Passage: Controller of Capital Issues was the regulatory authority before SEBI came into existence; it derived authority from the Capital Issues (Control) Act, 1947.\n\nQuestion: Based on this passage, who is responsible for regulation of capital market before sebi?
Think hard. Detailed solution:
Controller of Capital Issues
The relevant information is: Controller of Capital Issues was the regulatory authority before SEBI came into existence; it derived authority from the Capital Issues (Control) Act, 1947.

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Thus, the answer is Controller of Capital Issues