Commemorative Postage Stamp on SECURITIES AND EXCHANGE BOARD OF INDIA released by Prime Minister Dr. Manmohan Singh
The Prime Minister, Dr. Manmohan Singh released a commemorative postage stamp on Securities and Exchange Board of India (SEBI) at its Silver Jubilee Celebrations in Mumbai on May 24, 2013. The Union Finance Minister Shri P. Chidambaram, the Union Minister for Communications & Information Technology and Law & Justice Shri Kapil Sibal, the Governor of Maharashtra Shri K. Sankaranarayanan, the Chief Minister of Maharashtra Shri Prithviraj Chavan and Col. K. C. Mishra VSM Chief PMG, Maharashtra Circle were also present at the occasion.
The Securities and Exchange Board of India (frequently abbreviated SEBI) is the regulator for the securities market in India. It was established on 12 April 1992 through the SEBI Act 1992 . It was officially established by The Government of India in the year 1988 and given statutory powers in 1992 with SEBI Act 1992 being passed by the Indian Parliament. SEBI has it’s Headquarter in Mumbai. 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 the year of 1995, 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, 1998 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:
a) The chairman who is nominated by Union Government of India.
b) Two members, i.e. Officers from Union Finance Ministry.
c) One member from The Reserve Bank of India.
d) The remaining 5 members are nominated by Union Government of India, out of them at least 3 shall be whole-time members.