SEBI, the Securities and Exchange Board of India, is the statutory regulator of the Indian securities market, established in 1992. It licenses and supervises exchanges, brokers, depositories, mutual funds, portfolio managers, research analysts and investment advisers. It sets margin rules, disclosure requirements and listing norms, and acts against fraud, insider trading and unregistered tip sellers. Only a SEBI-registered investment adviser or research analyst may legally give personalised buy or sell recommendations for a fee; a trading academy that teaches concepts is an education provider, not an adviser, and META does not give stock tips. SEBI runs the SCORES portal for investor complaints against intermediaries. Before paying anyone for advice or calls, check their registration on SEBI's website. SEBI also publishes research on retail outcomes; its studies have found that most individual F&O traders lose money.