Question
With reference to the Securities and Exchange Board of
India (SEBI), consider the following statements: 1. The SEBI was originally constituted as a non-statutory body in 1988 through a resolution of the Government of India. 2. Registration and regulation of the working of venture capital funds is kept outside the purview of SEBI. 3. Securities and Exchange Board of India was established as a statutory body in the year 1992. Which of the statements given above is/are correct?Solution
Statement 1 is correct: The Securities and Exchange Board of India was constituted as a non-statutory body on April 12, 1988 through a resolution of the Government of India. Statement 2 is incorrect: SEBI performs the function of registration and regulation of the working of venture capital funds and collective investment schemes including mutual funds. Statement 3 is correct : Securities and Exchange Board of India was established as a statutory body in the year 1992 and the provisions of the Securities and Exchange Board of India Act, 1992 (15 of 1992) came into force on January 30, 1992.
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