In the Indian financial system, the Securities and Exchange Board of India (SEBI) is primarily classified as which of the following types of institutional body?

Introduction / Context:
The Securities and Exchange Board of India, commonly known as SEBI, is an important institution in the Indian financial system. Competitive exams often test whether students can correctly identify the nature and status of such institutions. Understanding whether SEBI is regulatory, advisory, constitutional or otherwise helps clarify its powers and role in protecting investors and regulating capital markets.

Given Data / Assumptions:

• The question is about the classification of SEBI.
• Options include quasi judicial, regulatory, advisory, constitutional and temporary committee status.
• We assume knowledge of how SEBI functions in relation to stock exchanges, brokers and investors.

Concept / Approach:
SEBI was initially set up in 1988 and later given statutory powers through the SEBI Act 1992. Its primary role is to regulate the securities market in India, register intermediaries, frame regulations, and protect investor interests. It therefore acts as the main regulatory body for capital markets. Although it also has quasi judicial powers, its fundamental classification in most exam questions is that of a regulatory body, not a constitutional or purely advisory institution.

Step-by-Step Solution:
Step 1: Recall that SEBI was created to oversee and regulate the securities and capital market in India.Step 2: Remember that it has the power to frame regulations, conduct inspections, impose penalties and take enforcement action.Step 3: These powers are typical of a regulatory authority rather than a simple advisory body.Step 4: SEBI is not mentioned in the Constitution of India as a constitutional body, but is created by a specific Act of Parliament, the SEBI Act 1992.Step 5: Therefore, the most accurate classification among the given options is that SEBI is a regulatory body for the securities market.

Verification / Alternative check:
You can verify by comparing SEBI to other well known regulatory authorities such as the Reserve Bank of India in banking or the Insurance Regulatory and Development Authority in insurance. All of them issue regulations and supervise their respective sectors. SEBI follows the same pattern for securities markets, which supports the classification as a regulatory body with statutory backing.

Why Other Options Are Wrong:
Quasi judicial body only: SEBI does have quasi judicial powers to pass orders and impose penalties, but its core identity is as a regulator, not only as a judicial style body.
Advisory body without legal powers: This is incorrect because SEBI has strong statutory powers to enforce regulations and take action, not just to advise.
Constitutional body created by the Constitution of India: SEBI is not mentioned in the Constitution and is instead created by an ordinary law of Parliament, so it is not a constitutional body.
Temporary committee appointed by the government: SEBI is a permanent statutory authority, not a temporary committee or commission.

Common Pitfalls:
Students sometimes confuse the terms statutory, regulatory and quasi judicial. A statutory regulatory body is created by a specific law and has powers to regulate a sector. Many such regulators also have quasi judicial powers. In exam questions, focus on what is being asked most directly. Here the emphasis is on the primary classification, so regulatory body is the best choice. Remembering this can prevent confusion in similar questions about other regulators.

Final Answer:
The Securities and Exchange Board of India (SEBI) is primarily classified as a regulatory body for the securities market.