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This article analyzes the role of the Securities and Exchange Board of India (SEBI) as a regulatory authority in the Indian capital market, emphasizing its significance in ensuring market integrity and protecting the interests of stake holders. Established through an Act of Parliament, the SEBI Act of 1992, has evolved to regulate various market participants, including stock exchanges, brokers, investors and institutional investors. The article outlines the historical context leading to SEBI's formation, highlighting the legislative framework that governs securities markets in India. This article explored SEBI's multifaceted functions, including oversight of trading practices, enforcement of regulations to curb malpractices, and alignment with international capital markets. The study also examines specific regulatory actions taken by SEBI to address market manipulation and ensure compliance with securities laws. Despite its achievements, the article acknowledges challenges faced by SEBI in adopting technological advancements and evolving market dynamics. The conclusion emphasizes the need for ongoing research and policy development to enhance SEBI's effectiveness in safeguarding interests of all stake holders and maintaining a robust capital market environment in India. The aim of the article "The Role of SEBI as a Regulatory Authority in Capital Market with Reference to Indian Legal System" is to analyze and highlight the significance of the Securities and Exchange Board of India (SEBI) in regulating the Indian capital market. The object of the article is to trace out the historical development of SEBI highlighting the legislative framework that governs its operations and also discussing specific regulatory actions taken by SEBI to curb malpractices, identifying challenges faced in adopting technological advancements and evolving market dynamics and maintaining a robust capital market framework. In conclusion, the article comprehensively examines the role of the Securities and Exchange Board of India (SEBI) as a regulatory authority in the Indian capital market. It highlights SEBI's establishment, its evolution, and the legislative framework that underpins its operations. The findings indicate that SEBI plays a crucial role in ensuring market integrity, protecting investor interests, and curbing malpractices through stringent regulations and proactive enforcement actions. The article also emphasizes the challenges SEBI faces in adapting to technological advancements and evolving market dynamics. By fostering a transparent and efficient capital market, SEBI contributes significantly to India's economic growth and aligns with international Capital Market. The study calls for further research to enhance SEBI's effectiveness and adaptability in an ever-changing financial landscape, ultimately aiming to safeguard the interests of all stake holders confidence and promote sustainable development in the capital markets.