New Delhi, Dec. 23 -- India's capital markets regulator is opening more investigations than ever, even as it focuses on building detailed, watertight cases to survive increasing scrutiny at the appellate tribunal.

The Securities and Exchange Board of India (Sebi) took up 400 investigations and completed 301 in the financial year 2024-25, according to data from Sebi's Handbook of Statistics for the year. That compares with 342 fresh probes and 197 completed in FY24, and 144 new investigations and 152 finished in FY23.

While the number of probes completed has risen in absolute terms, the regulator is opening far more new investigations since the fiscal 2024. The use of technology, and artificial intelligence in particular, is enabling Seb...