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15 Blogs found.
  • Oct 22, 2019
      A Constitution bench was set up at the Supreme Court comprising Justices Arun Mishra, Indira Banerjee, Vineet Saran, M R Shah and Ravindra Bhat to hear the petition regarding section 24 of Right to Fair Compensation and Transparency in Land Acquisition Rehabilitation and Resettlement Act, 2013 that procure the circumstances under which a land acquisition proceedings are deemed to have lapsed. In the year 2014, the same case was interpreted before a three-judge bench for Pune Municipal Corporation v Harakchand Misirimal Solanki to hold the acquisition proceedings which were initiated under the 1894 Act five years before the Land Acquisition Act, 2013 and would that lapse if the acquired land was not taken possession by the State or compensated to the displaced farmers. This case was held and stated that if the landholder refuses to receive the compensation then the amount should be deposited in the court rather than sending it to the Government treasury if the proceedings were not to lapse. Another bench of Justices Arun Mishra, Adarsh Kumar Goel and Mohan M.Shantanagoudar , on February 8, 2018, overruled this ruling in Indore Development Authority v Shailendra (D) Through LRS & Ors that the landholder cannot take advantage by refusing the compensation under the Act of 1894 and waiting for it to lapse so that he could receive a benefit of higher compensation under 2013 Act. Next, a three-Judge bench headed by Justice Madan B Lokur stayed the hearing of land acquisition cases in all high courts by the time it was settled. The objection was taken in the Indore Development Authority case overruling a precedent laid down by a coordinate bench. Later, the two-judge benches presided by Justice Arun Mishra and Justice Adarsh Kumar Goel respectively referred to Chief Justice of India for constituting a larger bench to settle the issue.
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  • Sep 13, 2019
    Humans are ready to touch the source of Fourth Industrial revolution, also known as Industry 4.0. This is not similar to our past three industrial revolutions- The steam engine, era of science and mass production, digitalization, as it will directly challenge its existence to us. Meaning of Fourth Industrial revolution The fourth industrial revolution is like a pioneer in finding the new ways of our living, working, because of the internet systems, IOTs. The time we will implement advanced technologies in our factories, offices, machines, envisage the vast change in the production and the working modality. This revolution will highly impact on our industries, regimentation as well as economic growth. We can say that, Industry 4.0 is the extension of digitalization, but due to its speed, range and the impact on traditional systems considered it as new era. Industry 4.0 is outraging every other Industry mainly in every country and creating a extensive change in an uneven way at unprecedented speed. Which are those new heights which industry 4.0 can provide to humans? De facto, it has potential to improve the way of living and raise the income strata. If we look to the First world counties who are already gaining the benefits of various products, services made to avail the benefits of technologies. We are already surrounded with various technologies around us like on tips now we can book the cab, buy the tickets etc. Our way of living will improve and become speedy if we indulge efficient technologies and machines in it. There will be speedy growth if humans and machines start working together. It might even help us in predicting exact time and place of natural disasters, meteors, comets, which will provide us to time to be prepared for such kind of situations. What are the threats we should be menace for in this era? In 2015, over 1000 AI and robotic researchers including Stephen hawking and Elon musk issued a warning of the destruction that AI warfare, or autonomous weaponry would cause.After this various number of question arises, but one of them is- What if AI entity commits an offence punishable of capital punishment, probation or fine? Capital Punishment- If you want to read the whole article, kindly visit https://shataxiamicuslex.blogspot.com/2019/09/industry-40-fourth-industrial-revolution.html
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  • Aug 27, 2019
    “Forced or compulsory labour is all work or service which is exacted from any person under the threat of a penalty and for which the person has not offered himself or herself voluntarily.” defines the International Labour Organization Forced Labour Convention, 1930 (No. 29).  Let’s not be biased and segregate between illegal and forced labour. Both create the same impact, both have the same repercussions. The Constitution of India prohibits forced/illegal labour and considers it an offence punishable under the law. The state can also impose compulsory services for public safety. The Bonded Labour System (Abolition) Act, 1976 makes all forms of bonded labour illegal. It is punishable with imprisonment for a long term which extends to three years and also with hefty fine which may extend to two thousand rupees if anyone, a company or a person, puts compulsion on another person to render any bonded labour Some Rights as A) Workers have the right to change jobs after serving due notice. B) Working time may be extended beyond normal working hours of forty-eight hours per week and nine hours a day. Workers may be required to work overtime. In allowing the spread over 10.5 hours every day, the law actually allows for two hours of overtime work per day. We wouldn’t usually notice but this affects millions of men, women, and children around the world. It’s found in industries where a lot of workers are in action but very little regulation is enacted. For saying work sectors like Agriculture and fishing, Domestic work, Construction, mining, quarrying and brick kilns, Manufacturing, processing and packaging, Prostitution and sexual exploitation, Market trading goes through many illegal activities. Forced/illegal labour is the most common element of modern slavery. It is the most extreme form of people's exploitation.
