Sebi at age 31. Or is it 35?

The three-plus decades of Sebi's existence offer important lessons for public policy and security market reforms

The Securities and Exchange Board of India (Sebi) recently unveiled a new logo on the occasion of its 35th anniversary. However, the Sebi Act came in 1992, which is only 31 years ago. There hangs a tale behind this and some interesting insights into public policy.

Policy thinkers in India had understood the requirement for a securities market regulator in the 1980s. Well before the Act was passed, on April 12 1988, a non-statutory Sebi was constituted, through an administrative resolution of the Government of India. The economist Surendra Dave was the founding chairman, and he chose a team, mostly