The Indian Economy Since 1991, 2nd Edition

Appendix 3

Capital Market Reforms, 1992–95

• The Capital Issues (Control) Act, 1947 is repealed, office of the Controller of Capital issues abolished and share pricing decontrolled. The companies can approach capital market after clearance by the Securities and Exchange Board of India (SEBI), established in February 1992.
• The SEBI armed with necessary authority and powers for regulation and reform of the capital market.
• Through a notification issued under the Securities Contract (Regulation) Act, 1956, the power to regulate stock exchanges is delegated to the SEBI. This includes recognition, rules, articles, voting rights, delivery contracts, stock exchange listing and nomination of public representatives.
• Redressal of investors’ complaints is ...