As the Securities and Exchange Board of India (SEBI) commemorated its 38th founding anniversary, Chairman Tuhin Kanta Pandey emphasized the regulator’s journey marked by credibility, achieved through a series of reforms, collaboration, and investor trust. This acknowledgment comes at a time when global markets are facing geopolitical uncertainties, changing trade dynamics, and technological advancements.
Addressing attendees at SEBI’s Foundation Day celebration, which included Finance Minister Nirmala Sitharaman, Pandey remarked on the unpredictable nature of the global environment while highlighting the resilience of India’s markets. “That resilience reflects years of institution-building, sound regulation, and the strength of the frameworks we have put in place,” he stated, stressing that this solid footing has facilitated capital formation and market activity even during challenging periods.
Reflecting on SEBI’s transformation since its establishment on April 12, 1988, Pandey noted the shift from open-outcry trading with limited transparency to contemporary, technology-driven markets featuring real-time trading, extensive participation, and global integration. He attributed this evolution to foundational reforms such as screen-based trading, dematerialization, rolling settlements, enhanced corporate governance, and efficient risk management.
However, he placed a significant emphasis on collaboration as crucial to SEBI’s accomplishments. “The contributions of SEBI colleagues, exchanges, depositories, clearing corporations, intermediaries, and other market participants have been remarkable,” Pandey said. He also acknowledged the vital support from the Government and fellow regulators, as well as the media.
A pivotal element driving SEBI’s success is the trust of investors, which Pandey described as “earned over time and protected every day.” He offered an overview of the current scale and depth of India’s securities market: over 5,900 listed companies and more than 140 million unique investors, with market capitalization growing at approximately 15% compound annual growth rate (CAGR) over the past decade, and mutual fund assets increasing at over 20% annually.
The corporate bond market has also displayed steady growth, with the primary market facilitating nearly ₹10 trillion in capital formation annually. More importantly, Pandey noted a shift in market participation, with a new generation of digitally savvy investors entering the fray, prompting technology to reshape trading, distribution, and advice.
He observed that while capital flows are increasingly global and risks more interconnected, this dynamic environment imposes greater responsibilities on regulators to ensure that innovation is matched with appropriate safeguarding measures. In the past year, SEBI has focused on simplifying regulations to enhance the ease of doing business, clearing ambiguities, and encouraging capital formation. New investor protection measures have been introduced and are positioned as potential models for other regions.
Looking forward, Pandey outlined SEBI’s primary objectives: expediting regulatory simplification, fostering innovation for market development, investing in technologically advanced supervision, and strengthening governance and risk management practices. The regulatory authority is transitioning to an electronic office environment and enhancing capacity in data analytics, technology, and interdisciplinary approaches. Internal governance has been strengthened following recommendations from a High-Level Committee addressing conflicts of interest and disclosures.
Technology is becoming increasingly integral to SEBI’s functions. Enhanced analytics, digital forensics, and AI-powered platforms are improving supervision and operational efficiency. New initiatives like the SUPCOMS platform and an e-adjudication portal have been rolled out to better engage stakeholders. Pandey also called on industry participants to exceed mere compliance, advocating for a deeper commitment to fairness, integrity, and innovation. He urged intermediaries to view themselves as the primary point of trust for investors, who must also maintain awareness and responsibility.
In concluding his address, Pandey stated that institutions should not be defined solely by their years of existence but by their credibility, which is built through continuous reform and thoughtful decision-making. He expressed confidence that in the coming years, India’s securities market would not only expand but also take a leading role in the global arena.
Published on April 25, 2026.
