The Securities and Exchange Board of India (SEBI) was established in 1988 and granted legal status in 1992 to regulate the securities market and protect investors. SEBI's objectives are to act as a separate legal entity that watches over the market, develops codes of conduct, and aims to stop malpractices and increase investor interest. Its functions include protecting investors by prohibiting insider trading, fraud and unfair practices; developing the market by training intermediaries and adopting flexible approaches; and regulating the market by framing rules, codes of conduct and conducting inquiries and audits of stock exchanges.