Stock Exchange Reforms — Policy Reforms

Entry	Year	Description	Impact
The Depositories Act, 1996	1996	Enabled the establishment of depositories for holding securities in electronic form and facilitating their transfer, making dematerialization legally possible.	Revolutionized securities holding and transfer, eliminating physical certificate risks and paving the way for faster, more secure settlements.
Securities Laws (Amendment) Act, 1999	1999	Amended the SEBI Act, SCRA, and Depositories Act to allow for the introduction of derivatives trading in India.	Opened up the market for futures and options, providing hedging and speculative tools, thereby deepening market liquidity and attracting institutional investors.
Securities Laws (Amendment) Act, 2014	2014	Enhanced SEBI's powers, including the power to call for information from any person, conduct search and seizure, and recover disgorged amounts. It also introduced provisions for regulating collective investment schemes.	Strengthened SEBI's enforcement capabilities against market manipulation and illegal money pooling schemes, significantly boosting investor protection.