Indian Regulatory Framework - Business Laws

Vocabulary flashcards covering the core concepts, institutions, statutes, articles, and historical legal developments of the Indian Regulatory Framework.

Code of Hammurabi

The oldest known law in written form, carved on bulky stone slabs by King Hammurabi and placed in multiple locations with appointed judges to ensure public adherence.

Twelve Tables

A set of laws engraved on 12 bronze tablets in Rome in 450 BC, recognized as the earliest detailed legal code of any civilization, designed to protect public rights and provide remedies for wrongs.

Law

A set of obligations and duties imposed by the government to secure public welfare and provide justice to society.

Bill

The draft form of a proposed legislative measure introduced in Parliament for discussion and debate.

Act of Parliament

A Bill that has been debated and passed by both the Lok Sabha and Rajya Sabha, received the assent of the President of India, and been published in the Official Gazette of India.

Official Gazette of India

The official government publication in which newly enacted laws are officially notified along with their effective implementation date.

Federal Court of India

The historical court established prior to independence that possessed original, appellate, and advisory jurisdiction, operating for 12 years and hearing approximately 151 cases before being replaced by the Supreme Court.

Constitution of India, 1950

The supreme and foremost law of the country that sets forth the democratic framework, guarantees Fundamental Rights to citizens, and defines the powers and duties of Central and State governments.

Union List (Central List)

The constitutional schedule of national subjects—such as defense, banking, currency, and foreign affairs—over which only the Central Parliament has the legislative power to make laws.

State List

The list of local and regional matters—such as police, public health, agriculture, and irrigation—over which State Legislatures normally hold exclusive lawmaking authority.

Concurrent List (Joint List)

The list of subjects—including education, forests, trade unions, marriage, and succession—on which both the Central Parliament and State Legislatures possess shared authority to legislate.

Criminal Law

The branch of law concerned with violations of the rule of law or public wrongs and their corresponding penalties, primarily governed under the Indian Penal Code, 1860, and the Code of Criminal Procedure, 1973.

Indian Penal Code (IPC), 1860

The substantive criminal statute that defines specific offenses, their nature, and the prescribed penalties (such as murder, theft, assault, cheating, and fraud).

Code of Criminal Procedure (CrPC), 1973

The procedural law establishing the comprehensive machinery and step-by-step process for investigating crimes, conducting trials, and executing criminal punishments.

Civil Law

The branch of law dealing with private disputes between individuals or organizations, focusing on dispute resolution and remedy rather than state punishment.

Code of Civil Procedure, 1908 (CPC)

The statutory procedural enactment regulating the administration, filing, and adjudication of civil suits in Indian courts.

Common Law

A legal system derived from judicial decisions and precedents rather than statutory laws alone.

Doctrine of Stare Decisis

A foundational common-law principle meaning "to stand by that which is decided," compelling courts to adhere to earlier judicial rulings when presented with identical or similar facts.

Principles of Natural Justice (Jus Natural)

Fundamental rules of procedural fairness and equity that transcend written law to prevent arbitrary injustice.

Nemo judex in causa sua

A Latin tenet of natural justice stating that "no one should be made a judge in his own cause," establishing the rule against bias and prejudice.

Audi alteram partem

A core doctrine of natural justice meaning "hear the other party" or guaranteeing every party the right to a fair hearing.

Ministry of Finance (MoF)

The central government ministry acting as the Treasury of India, overseeing the economy, taxation, capital markets, state finances, and the presentation of the Union Budget.

Ministry of Corporate Affairs (MCA)

The central ministry responsible for administering the Companies Act 2013, the Companies Act 1956, the LLP Act 2008, and the Insolvency and Bankruptcy Code, 2016.

Indian Corporate Law Service (ICLS)

The specialized Group A civil service cadre recruited through the UPSC Civil Services Examination to run the Ministry of Corporate Affairs.

Director General of Corporate Affairs (DGCoA)

The highest administrative post in the Ministry of Corporate Affairs, fixed at the Apex Scale for the ICLS cadre.

Ministry of Home Affairs (MHA)

The interior ministry of India primarily responsible for the formulation of domestic policy and the maintenance of internal security.

Ministry of Law & Justice

The cabinet ministry responsible for managing government legal affairs, advising ministries, drafting central primary legislation, and administering the justice system.

Securities & Exchange Board of India (SEBI)

The statutory regulatory body established on 12/04/1988 as an executive body and granted statutory powers on 30/01/1992 via the SEBI Act, 1992, to oversee the securities and commodity markets.

Reserve Bank of India (RBI)

India's central bank operating under the Ministry of Finance, responsible for issuing and regulating the supply of the Indian rupee and managing national payment systems.

Bharatiya Reserve Bank Note Mudran (BRBNM)

A specialized currency printing and coin minting division under the RBI operating printing presses in Nashik (Western India) and Dewas (Central India).

Insolvency and Bankruptcy Board of India (IBBI)

The regulatory board established on 1 October 2016 under the IBC, 2016, to regulate insolvency proceedings, Insolvency Professionals, IP Agencies, and Information Utilities.

Supreme Court of India

The apex court of the Indian judiciary established on 26th January, 1950, originally having a principal bench of 7 members and expanded to 34 members including the Chief Justice of India.

High Court

The highest appellate court in each State and Union Territory, holding original, appellate, and supervisory jurisdiction, with 25 High Courts existing in India across all states.

District Court

The subordinate judicial level below High Courts, comprising Civil Judges handling civil matters with pecuniary jurisdiction up to Rupees two crore, and Courts of Sessions handling criminal cases.

Metropolitan Court

Subordinate courts established in cities with a population of ten lakh (one million) or more, presided over by Chief Metropolitan Magistrates and Metropolitan Magistrates of the first class.

Article 32

The constitutional provision allowing an individual to approach the Supreme Court directly via a writ petition to seek remedies for the violation of fundamental rights.

Article 126

The constitutional article recognizing the Chief Justice of India as the highest judicial authority.

Article 141

The constitutional provision stating that the law declared and judgments passed by the Supreme Court are binding on all subordinate courts across India.

Article 214

The constitutional mandate directing that there must be a High Court for each state in India.

Article 226

The constitutional provision conferring power on High Courts to issue writs to enforce fundamental rights and redress other legal wrongs.

Article 227

The constitutional provision defining and limiting the supervisory powers and superintendence of a High Court over all subordinate courts and tribunals within its territory.