Starting this year, markets regulator SEBI is planning to celebrate its foundation day each year on April 12. On the occasion this year, which will be SEBI’s 35th foundation day, the current chief has plans to invite all former chairmen, whole time members and other senior officials, sources said.
SEBI was constituted as a non-statutory body on April 12, 1988 through a Government resolution and established as a statutory body in 1992 and the same year the provisions of SEBI Act came into force on January 30.
Current SEBI chief Madhabi Puri Buch is the 10th SEBI chief. The first SEBI chairman was S A Dave, who was appointed in 1988. G.V.Ramkrishna was appointed as SEBI chief in 1990 at a time when there was no certainty when the SEBI Act would be passed.
Then, the Bombay Stock Exchange and its brokers did not want SEBI as they had to pay fees to the regulator out of their own revenue. Several court battles later, which were settled in the Supreme Court, brokers agreed to pay fees to SEBI.
Today, SEBI is one of the richest regulators in the country with an annual revenue of around ₹1,000 crore. Overall, SEBI’s total income rose to ₹825.67 crore in FY21. SEBI now has two prime properties in Mumbai in the plush Bandra-Kurla business district, both of which together could be valued at more than ₹2000 crore. SEBI derives its fees from each transaction in India’s equity and commodity market apart from other fees and fines it collects.
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