Securities and Exchange Board of India
भारतीय प्रतिभूति और विनिमय बोर्ड
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SEBI Bhavan, Mumbai headquarters
Agency overview
Formed	12 April 1992
Jurisdiction	Government of India
Headquarters	Mumbai, Maharashtra
Employees	525 (2009)[1]
Agency executive	U. K. Sinha, Chairman
Website
www.sebi.gov.in

The Securities and Exchange Board of India (frequently abbreviated SEBI) is the regulator for the securities market in India.

History[link]

It was formed officially by the Government of India in 1992 with SEBI Act 1992 being passed by the Indian Parliament. SEBI is headquartered in the business district of Bandra Kurla Complex complex in Mumbai, and has Northern, Eastern, Southern and Western regional offices in New Delhi, Kolkata, Chennai and Ahmedabad.

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 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 six members, i.e. by the chairman who is nominated by central government & two members, i.e. officers of central ministry, one member from the RBI & the remaining two are nominated by the central government. The office of SEBI is situated at Mumbai with its regional offices at Kolkata, Delhi & Chennai.

Organization structure[link]

Upendra Kumar Sinha was appointed chairman on 18 February 2011 replacing C. B. Bhave.^[2]

The Board comprises^[3]

List of former Chairmen^[4]:

Functions and responsibilities[link]

SEBI has to be responsive to the needs of three groups, which constitute the market:

• the issuers of securities
• the investors
• the market intermediaries.

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 appeals process to create accountability. There is a Securities Appellate 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.

SEBI has enjoyed success as a regulator by pushing systemic reforms aggressively and successively (e.g. the quick movement towards making the markets electronic and paperless rolling settlement on T+2 basis). SEBI has been active in setting up the regulations as required under law.

SEBI has also been instrumental in taking quick and effective steps in light of the global meltdown and the Satyam fiasco.^{[citation needed]} It had^[when?] increased the extent and quantity of disclosures to be made by Indian corporate promoters. More recently, 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 Rs 2 lakh, from Rs 1 lakh at present.^[5]

Powers[link]

For the discharge of its functions efficiently, SEBI has been invested with the necessary powers which are:

1. to approve by−laws of stock exchanges.
2. to require the stock exchange to amend their by−laws.
3. inspect the books of accounts and call for periodical returns from recognised stock exchanges.
4. inspect the books of accounts of a financial intermediaries.
5. compel certain companies to list their shares in one or more stock exchanges.
6. levy fees and other charges on the intermediaries for performing its functions.
7. grant licence to any person for the purpose of dealing in certain areas.
8. delegate powers exercisable by it.
9. prosecute and judge directly the violation of certain provisions of the companies Act.

SEBI Committees[link]

1. Technical Advisory Committee
2. Committee for review of structure of market infrastructure institutions
3. Members of the Advisory Committee for the SEBI Investor Protection and Education Fund
4. Takeover Regulations Advisory Committee
5. Primary Market Advisory Committee (PMAC)
6. Secondary Market Advisory Committee (SMAC)
7. Mutual Fund Advisory Committee
8. Corporate Bonds & Securitization Advisory Committee
9. Takeover Panel
10. SEBI Committee on Disclosures and Accounting Standards (SCODA)
11. High Powered Advisory Committee on consent orders and compounding of offences
12. Derivatives Market Review Committee
13. Committee on Infrastructure Funds

Controversies[link]

Supreme 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." ^[6][7] On 21 November 2011 the court allowed the 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 to the finance ministry’s request to dismiss the PIL and said that the court was well aware of what was going on in SEBI.^[6][8]

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.^[9][10]

See also[link]

• Stock Exchange
• National Stock Exchange of India
• Forward Markets Commission (India)
• Securities Commission
• Financial regulation
• List of financial regulatory authorities by country
• Stock exchange
• Regulation D (SEC)
• Institute of Chartered Accountants of India
• Institute of Company Secretaries of India

References[link]

External links[link]

• Securities and Exchange Board of India Website

This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (April 2012)

