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POSTGRADUATE DIPLOMA COURSE IN SECURITIES LAW

Why a course in securities law? India, one of the world's largest economies, continues to demonstrate an outstanding ability to compete technologically in the information age. However, our technology and creativity must be nourished constantly by fresh capital. In the growing global economy, India must also compete successfully for capital against large dynamic nations and welldeveloped capital markets. Increasingly, leaders in India and around the world have recognised the importance of a securities market regulatory system that protects investors and encourages fair,transparent, efficient and liquid markets in attracting and keeping capital. Indeed, for the very same reasons, the Securities and Exchange Board of India (SEBI) Act of 1992 mandates that SEBI play a dual role of protecting investors as well as developing the capital markets. The continued growth of our capital markets and their potential for accelerated growth over the next decade and beyond, create enormous demands and opportunities for lawyers and other skilled securities market professionals with expertise in securities law.

Being deeply aware of the need to meet the demands of globalisation, GLC in the year 2003, commenced a one year Postgraduate Diploma Course in Securities Law. The Course, the only one of its kind in the country, has completed two successful years and now in its third year, continues to disseminate specialised knowledge pertaining to securities law as an instrument of social development. The focus of the curriculum includes the study of the subjects from broader global perspectives and advanced developmental goals.

A win-win match-up. The GLC Postgraduate Diploma Course in Securities Law seeks to match a select group of India's finest and most accomplished securities lawyers with an equally fine and dedicated group of students to transfer to them the skills necessary to 5 meet those demands and take full advantage of the opportunities they present.

The teaching method for the course will promote an intensive study of the law on the subject, an inquiring mind and practical appreciation of the problems through a method of lectures, discussions, case studies, seminar presentations and research assignments. The course will encourage a high degree of interaction between the faculty and students. The faculty will be drawn from the academic world, the judiciary, regulators like SEBI, RBI, reputed attorneys, counsels, experts from corporate houses and visiting international faculty wellversed in securities law.

Immediate and long-term benefits. GLC's Securities Law Course will provide essential, practical, immediately applicable techniques and knowledge as well as broad insights and an overview of both Indian and international securities law. Students and securities market professionals will acquire the broad-based perspective, indepth understanding and conceptual clarity that will help to carry out their roles, better represent their clients and, at the same time, make securities regulation in India more efficient, fairer and more understandable. By doing so, they should be better able to inspire the trust and confidence of domestic and international investors and enable India's capital markets to continue expand successfully compete to raise capital. Similarly, by promoting reform of India's securities law and regulations to make them at least equivalent to any of the best in protecting investors and developing markets, the course will not only help make India's markets more attractive to investors but also mobilize capital from abroad.

Course Goals The Securities Law Course is designed to provide specialised knowledge and a comparative study of Indian and international legal frameworks and regulatory structures as they apply, amongst other things, to:

 SEBI's operation and role as the primary capital market regulator, including its interrelationships with the Reserve Bank of India (RBI),     Department of Company Affairs (DCA) and other regulatory bodies with responsibilities for overseeing of market institutions,     professionals and participants;

 Drafting prospectus and offer documents in cases of public offering of securities by a company;

 Understanding the role of lawyers, accountants, analysts, investment bankers, rating agencies and financial intermediaries in various    capital raising modes;

 Raising accounting/auditing standards and improving oversight of the accounting profession;

 Improving corporate governance, including analysis of the implications for India of the recent Sarbanes-Oxley Corporate Responsibility    Act of 2002 in the U.S.;

 Changes in India's legal and regulatory structure necessary to enable it to minimize systemic risk and, by utilizing the latest technology,    to develop more efficient clearing and settlement processes;

 Increasing the fairness, transparency and efficiency of India's secondary markets;

 The fairness of takeover and acquisition legislation and rules; protection of minority interests; and their role in improving management's    efficiency and discipline;

 The roles, responsibilities and operation of Self-Regulatory Organisations (SROs) in raising professional market standards and in     testing, certifying, registering and monitoring market professionals, both individuals and firms;

 Statutory provisions and case law, in India and elsewhere, that relate to regulatory jurisdiction, authority, powers and responsibilities     with respect to investor protection, insider trading, financial fraud, and the need for additional reforms;

 Individual and supervisory accountability, fines, statutory remedies and administrative and judicial sanctions;

 Private rights of action and class actions to enforce securities law internationally, and the need for similar private rights of action that     would support securities law enforcement in India;

 Taxation of securities transactions.

 The course will also:
   develop broad perspectives on Indian and international securities Law
   impart many of the skills needed as:
      professional securities law practitioners
      securities market regulators
      officers of self-regulatory organisations
      securities market professionals
      teachers of securities law;

 Set forth the foundation of securities law in India with an emphasis on comparative study across various jurisdictions with the objective    of law reform;

 Be instrumental in investor education as it relates to investor protection.

