Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey on Saturday, 31 October 2026, reaffirmed that the regulator's central focus remains on making India's capital markets more accessible, efficient, and resilient — with facilitating capital formation, easing compliance burdens, and strengthening investor protection at the heart of its agenda.

Pandey was speaking at the Bharat Chamber of Commerce Investors Forum in Kolkata, where he outlined SEBI's reform priorities and highlighted the broadening participation of retail investors in Indian securities markets.

Market Growth Over the Past Decade

The SEBI chief pointed to strong market expansion over the last ten years, noting that companies have raised on average more than ₹10 lakh crore annually through equity and debt issuances. Market capitalisation, he said, has grown significantly over this period, reflecting deeper corporate engagement with public markets.

“Building world-class capital markets is not merely about achieving higher market capitalisation, larger trading volumes, or faster transactions. The real measure is how effectively markets connect savings with productive investment, support businesses in raising capital, and create opportunities for investors to participate in economic growth,” Pandey said.

Investor Protection: An Equal Priority

Pandey was emphatic that growth in market depth must be matched by robust investor safeguards. “While we continue to strengthen markets for businesses, an equally important priority is investor protection. World-class markets must be not only efficient during normal times, but also resilient during periods of stress,” he stated.

He underlined that financial education remains a critical pillar, arguing that an informed investor is the first line of defence against market misconduct and mis-selling.

West Bengal's Growing Capital Market Footprint

Addressing the Kolkata audience specifically, Pandey highlighted West Bengal's expanding role in India's securities ecosystem. The number of investors from the state in the securities market rose from around 12 lakh in FY15 to over 90 lakh currently, with approximately 36% of these being young investors under the age of 30.

He added that 379 listed companies have registered offices in West Bengal, and over 40 MSMEs from the state have tapped capital markets, raising more than ₹1,400 crore through SME IPOs. This comes amid a broader national trend of smaller businesses increasingly accessing public markets for growth capital.

Key Regulatory Reforms Underway

Pandey outlined several measures SEBI has introduced to reduce compliance friction and lower the cost of fundraising. These include streamlining IPO processes, shortening timelines for rights issues, rationalising listing requirements for large issuers, and reducing listing timelines for public issues.

Additional steps include permitting certain employee stock options after listing under prescribed conditions, enabling debt securities with lower face values, and relaxing mandatory merchant banking requirements for eligible issuers undertaking private placements. Collectively, these reforms signal a push to make capital-raising more cost-effective without diluting market integrity.

What This Means Going Forward

Pandey's remarks arrive as SEBI navigates a period of heightened scrutiny — both on market surveillance and on its own governance framework. His emphasis on resilience during stress periods is notable given recent volatility in Indian equities. The regulator is expected to issue further operational guidelines on several of the announced reforms in the coming weeks.