Statutory, regulatory & various quasi-judicial bodies
In addition to constitutional bodies, countries also establish various statutory, regulatory, and quasi-judicial bodies through legislation. These include administrative agencies, tribunals, commissions, and authorities that regulate specific sectors, industries, or societal functions. Examples are competition authorities, environmental protection agencies, and consumer dispute redressal forums.
These bodies have rule-making, adjudicatory, and enforcement powers to implement laws and policies in their respective domains.
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Discuss the composition, powers, and functions of the Securities and Exchange Board of India (SEBI). Analyze SEBI's role in regulating the securities market, protecting the interests of investors, and promoting the development of the capital market in India.
The Securities and Exchange Board of India (SEBI) is the primary regulatory body for the securities market in India. It was established in 1988 and is responsible for regulating and overseeing the functioning of the capital market, including stock exchanges, mutual funds, and other financial instituRead more
The Securities and Exchange Board of India (SEBI) is the primary regulatory body for the securities market in India. It was established in 1988 and is responsible for regulating and overseeing the functioning of the capital market, including stock exchanges, mutual funds, and other financial institutions.
Composition of SEBI:
SEBI is a statutory body governed by the Securities and Exchange Board of India Act, 1992. The board consists of a chairman, one whole-time member, and two part-time members appointed by the Government of India. The chairman and whole-time member are full-time officials, while the part-time members are experts in the field of finance or law.
Powers of SEBI:
SEBI has the following powers:
1. Regulating the securities market: SEBI regulates the stock exchanges, depositories, and other intermediaries to ensure that they operate fairly and transparently.
2. Protecting investors: SEBI ensures that investors are protected from unfair trade practices, fraud, and other forms of malfeasance.
3. Promoting investor education: SEBI promotes investor education and awareness through various initiatives such as workshops, seminars, and public awareness campaigns.
4. Regulating listing requirements: SEBI regulates the listing requirements for companies seeking to list their shares on stock exchanges.
5. Enforcing compliance: SEBI enforces compliance with securities laws and regulations by imposing penalties on violators.
Functions of SEBI:
SEBI performs the following functions:
1. Registration and regulation of stock exchanges: SEBI registers and regulates stock exchanges, including their rules and procedures.
2. Regulation of mutual funds: SEBI regulates mutual funds, including their investment schemes, fees, and charges.
3. Regulation of merchant bankers: SEBI regulates merchant bankers, including their role in issuing securities and underwriting public issues.
4. Regulation of portfolio managers: SEBI regulates portfolio managers, including their investment strategies and portfolio composition.
5. Investor grievance redressal: SEBI provides a forum for investors to resolve their grievances related to securities transactions.
Role of SEBI in regulating the securities market:
SEBI plays a crucial role in regulating the securities market by:
1. Ensuring fair trade practices: SEBI ensures that trading is fair and transparent by imposing rules and regulations on stock exchanges, brokers, and other market participants.
2. Protecting investors: SEBI protects investors by monitoring trading activities and detecting fraudulent practices.
3. Promoting corporate governance: SEBI promotes corporate governance by ensuring that listed companies adhere to good corporate practices.
Role of SEBI in protecting investors:
SEBI protects investors by:
1. Regulating intermediaries: SEBI regulates intermediaries such as stockbrokers, sub-brokers, and portfolio managers to ensure they act fairly and transparently.
2. Monitoring trading activities: SEBI monitors trading activities to detect fraudulent practices and prevent market manipulation.
3. Providing investor education: SEBI promotes investor education through various initiatives to help investors make informed investment decisions.
Role of SEBI in promoting capital market development:
SEBI promotes capital market development by:
1. Encouraging listings: SEBI encourages companies to list their shares on stock exchanges by providing a supportive regulatory environment.
2. Promoting institutional investments: SEBI promotes institutional investments by simplifying regulatory procedures and reducing costs for institutional investors.
3. Enhancing transparency: SEBI enhances transparency by requiring listed companies to disclose accurate financial information.
In conclusion, SEBI plays a critical role in regulating the securities market, protecting investor interests, and promoting capital market development in India. Its powers and functions enable it to ensure fair trade practices, protect investors from fraud and malfeasance, and promote investor education.
See lessExamine the role and functions of the Competition Commission of India (CCI) in promoting and sustaining competition in the market, preventing anti-competitive practices, and ensuring consumer welfare.
The Competition Commission of India (CCI) is the primary regulatory body in India responsible for promoting and sustaining competition in the market, preventing anti-competitive practices, and ensuring consumer welfare. The CCI is established under the Competition Act, of 2002, and its functions areRead more
The Competition Commission of India (CCI) is the primary regulatory body in India responsible for promoting and sustaining competition in the market, preventing anti-competitive practices, and ensuring consumer welfare. The CCI is established under the Competition Act, of 2002, and its functions are enshrined in the Act. The key role and functions of the CCI are:
Promoting Competition: The CCI encourages competition in markets by identifying and addressing barriers to entry, monopolies, and other restrictive business practices that can hinder competition.
Preventing Anti-Competitive Practices: The CCI monitors and prevents anti-competitive practices such as cartels, price-fixing, bid-rigging, and other restrictive agreements that can harm competition.
Enforcing Competition Laws: The CCI enforces the provisions of the Competition Act, of 2002, and investigates complaints against companies for anti-competitive practices.
Ordering Cease and Desist: The CCI can issue orders to cease from anti-competitive practices, which requires companies to modify their behavior to comply with competition laws.
Imposing Fines and Penalties: The CCI can impose fines and penalties on companies found guilty of anti-competitive practices.
