Prof. Jayanth R. Varma’s Financial Markets Blog

A blog on financial markets and their regulation

Book on SEBI Act

Sumit Agrawal and Robin Joseph Baby sent me a copy of their book on the SEBI Act. I am not a lawyer, but I found the book well written and useful. To my knowledge, this is the first book giving detailed commentary on each section of the Act including judgements of the Securities Appellate Tribunal and the Courts. While the bare SEBI Act is only 33 pages, the commentary comes to 576 pages which is a measure of the extent of judicial precedents that have come up around the SEBI Act in the last two decades. (The length is not due to coverage of the regulations that SEBI has framed under the Act. The book hardly covers these regulations and therefore hopefully would not become obsolete too quickly.)

I wish they or others would write a companion volume covering the Securities Contract Regulation Act, Depository Act and relevant sections of the Companies Act that define the securities law in India.

My only quibble with the book is that as serving SEBI Officers, they tend to uncritically endorse the official SEBI stance regarding most of the disputed legal issues. This is however a minor matter because it is easy to take this with a pinch of salt, and even while taking sides, the authors do present both sides of the case.

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