SEBI BULLETIN SEPTEMBER 2021 VOL. 19 NUMBER 09 (LOGO) 1|P a g e SECURITIES AND EXCHANGE BOARD OF INDIA EDITORIAL COMMITTEE Shri Amarjeet Singh Dr. Prabhakar R. Patil Shri Prabhas Rath Ms. Sangeeta Rathod Ms. Deepthi L.S. Dr. Deepali Dixit Shri Jitendra Kumar The Securities and Exchange Board of India Bulletin is issued by the Department of Economic and Policy Analysis, Securities and Exchange Board of India under the direction of an Editorial Committee. SEBI is not responsible for accuracy of data/information/interpretations and opinions expressed in the case of signed articles/speeches as authors are responsible for their personal views. SEBI has no objection to the material published herein being reproduced, provided an acknowledgement of the same is made. A readable version of SEBI Bulletin is available at http://www.sebi.gov.in. Further, soft copy of SEBI Bulletin is available free of cost to the subscribers/readers, who register at [email protected] along with their complete address. Any comments and suggestions on any of the features/sections may be sent to [email protected] CONTENTS CHAIRMAN’S SPEECH CAPITAL MARKET REVIEW REVIEW OF GLOBAL FINANCIAL MARKETS 2|P a g e HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKET POLICY DEVELOPMENTS AT SEBI REGULATORY ACTIONS TAKEN BY SEBI TABLES PUBLICATIONS SPEECH BY CHAIRMAN, SEBI INAUGURAL PROGRAM - L.L.M IN INVESTMENT AND SECURITIES LAW ON AUGUST 13, 2021 1. Hon’ble Chief Justice of the Bombay High Court - Shri Dipankar Datta, Vice Chancellor of Maharashtra National Law University (MNLU)- Dr. Dilip Ukey, Whole Time Member Shri S K Mohanty, Director, NISM, faculty members, Registrars and Officers of Maharashtra National Law University and NISM, students and parents, it gives me immense pleasure to address all of you today on this inaugural function. 2. I am happy to note that NISM jointly with MNLU introduced LLM in Investment and Securities Law last year and the first batch of the students is 3|P a g e about to complete the program. This course is an ideal blend of academic studies and practice with MNLU contributing the strong conceptual and academic inputs and NISM contributing the practical and professional dimension. You are the second batch of this program and I wish all of you the very best for pursuing this extremely relevant and important course in today’s times. 3. Finance is a dynamic field. Securities market within finance is equally and sometimes, even more dynamic. What existed in securities market a decade or two back is vastly different from the securities market that exists today. Electronic trading replaced physical trading, new products and services emerged, strategies using artificial intelligence and machine learning came into play, the type of companies coming into the public markets kept varying, and so on and so forth. With COVID, we saw even more changes. We are witnessing an influx of retail investors into the market, mobile and electronic trading has ramped up and interactions have gone practically virtual almost everywhere. These changes over the years have ensured that securities market laws are one of the most dynamic set of laws that exist in India today. 4. Securities Market has not only transformed over time but also has expanded and branched out into different areas. You would be learning about AIFs, REITs, InvITs, accredited investors, etc., laws on which did not exist a decade ago in India. Where bank finance used to be predominant, over time, companies are now relying more and more on securities markets to fund their corporate needs. This is happening both globally and in India. Learning securities market laws has never therefore been more relevant as it is today. 5. Let me make use of this opportunity to address the students of this course and share some of my thoughts: a. Diversity- Securities law, as a branch of the larger financial sector laws, is a vast subject covering a variety of interesting areas. In the course of understanding this subject, you will learn laws relating to fund-raising, securities market trading and settlement, various intermediaries associated with the securities market such as brokers, merchant bankers, etc., enforcement laws such as insider trading and many more. You will also learn about laws at three different levels- Acts of Parliament such as SEBI Act, Companies Act, etc., Regulations issued by SEBI covering different areas and circulars issued by SEBI covering th