Indian & World Geography·Policy Changes
Capital Markets — Policy Changes
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Version 1Updated 7 Mar 2026
| Entry | Year | Description | Impact |
|---|---|---|---|
| SEBI (Amendment) Act, 1995 | 1995 | This amendment significantly enhanced SEBI's powers, making it an autonomous body with the authority to register and regulate various market intermediaries, including custodians, foreign institutional investors, and credit rating agencies. It also gave SEBI powers to levy fees and conduct investigations. | Strengthened SEBI's regulatory teeth and expanded its jurisdiction over a wider array of market participants, moving towards a more comprehensive oversight. |
| SEBI (Amendment) Act, 2002 | 2002 | Introduced the Securities Appellate Tribunal (SAT) as an appellate body against SEBI's orders, ensuring an independent review mechanism. It also enhanced penalties for market offenses and gave SEBI powers to issue cease and desist orders. | Improved the grievance redressal mechanism for market participants and provided a check on SEBI's powers, while simultaneously making penalties more deterrent. |
| SEBI (Amendment) Act, 2014 | 2014 | This amendment granted SEBI powers to call for information from any person or entity, including banks, in connection with any investigation. It also clarified SEBI's powers to regulate collective investment schemes (CIS) and enabled it to recover penalties through attachment of property. | Further strengthened SEBI's investigative and enforcement capabilities, particularly in dealing with unauthorized money pooling schemes and ensuring effective recovery of penalties. |
| Securities Laws (Amendment) Act, 2014 | 2014 | Amended the SEBI Act, SCRA, and Depositories Act. It provided for the regulation of 'pooled investment vehicles' and strengthened SEBI's powers to curb illegal money pooling schemes. It also enhanced penalties for various market offenses. | Aimed at addressing the challenges posed by 'ponzi schemes' and other unauthorized collective investment schemes, providing SEBI with more robust tools to protect small investors. |