Indian Regulatory Framework - Vocabulary Flashcards

Flashcards covering key vocabulary and concepts from lecture notes on the Indian Regulatory Framework.

Law

A set of obligations and duties imposed by the government for securing welfare and providing justice to society.

Constitution of India

The basis and source for all laws in India, providing the framework within which the democratic system works.

Bill

A law proposed in parliament before it is passed.

Criminal Law

Law concerned with violations of the rule of law or public wrongs and punishment, governed by the Indian Penal Code, 1860, and the Code of Criminal Procedure, 1973 (Crpc).

Civil Law

Deals with disputes between individuals or organizations, focusing on dispute resolution rather than punishment and governed by the Code of Civil Procedure, 1908 (CPC).

Common Law

A judicial precedent or case law; judgments by the Supreme Court are binding on all courts within India.

Principles of Natural Justice

Fundamental principles of justice, often known as Jus Natural, including 'Nemo judex in causa sua' and 'audi alteram partem'.

Ministry of Finance

The apex controlling authority of four Central Civil Services (Indian Revenue Service, Indian Audit and Accounts Service, Indian Economic Service, and Indian Civil Accounts Service) and one of the central commerce services (Indian Cost and Management Accounts Service).

Ministry of Corporate Affairs (MCA)

Indian Government Ministry primarily concerned with the administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008, and the Insolvency and Bankruptcy Code, 2016; responsible for the regulation of Indian enterprises.

Securities and Exchange Board of India (SEBI)

The regulatory body for securities and commodity market in India, established in 1988 and given statutory powers in 1992 through the SEBI Act, 1992.

Reserve Bank of India (RBI)

India's Central Bank and regulatory body responsible for regulation of the Indian banking system.

Insolvency and Bankruptcy Board of India (IBBI)

The regulator for overseeing insolvency proceedings and entities in India, established on 1 October 2016 and given statutory powers through the Insolvency and Bankruptcy Code.

Supreme Court

The apex body of the judiciary in India, established on 26th January, 1950; its decisions are binding on all High Courts under Article 141 of the Indian Constitution.

High Court

The highest court of appeal in each state and union territory, with appellant, original jurisdiction, and Supervisory jurisdiction.

Jurisdiction

Territorial power to control within the areas covered by courts, based on where parties reside or the property under dispute is located.