Prime Minister Manmohan Singh and Finance Minister P. Chidambaram will grace the 25th anniversary celebrations in Mumbai. Through an executive order in , the government created SEBI.

Four years later, the institution got statutory powers after the SEBI Act was passed by Parliament in , the year in which the Rs. SEBI has three functions -- regulation-making powers, quasi-judicial or enforcement powers and policy freedom. Now it has been provided with more teeth and its board is fully powered under the Act to enact its own regulation in its jurisdiction areas. The multiplicity of agencies is adding to the confusion and people are able to take advantage of that.

Under the Income Tax Act and the Competition Commission of India Act, they have been given powers to recover. So, we have asked for similar powers," Chairman U.

Sinha said in a recent interview. If two people are conversing on the phone, I don't want to intercept and hear what they are talking about. However, at least the call data record should be given to me; globally, it is available. Third, we have said we should have the power to demand documents and material be produced. In recent months, the regulator has been seeking to strengthen insider-trading norms, expand its presence through branch offices, work with police and local enforcement agencies, improve corporate governance norms and boost control over deposit-taking firms.

In its year journey, SEBI has earned respect by trying to clean up India's equity cash market, establishing a modern equity derivatives market and transforming the primary market through better processes. Finance Minister Chidambaram said in his budget speech this year: SEBI introduced dematerialised holding of shares and securities after the Depositories Act was passed in This Act did away with physical certificates, which were prone to postal delays, theft and forgery.

This meant two days between the trade and shares being credited to the buyers' account, down from five. Fostering mutual fund industry: SEBI has adopted many steps to increase the popularity of mutual fund products and prevent mis-selling of products. Some of the initiatives include know your customer KYC norms for small investors. And by banning entry loads for mutual fund schemes in , SEBI curbed mis-selling of mutual fund products as investors would now only voluntarily pay the distributor for advisory service.

Market analysts say although SEBI has the same statutory powers as the civil court has, it has not made much progress in enforcement.

Some violations even go unnoticed due to its limited access, insufficient resources or government intervention. They say the regulator should also establish self-regulatory organizations SROs , a better and transparent consent order mechanism, and rules over market intermediaries to face key challenges in future. The Securities and Exchange Board of India SEBI celebrates its silver jubilee Friday amid calls that the capital market regulator needs to follow global standards and improve market intelligence, technology and talent pool to beef up the enforcement processes, protect investors and allow the launch of more investment products.

SEBI, India's capital market regulator, is 25 | Business Standard News

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