Regulatory Framework In India Research Articles

Navigating the Legal Landscape of Artificial Intelligence: Emerging Challenges and Regulatory Framework in India

Navigating the Legal Landscape of Artificial Intelligence: Emerging Challenges and Regulatory Framework in India

Maritime Trade Regulatory Framework In India: Current Landscape, Historical Evolution, Challenges, And Future Directions

This comprehensive article explores the multifaceted regulatory framework governing maritime trade in India. Beginning with a historical overview of maritime regulation in India, tracing its roots from ancient civilizations to colonial rule and post-independence reforms, it provides a contextual backdrop for understanding the current landscape. The article meticulously dissects the key components of India's maritime regulatory framework, highlighting the significance of laws such as the Merchant Shipping Act, 1958, and the Major Port Trusts Act, 1963. It also sheds light on the role of customs regulations, the Directorate General of Shipping (DGS), and international conventions in shaping this framework. Recognizing the challenges that the maritime sector faces, the article discusses pressing issues such as infrastructure bottlenecks, bureaucratic inefficiencies, safety concerns, and the need for regulatory reforms. It underscores the urgency of modernization and adaptation to international standards and security protocols. Furthermore, the article delves into recent initiatives and reforms, including the Sagarmala Project and the National Maritime Policy, aimed at revitalizing the maritime sector and enhancing its competitiveness. It also discusses the digitalization efforts and ease-of-doing-business measures undertaken to streamline processes and reduce red tape. Lastly, the article contemplates the future prospects of India's maritime regulatory framework. It emphasizes the importance of infrastructure development, sustainability, digitalization, security, regulatory flexibility, and the promotion of coastal shipping as essential components of India's maritime strategy. In conclusion, this article paints a comprehensive picture of India's maritime regulatory landscape, from its historical evolution to its current challenges and future aspirations, emphasizing the nation's commitment to fostering a dynamic and thriving maritime trade ecosystem.

Digital Lending Laws in India and Beyond: Scrutinizing the Regulatory Blind Spot

With the introduction of the digital fintech ecosystem in India, there has been a paradigm shift in traditional banking practices, one of which is the complex and time-consuming lending procedure in India. With the popularization of digital credit, lending has become more accessible to the general public and has catered to the demands of the larger population who could not access this service in the past. Although this is a booming industry with an estimated size of 270 billion dollars in the year 2022 itself, India's regulatory framework cannot keep pace with this sector's growth. It has been a concern for both the industry and the customers. The present paper examines the current regulatory regime governing digital credit in India with a special focus on the RBI Guidelines on Digital Lending, 2022, and provides a comparative analysis of the regime with foreign laws. The paper also provides for the regulatory gap in these laws in India and attempts to provide suggestions to make the law more efficient and effective. The study utilizes a doctrinal research approach, which involves an extensive review of the literature and analysis of the regulatory framework in India and foreign countries and highlights the challenges faced by the digital lending industry of India. Furthermore, this study's findings have significant implications for policymakers, digital lending platforms, and consumers in India.

Evolution of health physics, radiation protection and regulatory framework in India

Evolution of health physics, radiation protection and regulatory framework in India

LEGAL PRACTICES OF INSOLVENCY AND BANKRUPTCY IN INDIA

Bankruptcies have historically followed the business cycle closely. Failure of certain company strategies is a natural part of the market economy’s process. When a firm fails, the optimum outcome for society is a quick renegotiation between financiers, to fund the going concern with a new structure of obligations and a new management team. The purpose of bankruptcy legislation is to recover an entity’s debt and distribute its assets among competing claimholders. As a result, the RBI’s asset quality reviewers identified an extremely high number of NPAs. The government’s most major change is the insolvency and bankruptcy legislation. On the heels of the adoption of the Insolvency and Bankruptcy Code, India jumpedfrom 108thto 52nd in the resolving insolvency category, while its rating improved significantly in dealing with construction permits to 27th from 52nd and trading across borders to 68th from 80th. The purpose of this study is to look into the regulatory framework in India for insolvency and bankruptcy. The impact of insolvency and bankruptcy Code on the Indian economy is also discussed in the study. KEYWORDS: Insolvency, Bankruptcy, Code, Regulatory, SARFAESI Act, National Company Law Appellate Tribunal (NCLAT)

Regulation of Long-Term Care Homes for Older Adults in India.