Subrata Roy Sahara
Born	(1948-06-10) 10 June 1948 (age 64) Araria, Bihar, India
Residence	Lucknow
Nationality	Indian
Ethnicity	Bengali Hindu
Occupation	Founder and Chairman of the Sahara India Pariwar
Years active	1948–present
Known for	Owner of Pune Warriors India, Grosvenor House, Aamby Valley City
Home town	Lucknow
Spouse	Swapna Roy
Children	2
Website
www.sahara.in/saharasri/

Subrata Roy Sahara (Bengali:সুব্রত রয় সাহারা; Hindi:सुब्रत रॉय सहारा; born 10 June 1948)^[1] also known as Saharasri^[2] is an Indian businessman who is the founder and chairman of the Sahara India Pariwar.^[3][4] He also owns Pune Warriors India, Grosvenor House, Aamby Valley City and has 42.5% stake in Force India.

He is named among the 10 Most Powerful People of India by India Today.^[5] His residence is in Lucknow, UP, India. Subrata Roy Sahara founded Sahara India Pariwar in 1978.^[6] In 2004, the group was termed by the Time magazine as ‘the second largest employer in India after the Indian Railways’.^[7]

Family and background[link]

Subrata Roy was born at Bihar in 1948 to Sri Sudhir Chandra Roy and Srimoti Chhabi Roy. Sri Sudhir Chandra was a mechanical engineer with a transferable job and Srimoti Chhabi Roy is from Bikrampur, Bangladesh, Srimoti Chhabi Roy with her brothers migrated to West Bengal in 1947 during Partition of Bengal.^[8] Subrata Roy studied at Holy Child School in Kolkata and later studied mechanical engineering in Benaras Hindu University. ^[9]

^[10]

Philosophy of work[link]

He has propounded the corporate philosophy of ‘Collective Materialism’,^[11] that advocates collective growth through collective sharing and caring. Roy promotes sports at international to regional level. The Sahara group is a sponsor^[12] of National Indian Cricket, Hockey Teams and has adopted 91 sportsmen belonging to the four Indian Olympic disciplines of Boxing, Wrestling, Archery, Shooting and Track & Field.^[13] The Group also organizes ‘Sahara India Sports Awards' to felicitate the achievement and efforts of Indian sportspersons in their respective fields and provide recognition to the upcoming young talents.

Business career[link]

His journey with the Sahara Group began in 1978 with an initial asset base of just USD 43. From there, it went on to become the largest conglomerate of India with a diversified range of business interests. Before Subrata Roy founded the Sahara Group, he had already gathered 32 years of precious experience in business development along with 18 years of experience in real estate business.

Real Estate[link]

Subrata Roy Sahara established many real estate business which is operated as sahara real estate corporation ltd. and sahara housing investment corporation ltd.

The flagship real estate project Sahara City Homes chain of townships is proposed to be across 217 cities in India.^[14] Recently it has launched Sahara Grace brand Phase II is an outcome of the success achieved by Phase I its of residential complex at Kochi^[15]. After Sahara Grace at Gurgaon and Lucknow the Kochi project is the third under this brand which is positioned to provide a product mix of apartments and penthouses to its residents. Other ventures of Sahara real estate business are Sahara States – Lucknow, Gorakhpur, Hyderabad and Bhopal, Brand malls – Sahara Ganj, Lucknow and Sahara Mall, Gurgaon^[16].

Sahara is constructing an eco-friendly self-contained residential city called Amby Valley in Maharashtara near Mumbai Pune expressway. The city is spread over 10000 acres of land.^[17]

Media[link]

Subrata Roy Sahara owns the national Hindi News Channel Samay, consisting of 36 city specific regional news channels Sahara Samay, Sahara One, general entertainment channel and a Hindi movie channel Filmy. Sahara Samay received the "Broadcast Engineering Excellence Award" in 2008 for its network newsroom technology.^[18] Sahara has recently launched FIRANGI channel which is positioned as World Television in Hindi.

