The Securities and Exchange Board of India (SEBI) plays a crucial role in maintaining market integrity, investor protection, and regulatory discipline within the Indian securities market. This paper examines the regulatory, investigative, and enforcement powers conferred upon SEBI under the SEBI Act, 1992, along with their practical implementation in contemporary financial markets. Through doctrinal analysis of statutory provisions, regulations, judicial decisions, and regulatory developments, the study evaluates SEBI’s supervisory framework concerning insider trading, market manipulation, disclosure obligations, and intermediary regulation. The paper further analyzes procedural safeguards, appellate mechanisms, and challenges relating to regulatory overreach, technological surveillance, and compliance burdens. It concludes that effective regulatory enforcement must be balanced with procedural accountability and market transparency.