TagRegulation

A Need to Revisit the SEBI (Intermediaries) Regulations, 2008

[Pallavi Mishra is a 5th year student at Hidayatullah National Law University] The Securities and Exchange Board of India (“SEBI”) notified the SEBI (Intermediaries) Regulations, 2008 were notified as an attempt to consolidate various laws governing the market intermediaries in India. These regulations lay down the common procedural compliances and adjudicatory mechanisms. They are enforced along...

Madras High Court on Regulating Online Gaming

[Prakshal Jain is a 2018 graduate of National Law School of India University, Bangalore and is working with the dispute resolution practice group of a law firm in Mumbai] The Madurai bench of the Madras High Court in D Siluvai Venance v. State noted that the increasing popularity of online gaming has created an alarming situation in the state of Tamil Nadu, especially among the youth. The Court...

Enforcing a Pledge over an Insurance Company’s Shares

A transfer of shares of an insurance company requires the prior approval of the Insurance Development and Regulatory Authority of India (IRDAI) in certain circumstances. Section 6A(4)(b)(iii) of the Insurance Act, 1938 provides: “(4) A public company as aforesaid which carries on life insurance business- … (b) shall not register any transfer of shares … (ii) where, after the transfer, the total...

Antitrust and Aviation: Reviewing the Indian Civil Aviation Sector

[Anik Bhaduri is a III year student and Sudipta Choudhury a II year student, both at NALSAR University of Law] In November last year, the Competition Commission of India (CCI) began an inquiry into allegations of price-fixing in the airlines industry, while in March 2018 the Commission imposed a penalty on three airline carriers for price-fixing. These frequent investigations by the CCI point at...

Ordinance to Ban Unregulated Deposit Schemes: Bridging the Regulatory Gap

[Anirban Roy Choudhury is a banking and finance lawyer and an LL.M. (Finance) candidate at the Institute for Law and Finance, Goethe University Frankfurt]   In spite of various legislation, including the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and the Chit Funds Act, 1982, being in place throughout the last few decades, various entities regularly lured the unwary public with...

Supreme Court on Jurisdictional Conflicts between the CCI and TRAI

[Rajvansh Singh is a 3rd year student at National Law University Odisha]  Conflict in Jurisdiction The preamble of the Competition Act, 2002 read with section 18 of the legislation delegates to the Competition Commission of India (the “CCI”) the duty of “promoting and sustaining competition” in the Indian economy. This implies that the CCI will have principal jurisdiction to regulate conditions...

Analyzing the Draft E-Pharmacy Rules

[Akash Santosh Loya and Pratik Joshi are Final Year B.A. LL.B. (Hons.) students at the National University of Advanced Legal Studies, Kochi] While the advent of e-commerce has introduced several advantages, it has also raised various concerns. These are evident in the pharmaceutical sector in India wherein e-commerce is making great strides in helping consumers avail of drugs at their door-step...

Promoter’s Stake in Private Banks and Kotak Mahindra Bank’s Preference Share Issue

[Anirudh Goyal and Vishal Hablani are 4thand 3rdYear B.A.L.L.B. (Hons.) students respectively at West Bengal National University of Juridical Sciences, Kolkata] The Reserve Bank of India (“RBI”) on 14 August 2018 took the view that the recent issue of preference shares by Kotak Mahindra Bank to dilute the stake of Uday Kotak, the promoter of bank, does not meet the regulatory norms. The bank on 2...

A Tribunal Benched

The Securities Appellate Tribunal has yet again been rendered dysfunctional.  I wrote a piece in the Business Standard last week about how, yet again, the functioning of the tribunal for substantive final hearings has come to a halt.   As the appellate tribunal that is exclusively empowered to hear appeals against every order of the Securities and Exchange Board of India, the Insurance Regulatory...

Legal Issues Surrounding Online Card Gaming

[Meenal Maheshwari Shah is the legal counsel for Brand Capital, the investment arm of the Times of India Group] A vast population in India likes to engage in card games, especially rummy and poker. It naturally follows that with the advent of internet, they are fixated on the websites which host such games for stakes.     Legal Framework Gaming with stakes falls within the purview of gambling...

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