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Published on Nov 14, 2016
The concept of securities regulations covers a field straddled between the fields of finance and law. While both manipulation and insider trading prohibition—fall under the broad umbrella of fraud, in India the law on insider trading has somewhat diverged on its own course. A fair securities market is one in which the savers and the users of capital are brought together in a mutually beneficial partnership. A significant impediment in a productive relationship is asymmetry of information, which, along with conflict of interest, ranks among the major ills that adversely affect the interests of investors. Greed, leading to dropping one's guard, is equally at the root of investors coming to grief. The securities market has no shortage of persons who take advantage of the unequal relationship between the less informed investor and the better informed but less scrupulous purveyor of products. It merits saying that the securities market in the absence of fraud, manipulation, mis-selling, insider trading and the like, can reward all participants. Yet, regrettably, some investors have seen the bulk of their savings vanish on account of illegal and criminal practices. This seminar will discuss the broad contours of both fraud and insider trading and progress to current issues in the enforcement and interpretation. Both false positives and false negatives are an issue with the enforcement.