The rising aging population in India has led to an increased caregiving burden, and accordingly, the number of residential care facilities is also burgeoning. There is no regulatory framework or registration authority specifically for residential care homes in India. The article’s objective is to understand the need for a regulatory framework in India in the context of historic and global experiences in the UK, USA, and Europe. Although there is a lack of literature comparing the community home-based care and residential care, one study reported a preference for home-based care in the South Asian context. Elder abuse and deprivation of rights of seniors are common, and there is a need to bring in more safeguards to prevent these from the perspective of the older adults, their family members, the care providers, and the state. While the main priority of meeting care needs in long-term care is a challenge given the lack of trained care staff, the quality control mechanisms also need to evolve. A review of adverse incidents, complaints, and litigations also highlights the need for regulation to improve the standards and quality of care. The article explores lacunae of residential care facilities in the Indian context and provides recommendatory parameters for evaluating the quality of care provided. Relevant sections of the statutory new Mental Healthcare Act of 2017 in India could provide a regulatory framework ensuring rights and liberties of the residents are upheld. The authors propose a state-run model for elderly care homes and commencement of framing regulations appropriate to the Indian context.

A Study on the Cognizance about Crowdfunding among the Entrepreneurs and its Regulatory Framework in India

A Study on the Cognizance about Crowdfunding among the Entrepreneurs and its Regulatory Framework in India

INDIAN SERIALS AND THE INDIAN NATIONAL CENTRE FOR ISSN

Purpose ISSN, the unique identifier is a vital element for information discovery. This paper chronicles the 35-year journey of the ISSN National Centre, India from its inception in 1986 to the year 2019. It also explores the different development stages of ISSN Indian Centre, and presents the challenges faced by the Centre, particularly in the ISSN assignment process, cataloguing and collaboration. Design/methodology/approach All the data for the article were collected from the in-house records of the ISSN National Centre’s annual reports and other registers for analysis. Findings During the first two decades, on an average of 177 ISSNs were assigned every year. However, during the third decade of 2007 to 2019, on an average of 1573 ISSNs were assigned every year. The spurt in the ISSNs during the last decade have been triggered by certain changes in the higher education regulatory framework in India. Originality/value This is a first-hand account of the ISSN activities of the Centre that also releases data on ISSNs assigned in India.

Crypto-Micropayments: Issues in Gaining Trustworthiness

Conducting businesses over Internet has now turned to necessity rather than just considering it as fashion and in the same context turns into an essential part of financial institutions serving as one of the trusted third parties to process electronic payments. Now a day, crypto-micropayments are playing major roles as world-shattering decentralized, trustless payment systems nevertheless used by many individual entities, as well as, business houses for the benefit of their own concerns. Logically, crypto-micropayments provide a digital alternative to government-issued fiat currencies, and thus, can be used in online marketplaces to buy everything from a needle to flight tickets. Although with the growing number of opponents, cryptocurrencies show fearless traversal over the internet against its challengers who are also gaining grip from such virtual currencies whose presence in this era foretell a matter of great distrust and concurrently all hastening to become the main teller for the upcoming future cashless world. Since, digital currencies are still in a state of flux, this paper tries to target the squashy curves associated with cryptocurrencies, as well as, its frailty in association with societal perspectives due to its anonymity and cross-border features. This paper also focuses on the need for radical overhauling of existing payment-related regulatory framework in India with special reference to crypto-micropayments.

Revisiting regulatory framework in India for accelerated vaccine development in pandemics with an evidence-based fast-tracking strategy.

Revisiting regulatory framework in India for accelerated vaccine development in pandemics with an evidence-based fast-tracking strategy.

Strengthening Financial and Taxation Regulatory Framework in India: A Review of Recent Legislations

A number of legislations and institutional measures have been implemented in recent times by the government of India to ensure an efficient financial and taxation system. These measures focus on developing an unambiguous legal framework and transparent supervisory procedures. This paper reviews some of the recent legislations in this regard which are aimed at brining our financial and taxation system in alignment with the changing environment. Some of the legislations reviewed include Prevention of Money Laundering Act, 2002; Credit Information Companies (Regulation) Act, 2005; Government Securities Act, 2006; Payment and Settlement Systems Act, 2007; Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 and Financial Sector Legislative Reforms Commission (FSLRC), 2013. An overall assessment of these reforms shows that a number of effective legislations are being put in place for an efficient and transparent financial and taxation system and India remains committed to adoption of international standards and best practices wherever necessary.