Who should attend the course
The course is intended for legal and compliance professionals employed with stock exchanges, financial institutions, investment banks, brokerage firms, asset management companies, government regulatory agencies, practising and aspiring securities lawyers, judiciary, company secretaries, chartered accountants, financial analysts, investors, and others interested in the growth, working and development of the securities market. Basic Knowledge in Corporate Laws is a pre-requisite.
Securities Law
Cyber Law
Real Estate
Methodology
(a) The curriculum has been classified into different modules to facilitate better assimilation by the participants.
(b) Assessment of students will be done on the basis of:
Seminar presentations
Research based assignments
Written examinations
(c) Teaching methodology:
Interactive lectures
Seminar presentations
Research based assignments.
Practical training by visits to the exchange
Interactive video conference with experienced professionals on topical subject
(d) Study reference material:
Statutes, books, journals
Reports of various committees appointed by SEBI and Government of India
Indian and International (United States (US)/United Kingdom (UK) securities regulations and judicial/quasijudicial decisions
Publications on securities law
Publications of International Organisation of Securities Commissions (IOSCO).
(e)
Electronic source materials: The course will make use of electronic source materials, including both Indian and international commercial and regulatory websites such as those of SEBI, Association of Mutual Funds in India (AMFI), Securities and Exchange Commission (SEC), Financial Services Authority (FSA), Investment Company Institute (ICI) and National Association of Securities Dealers (NASD).
Eligibility Criteria
Candidates with a Bachelor's Degree from any faculty of the Mumbai University, or with a corresponding equivalent degree from any other University, are eligible to apply.
Selection Criteria
The course is expected to accommodate a maximum of 60 students. Candidates will be selected on the basis of group discussions followed by a personal interview conducted by a panel of experts. The decision of the managing committee on the selection of candidates shall be final and no representation shall be entertained in this regard.
Admission Requirements
Admission must be taken by the student in person, by submitting the following documents:
(1)
Certified true copies of the statement of marks or degree certificate of Bachelor's Degree examinations, supported by originals at the time of admission
(2)
Two recent stamp size photographs.
Fee Structure
The fee for the academic year 2005 - 2006 is as under:
Particulars Amount (Rs.)
Course Fee 20,500
(inclusive of study material)
Library Fee Deposit 200
(Refundable)
The fees are to be paid in full at the time of admission by cash or by a local account payee cheque/demand draft in favour of "Principal Govt. Law College, Securities Law Course".There will be no refund of course fees.
Assessment
The assessment format for the course is as follows:
Seminar Presentations 100 marks
Research Based Assignments 100 marks
Paper-1 (comprising of module nos. 2&5) 100 marks
Paper-2 (comprising of module nos. 1&3) 100 marks
Paper-3 (comprising of module nos. 4,6,7 & 8) 100 marks
Total 500 marks
The written examination will consist of three papers (Paper-1, Paper-2 and Paper-3) each of three hours duration. Student’s submission including research papers and presentations will be the property of the Securities Law Course. The Government Law College shall have copyright on the same. A candidate will need to obtain at least 50% marks in each of the above heads and an aggregate of 50% in order to pass and be awarded a Certificate of Diploma. First class would be awarded to all those who secure 60% as an overall aggregate. Those students failing the Securities Law Course assignments / presentations / papers in a particular year will be given only one attempt in the following year to re-sit the same.

Assessed answer booklets / research assignments will neither be returned to the students nor will copies thereof be given. There will not be any re-valuation of the answer booklets / research assignments. Request for re-verification i.e. re-totalling of marks, if received within 7 days of the declaration of results, may be permitted at the discretion of the managing committee. A fee of Rs. 300/- will be charged from students before they re-attempt any assignments / presentations / papers.
Faculty
The faculty will consist of members of the bar and the bench, practising solicitors, advocates law professors, eminent experts from the regulatory bodies, market intermediaries and participants, including those drawn from the Advisory Board (set out on page 16 & 17).
Course days and Timing
The classes will be held on Wednesday evening and Saturday afternoon. The timings are as follows: Wednesday: 6:00 pm to 7:30 pm (1 session of 1 hour and 30 minutes) 3:00 pm to 7:30 pm (3 sessions of 1 hour and 30 minutes each)
Attendance
75% attendance is compulsory, failing which students may not be permitted to sit the written exams.
Communications
Any communication made by the Government Law College and the Securities Law Course, will be made known to the students through emails or notices displayed on the Securities Law Course notice board. Students are advised to regularly check their emails and the notice board for this purpose.
   
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