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  • Jul 25, 2019
    Not standing during the National anthem can get you arrested; Yes/No, Maybe! As per Section 3 of the Prevention of Insults to National Honor Act, 1971, whoever intentionally denies singing the Indian National Anthem or creates disturbances in the gathered crowd engaged in singing can be punished with imprisonment for three years or more, or with fine, or sometimes both. The law of the Parliament prohibits the desecration or insult to the country's national symbols which Includes the National Flag , the constitution , the National Anthem and map of India including contempt of Indian constitution. But in the entire law, it’s nowhere mentioned about the positioning of the body. Nowhere has it stated whether a person should be 'sitting' or 'standing' while the national anthem is playing. There are defined cases in which the specifics of Prevention Act are mentioned.   Below are some of them: Case 1 – Comments expressing disapprobation or criticism of the Constitution or of the Indian National Flag or of any measures of the Government with a view to obtain an alteration of the Indian National Flag by lawful means do not constitute an offence under this section. Case 2 – The expression Indian National Flag consist of any picture, drawing, or other visible representation of the Indian National Flag, or of any part or parts thereof, made of any substance or represented on any substance or digital picture is considered. Case 3  – The expression Dishonor Indian Map means if anywhere map represented with respective manner, Tapping Map on Road or any public place is found, shall consists of an offence. Case 4 – The expression public place means any place intended for use by or accessible to,the public and includes any public conveyance is considered. The gesture of standing up during the National Anthem is sheer decency and respect for your own country and people around you. It is not out of a legal obligation and no punishments can be given on this basis. Recently in Mumbai, a family was asked to leave the theater for not standing during the anthem. Legally, no one can ask anyone out from the public area and neither anyone can force to put an individual to stand or sit. As there’s no particular law that obliges you to behave decent at a funeral and it’s your choice to be a silent one to maintain your composure, similarly, there is no basic law which will tell you how to behave during a National Anthem. Your basic/social etiquette will tell you how you’re supposed to do it!  
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  • Jul 20, 2019
    Indian Judiciary - Before and After Digitalization! Justice delayed is justice denied! But the Indian Judiciary is tormented with perpetual litigation and vast legal battles. Data gives a statistics of 2,81,25,066 ( Two Crore Eighty One Lakh Twenty Five Thousand Sixty Six ) civil and criminal cases as pending during the period of 2015-2016. 5,000 more judicial officers are currently needed to fix this situation. The state courts are suffering immensely as the judges have to overwork, court staff is overburdened with ample of work, the courts are too little to occupy enough people and most importantly an unending wait for justice is pending. But the growth of the human being so far has made the era evolved with the most crucial thing mankind has invented; TECHNOLOGY! With the proliferation of automated legal tools, we are witnessing new methodologies that reduce or eliminate tedious legal tasks. Going digital seems to be the only solution to fix the logjam and dissolve all the pending stats. Technology will drive the speedy disposal of cases and helping the common man to access justice at ease. Below mentioned are some methods legal fraternity can adapt for quick justice. Online Legal Consultation: The government has recently started “Tele-Law” services across 1000 common services centers in rural areas of Uttar Pradesh and Bihar to provide free legal consultation. Filing a complaint within no time: Filing a complaint has never been this easy. It’s as easy as booking a movie ticket. A digitalized manner of registering complaints and creating accountability is the need of the hour. Filing an FIR, a civil case, an RTI application, consumer grievance, application for document verification, licensing, etc not only gives open access to the victim but also increases accountability. Courts are now providing regular case status updates through their web portals. Case status can be viewed online transparently: Once the case is filed, one can check the status of the case, date of next hearing, history of the orders passed by the court and other particularities online. There’s no need of visiting the courts again and again to know the statuses. Social Media based facts are now considered as legal evidences in the court: The system is changed to the extent that conviction for an offense is not completely based upon culprit’s statements and traditional evidence like circumstantial clues, the weapon used in the crime, eye witnesses etc. Courts now consider electronic evidence as an acceptable form of legal evidence for the justice to be unbiased. WhatsApp has been approved as an ethical platform to convey the messages: The Delhi High Court used the technology based social media websites WhatsApp, SMS, and email to serve summons in judicial proceedings in the matter of Tata Sons v/s John Doe(s) and Ors. The technology will get better and better each day with the growing population and growing minds!
