Consider the following statements about the Securities and Exchange Board of India:

1. It is a non-statutory body.

2. It regulates the credit rating agencies in India.

Which of the statements given above is/are correct?

• The Securities and Exchange Board of India (SEBI) was established on April 12, 1992, in accordance with the provisions of the Securities and Exchange Board of India Act, 1992.

• The Preamble to the Securities and Exchange Board of India describes the basic functions of the Board as “…to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto”.

• Credit rating agencies are regulated by SEBI in India.