Securities and Exchange Board of India (SEBI) is the statutory regulatory body that regulates the securities market and protects investor interests in India. SEBI was established in 1992 under the SEBI Act. It has its headquarters in Mumbai and regional offices in major cities. SEBI was formed due to rising malpractices in the capital markets during the 1980s as participation increased. SEBI's functions include regulating stock exchanges, registering other market bodies like mutual funds, prohibiting fraudulent practices, and promoting investor education. It has powers to issue directions, investigate violations, and initiate cease and desist proceedings.