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  • Jul 04, 2019
    INFORMATION ON DIGITAL INTELLECTUAL PROPERTY LAWS IN INDIA.     Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. Intellectual property girds two some of rights: industrial property rights such as trademarks, patents, designations of origin, industrial designs and models and copyright . It was not until the 19th century that the term "intellectual property" began to be used and not until the late 20th century that it became common place in the majority of the world.   There are four types of intellectual property: 1) Trade Secrets. 2) Trademarks. 3) Copyrights. 4) Patents.   The main purpose of intellectual property law is to boost the creation of intellectual goods. To achieve this, the law gives people and businesses property rights to the information and intellectual goods they create, usually for a limited period of time. This gives economic incentive for their creation because it allows people to profit from the information and intellectual goods they create. These economic incentives are expected to stimulate innovation and contribute to the technological progress of countries, which depends on the extent of protection granted to innovators. Violation of IP rights, called "infringement" with respect to patents, copyright, and trademarks, and exploitation with respect to trade secrets may be a breach of civil law or criminal law depending on the type of intellectual property involved, jurisdiction and the nature of the action. As of 2011 trade in counterfeit copyrighted and trademarked works was a $600 billion industry worldwide and accounted for 5– 7% of global trade.   1) Patent Infringements: There are certain infringements involved The subject is covered by the Patents Act, 1970. India recognizes product patent protection for a period of 14 years. However, in three areas: food, chemicals and pharmaceuticals, it recognizes only a process patent for a period of 7 years. With the signing of the GATT Agreement, the Patents Act, 1970 has been amended by the Patents (Amendment) Act, 1999 to bring it in line with the Trade TRIPS Agreement.   2) Copyright Infringements: Copyright in a literary, dramatic, musical or artistic work published within the lifetime exists for fifty years. An Amendment Bill is on the anvil to extend the term in favor of performers at present twenty five years to fifty years. With the issuance of the International Copyright Order, 1999, the provisions of Copyright Act have been extended to nationals of all World Trade Organization (WTO) Member countries.   3) Trademark Infringements: The law relating to registration of trademarks is governed by the Trade and Merchandise Marks Act, 1958. A distinctive mark (as defined) can be registered under the said Act. In case of infringement of registered trademarks, the statutory remedies of injunction, damages, accounts and delivery up of infringing labels and marks are available. An action for "passing-off" would lie in relation to an unregistered mark under certain circumstances.   India remains one of the world’s most challenging major economies with respect to protection and enforcement of IP. Despite positive statements and initiatives upon which the government has embarked, the pace of reform has not matched high- level calls to foster innovation and promote creativity. India is yet to take steps to address longstanding IP issues that are affecting innovative industries. Also, India was listed on the priority watch List in USTR’s Special 301 report for 2018. The country continues to remain the home to several "Notorious Markets" across the breadth of the country, according to USTR’s latest report.
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  • Jun 29, 2019
     It’s high time to upgrade your mindset; Honour Killing!   ‘Honour Killing’ is the killing of a family member, who is perceived to have brought dishonor on the family or has brought shame with the violation of the principles to their religion or community. Honor killing of a victim is based on several religious/personal reasons decided by the enforcer. Some of the common grounds are Divorce or separating from their spouse, refusing to enter arranged marriages, being in a relationship that is disapproved by their family, having premarital or extramarital sex, becoming the victim of rape or sexual assault,dressing in ways which are deemed inappropriate, engaging in non-heterosexual relations or renouncing a faith. The distinctive nature of honor killings is the collective nature of the crime. A family or a group altogether plans this action and execute the victim on the above-mentioned grounds. Another key aspect is the importance of the reputation of the family in the community, and the stigma associated with losing social status, particularly in tight-knit communities. Enforcers often do not face negative stigma within their communities, because their behavior is seen as justified and eventually the victim is blamed. Methods of killing include stoning, stabbing, beating, burning, beheading, hanging, throat slashing, lethal acid attacks, shooting and strangulation. The murders are sometimes performed in public to warn the other individuals within the community of possible consequences of engaging in what is seen as illicit behavior? Legal frameworks can encourage honor killings. Such laws include on one side leniency towards such killings, and on the other side criminalization of various behaviors, such as extramarital sex, 'indecent' dressing in public places, or homosexual sexual acts, with these laws acting as a way of reassuring perpetrators of honor killings that people engaging in these behaviors deserve punishment. The main and the foremost point to notice here is that the government has not issued any solid law regarding this in India. Imprisonment as justice is done but is it effective? When will the people understand that freedom is an independent term and every individual deserves to experience it? When will the people understand the importance of secularism and give others liberty to live the kind of life one wants?