A Critical Comparative Analysis of the Emerging and Maturing Regulatory Frameworks: Crowdfunding in India, USA, UK

This research paper undertakes a critical comparative analysis of the emerging regulatory framework relating to Crowdfunding and P2P Lending in India with the corresponding rules and regulations prevailing in the USA and UK in order to ascertain whether the draft regulatory framework in India is capable of extracting experiences and lessons from already enacted and mature regulations. We find that in framing the draft legislation in India, the regulators have obtained valuable guidance from a number of evolved legislations inter alia including USA, UK, France, Canada and Japan. The draft legislation proposed in India is innovative in many ways as the securities and banking regulators have attempted to adapt the various rules and regulations to the existing institutional infrastructure in India. However, in doing so, at times, the legislator forgets that at the early stages of an industry, regulation should be enabling and not limiting.JEL Codes: K22, D14, G2, L86, M38, O16

Pharmaceutical Promotion and Its Influence on Prescription Behavior: Ethical Issues and Legal Framework in India

Pharmaceutical companies employ various techniques to promote their drugs to the physicians. Some of these techniques are purely informational like advertisements in medical journals and detailing by medical representatives, but some other techniques aim to induce the physicians to prescribe particular drugs by offering them financial incentives like gifts, sponsorship of visits to attend educational conferences, funding of research, etc. The latter category of promotional techniques may unduly influence the prescribing behavior of physicians leading to irrational prescription of drugs that are not in the best interests of the patient. Given the potential of these techniques to cause harm to patients, efforts have been made to regulate it in India as well as other countries. In India, the regulations issued by the Medical Council of India regulate the conduct of physicians in their relationship with the pharmaceutical industry; however, they are ambiguous, non-comprehensive, and not enforced properly. The pharmaceutical companies, on the other hand, are subject only to self-regulatory codes issued by the pharmaceutical associations and by the government that lack teeth. These regulatory measures have not been sufficient in curbing the undue influence of the promotional techniques on physicians’ prescribing behavior, and thus, there is a need to overhaul the regulatory framework in India by taking guidance from other countries. However, ultimately, it is the reflection by the pharmaceutical companies and especially the physicians on their ethical duties and adherence to them that will result in ethically appropriate prescription of drugs.

Introspection into the Battle over Broadcast Regulations in India

Across the world, media entities are subjected to regulations following the universal perception that media content and media operations radically influence political debate, social policies and economic growth. This is accompanied by the tension of how to regulate the media and how to secure a free independent media on the other. Though regulation of the media content can take on several forms ranging from direct control of the government, guidelines from the industry associations, pressure from advertisers or suggestions by the civil society groups, it is normally aimed at protecting the public from perceived harm, or with enriching their knowledge or appreciation of culture. In India, the state has zealously guarded its control over broadcast news media, however, the emergence of new stakeholders in the postliberalization era has resulted in a complex mesh of regulatory controls. This paper traces the historical context of the broadcast regulatory framework in India and explores the various sites of contestations between the various stakeholders, particularly the state and the broadcasters, with specific reference to news on television.

'Vanity GIs': India's Legislation on Geographical Indications and the Missing Regulatory Framework

This chapter focuses on the post-registration quality-control regulatory measures for GIs in India. First, it identifies the problem involving the interface between GIs as collective intellectual property (IP) rights and their linkages with quality and product/process standards. Second, it briefly discusses the experiences of two comparative jurisdictions — the United States (U.S.) and the European Union (EU) — regarding the linkages between the GIs framework and the corresponding regulatory framework for quality control. Third, the chapter explores the missing regulatory framework in India and discusses the limitations of Indian GIs law in this regard. A few short case-studies are presented to highlight the various combinations of statutory and self-voluntary mechanisms associated with different GI products in India. The objective is to show how different mechanisms for quality control have led to either preservation or dilution of the collective reputation of GIs. This chapter concludes by elaborating on the reasons for failure of the Indian GIs regime on issues of quality control and suggests that decentralized mechanisms for different GIs, which are nevertheless governed by a uniform statutory framework, are the way forward to restore the credibility of many GIs and promote a successful system of GI protection in India.

Is Negotiation a Good Bargain: A Study in Public Procurement in India

One of the issues in public procurement is whether the supplier selection process should be based only on competitive bidding (auction) alone or it should use negotiations. Relative efficiency of auction vs negotiation has been studied in economics literature. First price sealed bid auctions (conventional open competitive tenders) have been used successfully in public procurement. The present regulatory frame-work in India identifies negotiation as exception rather than the rule. This paper analyses circumstances in which competitive procedures or auctions work or do not work. The paper further argues that procurement policy of “No Negotiation" does not always produce optimal outcomes. If the procurement is complex and high value, auctions are likely to achieve sub-optimal outcomes. Negotiation with L1 does not help in addressing auction failures and therefore it might be better to ‘Not Negotiate’ at all rather than Negotiating with L1. Multi-stage auctions may provide opportunity to address some of the challenges that regular auctions face. It concludes that Negotiation is an effective tool to achieve allocative efficiencies and there is a strong case of permitting negotiations in high value complex public procurements.

