1 INDIAN REGULATORY SYSTEM
Learning objectives
Sources of law
making of law
Types of Laws in India
11 civil law
11 criminal law
11 Common law
11 Principles of natural justice
Types of authorities and their functions
11 ministry of Finance
11 ministry of corporate affairs
11 ministry of Law and Justice
Types of regulatory bodies and functions
11 SEBI
4 Iii
Ty pes of courts in India
11 Supreme court
11 High court
11 District court
11 metropolitan court
miscellaneous issues
6M
1 What is Law
meaning purpose coverage
w is a In a vast
set of toprovide to provide diversified
obligations benefit safety country like
duties India law
imposed by to provide covers the
government justice following
aspects
social Economic political cultural
2 Process of making the law
step 1 Drafting the Bill Proposal
Step 2 Producing the bill before
the parliament
Lok Sabha Sabha Rajya
once approved Bill becomes Act
steps Act is produced before the
president for his assent
Stepy The Act is then notified in
the official gazette
Then it is called as Act of Parliament
3 Types of Laws in Indian legal system
Criminal law 2 civil law
This is a law this area matters of
pertaining is governed disputes
to violations by laws pertaining
and offences like to individuals
and organisations
is dealt by civil
law
Examples Crpc covers the
for crimes exhaustive CPC In a civil
includes suit court
procedure for covers
murder crimes committed civil will focus
Theft whereas ipc cases more on the
ete covers nature of dispute reso
offences and the lution than
punishments punishment
Eg non pyt of
dues
Breach of
contract etc
3 common law 4 Principles of natural justice
concep
The judicial As per this is dependent Followed of going
precedents a 14 of on Latin maxim when beyond
of court is constitution called stare facts written
called as of India decisis which are law
comm on it is obligatory means similar concep
law for all courts to 11 stand by of givin
follow ruling what is fair
of Sc decided hearing
4 Enforcement of Law
After a law ministries and Depending
is passed in ministers are on type
the parliament responsible for of law i e
it has to be law enforcement central Cor
enforced and so they play state the
a role of concerned
executive ministers
are respon
Sible
Got will ministries are Examples of
execute headed by some ministries
itsfunctions ministers and
through the run by Indian Mny of Finance
ministries administrative mny of corporate
and depts and other affairs
services Amny of home
affairs
Hierarchy of mny of law
Income tax Act justice
ministry of finance
Department of Revenue
central Board of Direct taxes
Indian Revenue services
Notes
ministry will be composed of employed
officials known as civil servants
They are accountable through minister
All major ministries are headed by the
cabinet ministers who sits in union
council of ministers and supported by
J
5
Analysis on ministry of Finance
1 Basics 2 About the 3 Departments
MOF under MOF
ministry of
finance is MOF is the Dept of
a ministry apex controlling Economic
within the body for the affairs
Got finances in Dept of
It concerns India also expenditure
with economy for 4 central Dept of
of India civil services Revenue
It is called the 4 central Dept of
as treasury of civil services financial
India are as follows_ services
This ministry Indian Dept of
covers areas Revenue service investments
relating to Indian public
Taxation Audit Accounts asset
Financial service managemen
legislations Indian Economic Dept of
Financial service public
institutions Indian civil enterprises
capital accounts service
markets
central
state finances
Uni on Budget
6 Other ministries in India
a ministry of b ministry of C Ministry of
corporate Home affairs Law Justice
Affairs
This is a this ministry
This is a MCA focuses ministry mainlyfocuses
ministry mainly on under the
governed regulation 901 IInternal
by GOI of enterprises security
in industrial C Domestic
and service policy
sector
There are MHA is headed
MCA is MCA governs 6 depts by union
working laws like under minister for
though companies Act MHA Home Affairs
civil servants LLP Act as follows
qualifying P ship Act
UPSC exam CA Act Depts under this is
in ICLS CS Act MLJ are a ministry
cadre CMA Act as follows governed
the highest level of MCA is by 601
Director General of corporate
affairs DGCA
Dept of 2 Dept of 4 Dept 6 Dept Dept of
Border internal of Home of states legalaffairs
mgt security Dept of
5 Dept of legislature
Dept of Jammu official languages
Dept of
Kashmir and Ladakh Justice
affairs
central translation central Hindi Directorate
Bureau training of Census
institute operations
7 Regulatory bodies in India
SEBI 2 I BBI 3 RBI
SEBI is the Important IBBI is a IBBI oversees
regulatory time frames regulatory the functioning
body for body which of insolvency
securities regulates resolution
and also the Esfd pegged process of
commodities statutory Individuals
market in 12ᵗʰApril powers Partnerships
India 1988 companies
30th Jan LLP etc
1992
Insolvency Insolvency Information
professional professionals utility
agencies
IBBI works with support IBC w.e.it
came
of 2 Other agencies 5th may 2016 and
IBBI came f w e
namely
NCLT 1ST October 2016
Debts recovery
Tribunal
2131 is the ministry of Bharatiya RBI regulates
India's central finance has Reserve Bank payment
bank regulating ownership Note mudran systems in
Indian banking over RBI is established India using
58km in Nashik and National
RBI established Dewas to print payments
deposit insurance and currency notes corporation
credit guarantee Corp and mint coins
to provide safety to deposits Loans
8 Types of courts in India
1 Supreme 2 3 District
court High court
Supreme It is estd HC is As per DC stays there
court is on 26ᵗʰ the apex A 214 below are 2
the apex January court of every the HC types
bodyfor 1950 a state state sna Of DC
judiciary UT have HC
in India
H.C shall court court
Principal Chief Justice have 3 powers of
session
bench is the highest original District
of SC authority for jurisdiction judge
consists so Appellate criminal
of 7 jurisdiction ivil cases
members supervisory cases
powers
As of now CJ shall
number is be appointed HC gets An individual
increased as per A126 supervisory can seek
to 34 and wait powers under justice from
petitions can A 227 of Col HC in case
be filed under of violation
A 32 of Col Of fundamental
rights u A 226
4 Metropolitan court
Established for population consists of 2 persons
metropolitan cities 10 lakhs chief metropolitan
magistrate powers
count of district judge can take like JM
secuniary civil cases 2 crores metropolitan mag
MOFC like
9 miscellaneous concepts
