SEBI (Securities and Exchange Board of India) is the regulatory authority for India's securities market, established in 1988 and given legal authority in 1992. It aims to protect investors, regulate market intermediaries, prevent fraud, and promotes market development. Governed by a chairman appointed by the government, members from the Ministry of Finance and the Reserve Bank of India, SEBI drafts regulations conducts investigations and enforces compliance. It is key to ensure integrity, transparency, and efficiency in the market.