Determinants of Board Structure: Evidence from India

The paper analyse the role of directors in sustainability of business to ensure good corporate governance. The objective is to highlight the economic and strategic implications of independent role of directors with regards to regulatory framework in India in the light of major corporate governance failure at India's fourth largest software company, Satyam Computers in January 2009. The present paper highlights the long-term strategic perspective for India as far as corporate governance and business sustainability are concerned. The data set consist of nifty companies, from Prowess corporate data base. The paper tries to analyse the impact of various company characteristics and board size on independence of directors. The findings include analysis of role of independence in decision making of corporate including director as far as overall governance is concerned and possible recommendations for future so as to carve out a voluntary good governance culture on a large scale among corporate entities. There is lack of reliable data on various aspects of governance and independence of director. Therefore, the study focused on the availability of data and compliance to regulatory framework in India along with future implications as regards to new Companies Act 2013. All stakeholders including government, investors, corporate sector, regulatory bodies and citizens need clarity on the role of directors, and other key managerial personnel in sustainability of interest of all the stakeholders and overall growth of corporate in India. In India, there is dearth of research in the area of corporate governance practices. This paper aims at highlighting the historical relationship between independence of directors; and overall business sustainability.

Pharmaceutical Promotion and Its Influence on Prescription Behavior: Ethical Issues and Legal Framework in India

Pharmaceutical companies employ various techniques to promote their drugs to the physicians. Some of these techniques are purely informational like advertisements in medical journals and detailing by medical representatives, but some other techniques aim to induce the physicians to prescribe particular drugs by offering them financial incentives like gifts, sponsorship of visits to attend educational conferences funding of research, etc. The latter category of promotional techniques may unduly influence the prescribing behavior of physicians leading to irrational prescription of drugs that are not in the best interests of the patient. Given the potential of these techniques to cause harm to patients, efforts have been made to regulate it in India as well as other countries. In India, the regulations issued by the Medical Council of India regulate the conduct of physicians in their relationship with the pharmaceutical industry; however, they are ambiguous, non-comprehensive, and not enforced properly. The pharmaceutical companies, on the other hand, are subject only to self-regulatory codes issued by the pharmaceutical associations and by the government that lack teeth. These regulatory measures have not been sufficient in curbing the undue influence of the promotional techniques on physicians’ prescribing behavior, and thus, there is a need to overhaul the regulatory framework in India by taking guidance from other countries However, ultimately, it is the reflection by the pharmaceutical companies and especially the physicians on their ethical duties and adherence to them that will result in ethically appropriate prescription of drugs.

Regulation of Genetically Engineered Crops in India: Implications of Policy Uncertainty for Social Welfare, Competition, and Innovation

India is the regional leader in research and development (R&D) in agricultural biotechnology (agri‐biotech) in South Asia. Commercialization of Bacillus thuringiensis (Bt) cotton—the first and only commercial genetically engineered (GE) crop in India—in 2002 was preceded by illegal cultivation and diffusion of unapproved cultivars, raising serious questions of the state's regulatory capacity. Bt eggplant, the first GE food crop to get approval for environmental release in 2009, has not yet been commercialized. An indefinite moratorium on its commercialization was imposed by the Minister of Environment and Forests in 2010. We examine the regulatory framework in India and use the cases of Bt cotton and Bt eggplant regulation to examine the types and sources of nonmarket failures associated with the regulatory policy. We also analyze the demonstrated and likely effects of regulatory uncertainty on social welfare and development of the agri‐biotech industry. We adopt implementation analysis to suggest policy options worth considering to address the nonmarket failures of regulatory policy.

Impact of Foreign Banks on the Indian Economy

This paper examines the impact of foreign banks on Indian economy. Further, it discusses the various opinions towards the foreign bank operations in the host country, with India as the example. The paper looks at the regulatory framework in India to understand the attitude of RBI towards foreign banks. It also discusses what several foreign banks feel about the Indian regulatory setup and how these banks have adapted themselves to deal with the changes. To look at the impact of foreign banks the paper analyses various parameters like the rural presence, contribution towards priority sector, technological development and financial ratios like return on asset and equity. Two case studies have been discussed – one, about The Hong Kong and Shanghai Banking Corporation’s (HSBC) journey in India and the other, about BCCI in India. The paper ends by discussing various challenges which are faced by foreign banks when they set-up their shop in the country.