-The Hindu Business Line Chit funds, one of India's oldest indigenous financial institutions, are regulated by the Chit Funds Act, 1982, a central statute, and various State-specific regulations. Further, the Securities and Exchange Board of India (SEBI) regulates the operation of ‘collective investment schemes' (Collective Investment Schemes) through the SEBI 1999 Regulations (CIS Regulations). However, Section 11 AA of the Securities and Exchange Board of India Act, 1992 specifically excludes a...
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Consult public before making new laws: NAC
-The Times of India The National Advisory Council (NAC) on Friday approved mandatory public consultation on new laws and rules before they are brought to Parliament. This will for the first time provide an institutional structure for civil society representatives to express their views. The "pre-legislative process'' was brought in the wake of increasing dissatisfaction over legislations piloted by the government, especially the Lokpal Bill. The move was initiated by NAC...
More »CDRs show phones of 7/11 accused were not at crime scene -Mayura Janwalkar
-The Indian Express Mumbai: Call data records (CDRs) produced before the special MCOCA court hearing the July 11, 2006 Mumbai train bombings case have indicated that phones belonging to three men accused of planting bombs on Virar-bound trains at Churchgate were actually nowhere near the station on that day. The CDRs were produced before the court on Thursday. Defence lawyers said Friday that the examination of an officer from Bharti Airtel had...
More »Can legal measures root out chit fund frauds? - No -Pratim Ranjan Bose
-The Hindu Business Line There can be no denying the need for a legal framework to ensure that the likes of Saradha do not take the entire financial system for a ride. But that said, there will always be greedy investors, willing to be taken in by the tall promises of unscrupulous operators. The latter's task is made easier by loopholes in the law. Hence, Ponzi operators used the legal loopholes...
More »Security forces can be tried in criminal courts too, says SC -Utkarsh Anand
-The Indian Express Stating that all security forces personnel accused of crimes against civilians will not necessarily be tried only by their courts, the Supreme Court on Thursday ruled that criminal courts can also have jurisdiction in such cases. Setting aside the orders of a lower court and high court in Jammu and Kashmir, a bench led by Justice C K Prasad Thursday ordered that the trial of two BSF personnel, accused...
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