The Securities and Exchange Board of India (Sebi) recently unveiled a new logo on the occasion of its 35th anniversary. However, the Sebi Act came in 1992, which is only 31 years ago. There hangs a tale behind this and some interesting insights into public policy.
Policy thinkers in India had understood the requirement for a securities market regulator in the 1980s. Well before the Act was passed, on April 12 1988, a non-statutory Sebi was constituted, through an administrative resolution of the Government of India. The economist Surendra Dave was the founding chairman, and he chose a team, mostly comprising IDBI officers, to help him create the new organisation.
Sebi is now marking the 35th anniversary of the work begun by this team. This team envisioned the role of a securities regulator in India, and wrote the first draft of what became the Sebi Act.
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