Most people know that SEBI polices India's securities market. Far fewer know that "SEBI enforcement" is in fact four parallel machines — settlement, adjudication, whole-time-member directions and appeals to the Securities Appellate Tribunal — each created by a different statutory provision and producing a different kind of order.
We compiled 35,417 orders spanning 1995 to the first quarter of 2026, totalling ₹2,754 crore in monetary action, and used the data to answer ten plain questions: What does SEBI actually prosecute? Has enforcement intensified? What does a typical penalty cost? Do offenders actually pay? What are the odds of winning at the Tribunal?
The result is an interactive study — every figure, bar and table links back to the underlying SEBI order it was drawn from.