Correct Answer: 1992

Solution : The correct answer is (b) 1992.

SEBI was established on April 12, 1992, as an independent regulatory body under the Securities and Exchange Board of India Act, 1992. It was formed to regulate and oversee the securities market in India, protect the interests of investors, and promote the development and regulation of the securities market. SEBI is responsible for regulating various entities and intermediaries in the securities market, such as stock exchanges, brokers, merchant bankers, and mutual funds. It plays a vital role in ensuring transparency, fairness, and integrity in the Indian capital market. Therefore, option b. 1992 is the correct answer.