The Full form of SEBI is Securities and Exchange Board of India. Headquartered in Mumbai, SEBI was established by the Government of India on 12 April 1992 to regulate the securities market of India. It had been given statuary powers in 1992 with SEBI Act 1992 passed by the Indian Government. SEBI has four regional offices in New Delhi, Chennai, Kolkata and Ahmadabad. SEBI has now opened local offices at Jaipur and Bangalore and planning to open offices at Guwahati, Bhubaneshwar, Patna, Kochhi and Chandigarh. The Preamble of the Securities and Exchange Board of India describes the basic function of the SEBI as “…to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto”. SEBI is managed by its members and includes one Chairman and eight members. The Chairman is nominated by Union Government of India and out of eight, two members are from the Union Ministry of Finance, one member from the RBI (Reserve Bank of India) and the remaining five members are nominated by Union Government of India. Out of these eight members, three must be whole-time members.