The SMC signifies a progressive initiative to update India’s securities market by consolidating different acts into a single statute. If successfully adopted, the code will rewrite the securities market in India, redefining legislation, enforcement, and the investor experience.

The SMC is a forward-looking move in the modernisation of the capital market regulation India. It goes beyond codifying the various disparate statutes in one instrument and instead attempts to effect a structural redefined securities laws.

The current framework has critical shortcomings that demand targeted reforms to instill genuine accountability.

The author believes that any attempt to characterize the units as equity rather than hybrid would affect the very artificial juridical character of these investment trusts as trusts.

SEBI’s delegation of penalty-levying powers to RSEs lacks explicit statutory backing under the SEBI Act and SCRA.

On May 18, 2018, the Securities and Exchange Board of India (SEBI) released a consultation paper to propose the idea of allowing foreign...