Sebi is initiating far more probes. Yet its case files are also turning fatter

India’s capital markets regulator is opening more investigations than ever, even as it focuses on building detailed, watertight cases to survive increasing scrutiny at the appellate tribunal. The Securities and Exchange Board of India (Sebi) took up 400 investigations and completed 301 in the financial year 2024-25, according to data from Sebi’s Handbook of Statistics for the year. That compares with 342 fresh probes and 197 completed in FY24, and 144 new investigations and 152 finished in FY23. While the ...