SEBI Regulations — Policy Reforms

Entry	Year	Description	Impact
Securities Laws (Amendment) Act, 1995	1995	Expanded SEBI's powers significantly, allowing it to register and regulate depositories, custodians, foreign institutional investors, credit rating agencies, and venture capital funds. It also gave SEBI powers to impose monetary penalties.	Broadened SEBI's regulatory jurisdiction to cover a wider array of market participants and instruments, enhancing its effectiveness in overseeing the rapidly expanding capital market.
Securities Laws (Amendment) Act, 2002	2002	Introduced the concept of 'collective investment schemes' (CIS) under SEBI's purview, clarified the definition of 'securities', and strengthened SEBI's enforcement powers, including the power to call for information from banks and other authorities.	Closed regulatory gaps, particularly concerning unregulated investment schemes, and provided SEBI with more robust tools for investigation and enforcement, crucial for investor protection.
Securities Laws (Amendment) Act, 2014	2014	Enhanced SEBI's powers to conduct search and seizure, disgorge illegal gains, and recover penalties. It also provided for the establishment of special courts for speedy trial of offenses under securities laws.	Significantly strengthened SEBI's enforcement capabilities, making it more effective in combating market manipulation and recovering ill-gotten gains, thereby reinforcing market discipline.
Finance Act, 2018 (amendments to SEBI Act)	2018	Rationalized and consolidated various provisions related to penalties and adjudication, aiming for greater clarity and consistency in enforcement actions.	Streamlined the penalty framework, making it more predictable and efficient for SEBI to impose sanctions for violations.