SEBI: India's Capital Markets Regulator

Functions: (1) Regulating stock exchanges (NSE, BSE, MCX, NCDEX), depositories (NSDL, CDSL), clearing corporations. (2) Registering and supervising market intermediaries — brokers, sub-brokers, merchant bankers, mutual funds, AIFs (Alternative Investment Funds), REITs, InvITs, portfolio managers, investment advisers, research analysts. (3) Listing regulations (LODR — Listing Obligations and Disclosure Requirements). (4) Regulating mutual funds via SEBI (Mutual Funds) Regulations 1996. (5) Insider trading and market manipulation enforcement.

International peer regulators: SEC in the US, FCA in the UK, ASIC in Australia, JFSA in Japan, OJK in Indonesia, CVM in Brazil. SEBI works with these via IOSCO (International Organization of Securities Commissions). For investor protection, SEBI maintains the SCORES (SEBI Complaints Redress System) portal where investors can file complaints against listed companies and intermediaries.

Recent regulatory actions (FY 2024-25 indicative): tightened rules on F&O (futures and options) participation by retail investors, introduced T+0 settlement beta, mandated pre-funded margin in derivatives, tightened mutual fund disclosure and stewardship norms, created a Specialised Investment Funds (SIF) category for sophisticated investors. Penalty actions on price manipulation, insider trading, and front-running have increased.