Consider the following statements regarding the role of the Securities and Exchange Board of India (SEBI):

I. SEBI was given statutory status through an Act of Parliament in 1992, though it had been functioning in a non-statutory capacity prior to that.

II. SEBI’s mandate includes protection of investors, regulation of securities markets, and promotion of market development, but it does not extend to all financial sector activities.

Which of the statements given above is/are correct?