‘Securities Laws’ forms part of the important set of corporate laws apart from the parent legislation i.e. Companies Act. The Book – Handbook on Securities Laws– authored by Gaurav Pingle, Practising Company Secretary, is a comprehensive compendium and narrator covering detailed analysis of some important legislations like SEBI Act, 1992, Securities (Contract) Regulation Act, 1956 and Depositories Act, 1996. There is a section-wise commentary on the said Acts. Wherever required, there is a reference to Rules/Regulations made under the relevant provisions of the Act. Importantly, there is also a reference to prominent orders/judgments under the relevant provisions. Furthermore, in order to provide a detailed interpretation of critical provisions, the said Chapters also provide references to the relevant provisions of the Companies Act, 2013/1956 and the Rules made thereunder.
In the Chapter relating to the ‘SEBI Act’, there is a thorough discussion on the powers and functions of SEBI and SAT which is generally overlooked by masses but extremely important to understand the overall Securities law. In the said Chapter, there is a detailed discussion with a relevant summary of judgments w.r.t. Collective Investment Schemes, Adjudication proceedings, settlement proceedings, and disgorgements of profits, which are popularly increasing day by day and require some spotlight for clear understanding. All this detailed discussion along with powers of SEBI would be useful for law professionals representing before SEBI and SAT for matters under securities laws/regulations.
The book also analyses various judgments based on critical aspects which are passed by the SAT, High Courts and the Supreme Court.It also touches upon the parts related to the investigation, penalties, adjudication, punishments and contraventions with respect to various securities laws which are considered quite serious as it involves public money and interest at large.
The book is not just suitable for experienced professionals but also for students/beginners / first-time investors in the vast field of securities law as it provides information with respect to the basics including statutory framework and functioning of primary and secondary markets and securities market intermediaries etc. It explains some basic concepts such as IPO, FPO, rights issue, private placement of securities, and also the legal and regulatory compliances thereto.
The book also provides clause by clause interpretation and analysis of The SEBI (LODR) Regulations, 2015, The SEBI (Prohibition of Insider Trading) Regulations, 2015 (PIT)including relevant judicial pronouncements thereto which are crucial for the Directors, CFOs, Company secretaries in employment and practice. The book is a reservoir of important circulars, notifications and Rules summarized under various laws and regulations.
The first edition of the book does not provide for discussion over SEBI Takeover Code andSEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations. However, the author has explicitly mentioned in the Preface of the book that the said Regulations with commentary would be considered in the upcoming editions of the book.
With an objective to address some statistical information, the author has referred to and quoted important statistical information in the Annual Report of SEBI.
The book is one of a kind as it offers a comprehensive interpretation of various Acts, Rules and Regulations, etc. passed by SEBI. It is generally a task to get hold of the voluminous amendments and changes in the securities law domain; however, the book offers a single window for getting an idea of the currently applicable provisions (as amended upto June 2021). The commentary is published by Bloomsbury Professional India and runs into 644 pages. The chapters have been neatly segregated in order to enable a quick toggle between connecting provisions and chapters.
The book is a comprehensive commentary on one of the most important and frequently referred SEBI Regulations. This is a must-buy for academicians, researchers, mooters, lawyers, corporate consultants, and students.
The Book can be purchased from Amazon here.
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