The correct answer is It does not act as a civil court. 

• The Securities and Exchange Board of India was established on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992.
  • Before SEBI came into existence, the Controller of Capital Issues was the regulatory authority.
  • Initially, SEBI was a non-statutory body without any statutory power.
  • It became autonomous and given statutory powers by the SEBI Act 1992.
• SEBI is a quasi-legislative and quasi-judicial body that can draft regulations, conduct inquiries, pass rulings, and impose penalties.
• SEBI Chairman has the authority to order "search and seizure operations". 
• It also works for promoting and regulating self-regulatory organizations and prohibiting fraudulent and unfair trade practices relating to securities markets.
• SEBI performs the function of registration and regulation of the working of venture capital funds and collective investment schemes including mutual funds.
• Securities Appellate Tribunal (SAT) is a statutory body established under the provisions of the Securities and Exchange Board of India Act, 1992.
  • Securities Appellate Tribunal (SAT) has been constituted to protect the interest of entities that feel aggrieved by SEBI’s decision.
• The headquarters of SEBI is situated in Mumbai. 
• It has the power to act as a civil court. 
  • If any person feels aggrieved by the SAT’s decision or order can appeal to the Supreme Court.