SEBI (Securities and Exchange Board of India) is the primary regulator for mutual funds in India. Established in 1988 and given statutory powers in 1992, SEBI protects investor interests and regulates the securities market. All mutual funds must register with SEBI and comply with its regulations regarding fund management, disclosure, and investor protection. RBI regulates banks, IRDA handles insurance, and CRISIL is a credit rating agency.