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  • Jun 29, 2019
    IMMIGRATION LAWS    The government has set specific rules and conditions for the nonresidents of the country depending on who can enter the country and for how long the immigrant will live. These rules and conditions together are termed as Immigration Law. This law will provide the specifics for becoming the citizen of a particular country. Also, when foreign nationals enter without permission, overstay their visit, or otherwise lose their legal status, Immigration law controls how the detention and removal proceedings are carried out. Articles 5 to 11 in Part-II of the Constitution deals with citizenship and it defines a citizen as a person of Indian domicile or someone with an Indian lineage in the family. Article 10 deals with the continuance of foreigners as Indian citizens, subject to any laws enacted thereafter by the legislature. The Indian constitution only recognizes single citizenship throughout the country and does not support dual citizenship. It also declares that a foreign citizen can acquire Indian citizenship through the process of Naturalization (ordinarily residing in India for 14 years) and registration of foreigners with the FRRO (Foreigners Regional Registration Officer) or FRO (Foreigners Registration Officer). The Indian law follows jus sanguinis (citizenship by blood) as opposed to jus soli (citizenship by birth).   There are certain acts that have been passed to regularize the process of availing citizenship by foreigners, such as:   1)The Passport (Entry in India) Act, 1920 – Under this act, the foreigners entering India are required to get a visa from India Missions. The act also prescribes specific documents for submission during their valid travel for allowing into the country.   2)The Foreigners Act, 1946 – This act regulates the entry and the residence of the foreigners within the Indian borders until their departure from the country.   3)The Registration of Foreigners Act, 1939 and The Registration of Foreigners Rules, 1992 – It mandates that certain foreigners who stay past their specified visa period must register with the Registration Officer. All foreign visitors require a visa for their legal entry into the Indian borders.  This is however not applicable to citizens of Nepal and Bhutan. The visas provide a specific period of stay not exceeding 180 days (6 months) within the country. However, if a visa for an extended period (more than 180 days) of stay is required, the applicant must register themselves with the FRRO or FRO. The Indian government provides various types of visas such as Business visas, Employment visas, Intern visas, Transit visas, Student visas, Film visas, etc., all of which can be applied as a traditional visa or an E-visa. Besides, there are restricted areas within India which require a special entry permit apart from the above-mentioned valid visas known as Protected Area Permit (PAP) that grants visitors the permit to enter the restricted zones. This permit must be applied as an addition to the standard mandatory of the 6 months period. Foreigners above the age of 16 are required to report in person or through an authorized representative to the appropriate Registration Officer for registration. Minors below 16 years of age are not required to register. Foreigners visiting on Entry(X) visa; i.e. dependent visa and Business visas, who intend to stay over a period of 180 days are required to register themselves as well. Visitors on journalist visas and other visas without any specified endorsements are required to register themselves with the FROS/FRO. All Indian Missions will stamp the visas applied for registration. Recently, the Indian government has come up with many significant changes to the Indian Immigration Law such as :  Any visitor on an employment visa has the liberty to change his/her employer once they have arrived in India by applying to the Ministry of Home Affairs. A dependent visa or an (X) visa can be converted into an employment visa considering the eligibility of the X visa holder and employment status of the spouse. The PIO (People of Indian Origin) and OCI (Overseas Citizen of India) cards are merged as of the ordinance passed on January 9th, 2015. These are some of the basic regulations every citizen must know about Immigration.
