Which of the following is NOT a subsidiary or associate institution of the Reserve Bank of India?

SEBI is an independent statutory regulator under the Ministry of Finance and is not a subsidiary or associate of the Reserve Bank of India. The RBI's subsidiaries and institutions include: DICGC (which insures bank deposits), BRBNMPL (which prints currency notes), NHB (which regulates housing finance), and NABARD (which supervises cooperative banks and RRBs). While RBI held equity in NHB and NABARD historically, both have been transferred to the Government of India over time, but they remain in RBI's institutional ecosystem. SEBI operates independently with its own statutory authority over the securities market.