web|url=http://webcache.googleusercontent.com/search?q=cache:2wyYsNw3sTYJ:www.bseindia.com/download/investors/Exit_Policy_for_De-recognized_Non-operational_Securities_Exchanges.pdf+&cd=1&hl=en&ct=clnk&gl=in|title=笺憷︺汨俱 广沏洇慵泐沅︺ ‚沣趵 沅蹄沅躲姐俱 恒泷∶|last=1149|website=webcache.googleusercontent.com|access-date=2017-05-15}} 22. ^https://fundsbase.com/sebi-departments/
External links{{commons category|Securities and Exchange Board of India}}
9 : Executive branch of the Indian government|Regulatory agencies of India|Organisations based in Mumbai|Financial regulatory authorities of India|Government agencies established in 1992|Government agencies of India|Securities and Exchange Board of India|Economic history of India (1947–present)|Financial services companies based in Mumbai |
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