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Capital Markets and Securities Laws
By E.T. Lokganathan

First Published : 2019
ISBN : 9788177084931
Pages : 174
Binding : Hardbound
Size : 5x 9
Price : US$ 47
ABOUT THE BOOK

Prior to the initiation of financial reforms in the early 1990s, capital market structure in India was subject to several controls and opaque procedures. The trading and settlement system was outdated and not in tune with international practices. Raising of capital from the market was regulated by the Capital Issues (Control) Act, 1947 which was administered by the Controller of Capital Issues (CCIs) in the Ministry of Finance, Government of India. The scheme of controls under the Act required all the companies to obtain prior consent for issue of capital to the public. Pricing as well as the features of the capital structure (such as debt-equity ratios), were controlled by the Government.

The Securities Contracts (Regulation) Act, 1956 was administered by the Directorate of Stock Exchanges, also in the Ministry of Finance. It empowered the Government to recognise/derecognise stock exchanges, stipulate rules and by-laws for their functioning, compel listing of securities by public companies etc. Such a system of regulation and control was fragmented and inadequate in the context of liberalisation wave sweeping across the world. Urgent measures were needed to relax controls and modernise the functioning of capital market.

It was in this backdrop, that wide-ranging financial sector reforms in India were introduced as an integral part of the economic reforms process started in the early 1990s. Reforms in respect of capital markets have focused on creating a deregulated environment and enabling free play of market forces while at the same time strengthening the prudential norms and the supervisory system.

    Part I of this book, containing 10 chapters, explains and examines at length the structure of capital markets in India. Part II of the book, comprising 9 chapters, provides basic knowledge about securities laws and related matters. 

CONTENTS
     
Part I: Capital Markets

1. Indian Capital Market: An Introduction
1.1 Meaning and Importance of Capital Market
1.2 Evolution of Capital Market in India
1.3 Issues and Concerns

2. Capital Market Reforms in India
2.1 Capital Market in the Pre-reforms (i.e. Pre-1991) Period
2.2 Capital Market Reforms since 1991
2.3 Introduction of Free Pricing
2.4 Strengthening of Disclosure Norms
2.5 Transparency and Efficiency
2.6 Shortening of Settlement Cycle
2.7 Growth of Service Providers

3. Depository System, Dematerialisation (Demat) and Rematerialisation (Remat)
3.1 Depository System
3.2 National Securities Depository Limited (NSDL)
3.3 National Securities Clearing Corporation Limited (NSCCL)
3.4 Dematerialisation (Demat)
3.5 Rematerialisation (Remat)

4. Traditional Instruments of Capital Market
4.1 Ordinary Shares
4.2 Preference Shares
4.3 Debentures
4.4 Types of Orders
4.5 Bonds

5. Innovative Financial Instruments (Derivatives)
5.1 Emergence of Complex Financial Products
5.2 Meaning of Derivatives
5.3 Reasons for the Popularity of Derivatives
5.4 Variants (or Types) of Derivative Contracts
5.5 Participants in the Derivatives Market
5.6 Economic Role of Derivatives
5.7 Derivative Instruments in India

6. Modernisation of Stock Exchanges
6.1 Stock Market
6.2 Trading Infrastructure in Stock Exchanges
6.3 Bombay Stock Exchange (BSE) Ltd.
6.4 National Stock Exchange of India Ltd. (NSE)
6.5 Demutualisation and Corporatisation of Stock Exchanges

7. Corporate Debt Market
7.1 Significance of the Corporate Debt Market
7.2 Developments in the Corporate Debt Market
7.3 Emergence of Private Placement Market
7.4 Credit Default Swaps (CDS) for Corporate Bonds
7.5 Reasons for Slow Growth of Corporate Debt Market

8. Money Market
8.1 Meaning, Components and Functions of Money Market
8.2 Reserve Bank of India (RBI) and the Money Market
8.3 Evolution of Money Market in India
8.4 Developments in the Money Market since 1991

9. Mutual Funds
9.1 Types of Mutual Funds
9.2 Legal and Regulatory Framework
9.3 History of Mutual Funds
9.4 Features of Mutual Fund Industry in India
9.5 Problems of Mutual Funds
9.6 Mutual Funds and the Stock Market

10. Portfolio Investment by Foreign Institutional Investors (FIIs)
10.1 Advantages of Portfolio Investment Inflows
10.2 Disadvantages of Portfolio Investment Inflows
10.3 Liberalisation of Portfolio Investment Flows into India
10.4 Eligibility for Registration as FII
10.5 Restrictions on Foreign Portfolio Investments

Part II: Securities Laws

11. Securities Contracts (Regulation) Act (SCRA), 1956
11.1 Meaning of Securities and Government Securities
11.2 Meaning and Recognition of Stock Exchange
11.3 Amendment of SCRA

12. Securities and Exchange Board of India (SEBI) Act, 1992
12.1 Objectives of SEBI
12.2 Functions and Powers of SEBI
12.3 Model Listing Agreement
12.4 Appeals against SEBI Judgements

13. Depositories Act, 1996 and Depositories and Participants Regulations, 2018
13.1 Depositories Act, 1996
13.2 Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018

14. Companies Act, 2013
14.1 Background
14.2 Significance
14.3 Main Provisions

15. Insolvency and Bankruptcy Code (IBC), 2016
15.1 Need for Entrepreneur-friendly Bankruptcy Laws
15.2 Situation Prior to IBC, 2016
15.3 Bankruptcy Law Reforms Committee (BLRC)
15.4 Insolvency and Bankruptcy Code (IBC), 2016
15.5 Amendments
15.6 Insolvency and Bankruptcy Board of India (IBBI)

16. Limited Liability Partnership (LLP) Act, 2008
16.1 Salient Features of the Act

17. Payment and Settlement System in India
17.1 Significance of Payment and Settlement System
17.2 Types of Payment
17.3 Payment System: Current Scenario
17.4 Large Value Payments
17.5 Retail Payments

18. Credit Rating Agencies
18.1 Meaning and Importance
18.2 Credit Rating Agencies in India

19. Protection of Investors
19.1 Investor Protection Fund
19.2 Investor Protection in Derivatives Market
19.3 Financial Literacy

Bibliography
Index

ABOUT THE AUTHOR
     

Dr. E.T. Lokganathan is Associate Professor, Department of Corporate Secretaryship and Professional Accounting, Kongu Arts and Science College, Erode, Tamil Nadu. He did his M.Phil. and Ph.D. from Alagappa University, Tamil Nadu. He is also an MBA and PGDCA from the same university.

With 19 years of teaching and research experience, he has published a good number of papers in peer reviewed journals. He was awarded the Certificate of Excellence in Education by the Rotary Club of Erode.

Dr. Lokganathan has presented 25 papers at national level and 8 papers at international level seminars and conferences. He is a member of Board of Studies in Corporate Secretaryship, Bharathiar University, Coimbatore. He has also authored a book titled Intellectual Property Rights (IPRs): TRIPS Agreement and Indian Laws. His area of specialization is corporate laws.


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