Licensing: The CCI issues licenses to businesses operating in certain sectors, such as telecommunications, broadcasting, and pharmaceuticals, to ensure compliance with competition laws.
Mergers and Acquisitions: The CCI reviews and approves or rejects mergers and acquisitions that may affect competition in the market.
Consumer Welfare: The CCI ensures that consumer welfare is protected by promoting competitive markets that provide consumers with a wide range of choices at competitive prices.
Monitoring Industry Developments: The CCI monitors industry developments to identify potential competition issues and takes measures to prevent anti-competitive practices.
Providing Guidance: The CCI guides businesses on compliance with competition laws through guidelines, circulars, and advisory opinions.
Investigating Complaints: The CCI investigates complaints received from consumers, competitors, or other stakeholders regarding anti-competitive practices.
Collecting Information: The CCI collects information from companies to monitor their compliance with competition laws and to investigate alleged anti-competitive practices.
To achieve its objectives, the CCI uses various tools and techniques, including:
Conducting market investigations
Issuing show-cause notices
Holding hearings
Conducting surveys and public consultations
Analyzing data and research reports
The CCI’s efforts have contributed significantly to promoting competition in India’s markets, which has led to:
Increased consumer choice
Improved product quality
Lower prices
Increased innovation
Job creation
However, the CCI faces challenges in enforcing competition laws in India, including:
Limited resources
See lessComplex legal frameworks
Limited public awareness about competition laws
Resistance from industry players
To overcome these challenges, the CCI needs sustained support from the government, industry stakeholders, and consumers to promote a competitive business environment that benefits all stakeholders.
Discuss the structure, powers, and functions of the National Green Tribunal (NGT). Assess the NGT's role in providing effective and expeditious redressal of environmental disputes and enforcing environmental laws and regulations.
The National Green Tribunal (NGT) of India was established in 2010 under the National Green Tribunal Act, 2010. It is a specialized body equipped with the necessary expertise to handle environmental disputes involving multi-disciplinary issues. The NGT is composed of a Chairperson, judicial members,Read more
The National Green Tribunal (NGT) of India was established in 2010 under the National Green Tribunal Act, 2010. It is a specialized body equipped with the necessary expertise to handle environmental disputes involving multi-disciplinary issues. The NGT is composed of a Chairperson, judicial members, and expert members who collectively bring legal and scientific expertise to adjudicate cases.
The powers of the NGT include issuing orders, providing relief, and awarding compensation for damages to persons and property. It also has the authority to enforce environmental laws and regulations and can take suo motu (on its own motion) actions based on media reports or public grievances.
The functions of the NGT involve adjudicating substantial environmental issues and resolving disputes involving environmental protection, conservation of forests, and other natural resources. It ensures the enforcement of legal rights relating to the environment and provides a mechanism for the quick disposal of cases.
The NGT plays a crucial role in expeditious and effective redressal of environmental disputes. It acts as a watchdog, ensuring compliance with environmental regulations and holding violators accountable. By offering a dedicated forum for environmental litigation, the NGT has significantly contributed to the advancement of environmental justice in India, though challenges in implementation and compliance remain.
See lessWhat should be do for preparation of entrance?
At first understand the entramce exam pattern After that understand the syllabus Make a schedule and start working hard and smart work is also necessary leave the rest of the gods.
At first understand the entramce exam pattern After that understand the syllabus Make a schedule and start working hard and smart work is also necessary leave the rest of the gods.
See lessEnumerate the composition and functions of the National Commission for Women (NCW). Also, highlight the initiatives taken by the Commission to give an impetus to women empowerment.
The National Commission for Women (NCW) was set up as a statutory body under the National Commission for Women Act, 1990. It strives to enable women to achieve equality and equal participation in all spheres of life by securing their due rights and entitlements. Section 3 of the National CommissionRead more
The National Commission for Women (NCW) was set up as a statutory body under the National Commission for Women Act, 1990. It strives to enable women to achieve equality and equal participation in all spheres of life by securing their due rights and entitlements.
Section 3 of the National Commission for Women Act, mentions the composition of the NCW:
Under Section 10 of the National Commission for Women Act, the commission shall perform the following functions:
Role of the NCW in women empowerment
However, the Commission faces challenges like inadequate funding, functionary issues, its recommendations only a being advisory, among others. Consequently, to make it more effective, the above issues need to be resolved and provisions for greater powers, finances and training and capacity building need to be undertaken.
See lessAlthough quasi-judicial bodies have powers resembling those of the judicial bodies, there are important points of distinction between the two. Elaborate.
Quasi-judicial bodies are authorities, which have powers resembling those of judicial bodies but are restricted to certain areas of expertise. Generally, the function of these bodies is to make the work of the courts easier and to reduce the burden of the local courts. Examples: National Green TribuRead more
Quasi-judicial bodies are authorities, which have powers resembling those of judicial bodies but are restricted to certain areas of expertise. Generally, the function of these bodies is to make the work of the courts easier and to reduce the burden of the local courts. Examples: National Green
Tribunal, Income Tax Appellate Tribunal, Central Administrative Tribunal, National Human Rights Commission etc.
Similarities between the judicial and quasi-judicial bodies:
Although their powers resemble those of the judicial bodies, there are important points of distinction between the two:
Quasi-judicial bodies serve as an important organ in the justice delivery system. They act as a speedy trial mechanism as they deliver justice in a fast manner as the judgements that are usually pronounced by them are speedier and efficient. They have a specific role to play as per their constitution and purpose and play a great role in the smooth functioning of the society.
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