Subrata Roy Sahara owns one national weekly magazine in English, 7 editions of Hindi Daily Newspaper Rashtriya Sahara, nine editions of Urdu Daily Newspaper Roznama Rashtriya Sahara and one International Urdu Weekly, Rashtriya Sahara^[19]

Film[link]

Subrata Roy Sahara is engaged in business of producing, marketing and distribution of motion pictures in Hindi and other regional Indian languages. Its successes include Bewafaa, Page 3, Sarkar, No Entry, Wanted.^[20] In September 2010, the company was in talks to acquire MGM Studios, but the deal collapsed.^[21][22] Sahara is willing to try again to take over MGM.^[23]

Subrata Roy Sahara is creating a Film City to provide filmmakers with everything they need to make films, television software and commercials. The existing infrastructure of the Film City will be renovated and equipped with the most modern and latest technology.

Tourism[link]

Subrata Roy Sahara has launched Sahara Global - an integrated travel and tourism service provider for domestic and international services.^[24][25]

Health care[link]

Subrata Roy Sahara owns a hospital in Lucknow. The hospital was opened in 2009. This hospital got operational in February 2009 and is currently operating with approximately 350 beds, including 120 bed Critical Care Infrastructure and expandable to 554 beds. It is spread on 31 acres and as a Multispecialty, Tertiary care destination, Sahara Hospital offers a high order of integrated quality healthcare with the availability of all super specialties and latest generation diagnostic facilities under one roof. ^[26]

Hospitality[link]

Subrata Roy Sahara owns the hotel "Sahara Star" in Mumbai, A 5-Star Hotel spread over 7.42 acres adjacent to the Mumbai domestic airport. Currently it has 210 guest rooms, 13 suites and 9 restaurants. It contains World's largest pillarless clear-to-sky dome of its kind^[27], World's first Hemisphere-shaped Glass Elevators^[28][29], Marine Aquarium, Lagoon area, Inward and Outward facing rooms, Glass Roof rooms, Parking and shall have amenities like Sahara Health and Wellness Centre, Multi-cuisine restaurants and Preview theatre. The group also owns the Grosvenor House Hotel - London (UK).^[30]

Social Services[link]

This biographical section of an article needs additional citations for verification. Please help by adding reliable sources. Contentious material about living persons that is unsourced or poorly sourced must be removed immediately, especially if potentially libelous or harmful. (July 2011)

He is working towards health, education and nutrition programs for children and women, adult literacy and vocational training initiatives. Under his Mobile Health Care (MHU) program,^[31] Sahara through its 52 Mobile Healthcare Vans (each equipped with doctors, pharmacists and medicines) is providing free primary health care to the extremely remote and backward areas of 7 districts of India. His group is working for the rehabilitation of physically challenged people, mass marriage ceremonies of 101 underprivileged girls on annual basis^[32] and support to National Cadet Corps^[33] (NCC) forms part of Sahara’s universe of concern.

Awards and honors[link]

Subrata Roy Sahara recently got "Indian Business Icon of the Year Award"^[34] at Powerbrands Hall of Fame Awards function at London for his entrepreneurship and achievements in various fields. The award was jointly presented to him by Ruby Dhalla, Canadian MP, Priti Patel, British MP and Professor Arindam Chaudhuri. He has been also rewarded with Lakshya-2010 Business Visionary Award^[35] for his excellence in managing his organization with proficiency.He has been the ITA – TV Icon of the Year 2007. He has received the Global Leadership Award in 2004. He was also awarded with Businessmen of the Year Award in the year 2002, the Best Industrialist Award in the year 2002, and National Citizen Award in the year 2001 for his entrepreneurship skills. He won the Academy Award in Indian Television Academy Awards for his contribution to Indian Television. Recently he has been awarded with honorary degree of D. Litt. by Lalit Narayan Mithila University, Darbhanga.^[36]

See Also[link]

• Subrata Roy Sahara Stadium

References[link]

External links[link]

• Official Website of 'Saharasri' Subrata Roy Sahara
• Sahara Group Official Website