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  • Jun 10, 2019
    Indian Financial Market and the role of SEBI in Indian Financial Market   Understanding our Financial Market Financial Market is a place where trade happens. It is a market in which people trade financial securities, commodities, and other fungible items of value at low transaction costsand at prices that reflect supply and demand. Securities include stocks and bonds, and commodities include precious metals or agricultural goods. In economics, typically, the term market means the aggregate of possible buyers and sellers of a certain good or service and the transactions between them. In India, financial regulations are mainly governed by SEBI (Securities Exchange Board of India) and banking regulations are mainly governed by RBI (Reserve Bank of India) that acts as a banker to the banks.   Types of Financial Markets Capital Markets Capital Market consists of the Stock Market and the Bond Market is the part of a financial system concerned with raising capital by dealing in shares, bonds, and other long term investments. The 2 largest stock markets in India are BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) The capital markets may also be divided into primary markets and secondary markets. Newly formed (issued) securities are bought or sold in primary markets, such as during initial public offerings. Secondary markets allow investors to buy and sell existing securities. The transactions in primary markets exist between issuers and investors, while secondary market transactions exist among investors.   Commodity Markets It facilitates the trading of commodities.   Money Markets It provides short term debt financing and investment.   Derivative Markets It provides instruments for the management of financial risk.   Futures Markets It provides standardized forward contracts for trading products at some future date.   Insurance Markets It facilitates the redistribution of various risks.   Foreign exchange markets It facilitates the trading of foreign exchange.   Functions of a Financial Market Financial market gives strength to economy by making finance available at the right place.   (1) Mobilization of Savings and their Channelization into moreProductive Uses Financial market gives impetus to the savings of the people. This market takes the uselessly lying finance in the form of cash to places where it is really needed. Many financial instruments are made available for transferring finance from one side to the other side. The investors can invest in any of these instruments according to their wish.   (2) Facilitates Price Discovery The price of any goods or services is determined by the forces of demand and supply. Like goods and services, the investors also try to discover the price of their securities. The financial market is helpful to the investors in giving them proper price.   (3) Provides Liquidity to Financial Assets This is a market where the buyers and the sellers of all the securities are available all the times. This is the reason that it provides liquidity to securities. It means that the investors can invest their money, whenever they desire, in securities through the medium of financial market. They can also convert their investment into money whenever they so desire.   (4) Reduces the Cost of Transactions Various types of information are needed while buying and selling securities. Much time and money is spent in obtaining the same. The financial market makes available every type of information without spending any money. In this way, the financial market reduces the cost of transactions.   Factors That Affect Markets Actions of investors: Individual, institutional and mutual fund investors all affect the prices of stocks, bonds, and futures, by their actions. For example, if a large number of people want to buy a certain stock its price will go up, just as if many people were bidding on an item at an auction. Business conditions: Both the condition of an individual business and the strength of the industry it is in will effect the price of its stock. Profits earned, volume of sales, and even the time of year will all affect how much an investor wants to own a stock. Government actions: The government makes all kinds of decisions that affect both how much an individual stock may be worth (new regulations on a business) and what sort of instruments people want to be investing in. The governments interest rates, tax rates, trade policy and budget deficits all have an impact on prices. Economic Indicators: General trends that signal changes in the economy are watched closely by investors to predict what is going to happen next. Indicators include the Gross National Product (how much production is going on in the country), the inflation rate (how quickly prices are rising), the budget deficit (how much the government is spending) and the unemployment rate. These indicators point to changes in the way ordinary people spend their money and how the economy is likely to perform. International events: Events around the world, such as changes in currency values, trade barriers, wars, natural disasters, and changes in governments, all change how people think about the value of different investments and about how they should invest in the future. Today, investments can be purchased around the clock. When the market opens in New York, the Tokyo market has just closed and the London market is half way through its trading day. When prices on one market change all other markets are affected.     SEBI (Securities Exchange Board of India) As part of economic reforms programme started in June 1991, the Government of India initiated several capital market reforms, which included the abolition of the office of the Controller of Capital Issues (CCI) and granting statutory recognition to Securities Exchange Board of India (SEBI) in 1992 for: (a) Protecting the interest of investors in securities; (b) Promoting the development of securities market; (c) Regulating the securities market; and (d) Matters connected there with or incidental thereto. SEBI has been vested with necessary powers concerning various aspects of capital market such as: (i) Regulating the business in stock exchanges and any other securities market; (ii) Registering and regulating the working of various intermediaries and mutual funds; (iii) Promoting and regulating self regulatory organizations; (iv) Promoting investors’ education and training of intermediaries; (v) Prohibiting insider trading and unfair trade practices; (vi) Regulating substantial acquisition of shares and take over of companies; (vii) Calling for information, undertaking inspection, conducting inquiries and audit of stock exchanges, and intermediaries and self regulation organizations in the stock market; and (viii) Performing such functions and exercising such powers under the provisions of the Capital Issues (Control) Act, 1947 and the Securities Contracts (Regulation) Act, 1956 as may be delegated to it by the Central Government. As part of its efforts to protect investors’ interests, SEBI has initiated many primary market reforms, which include improved disclosure standards in public issue documents, introduction of prudential norms and simplification of issue procedures. Companies are now required to disclose all material facts and risk factors associated with their projects while making public issue. All issue documents are to be vetted by SEBI to ensure that the disclosures are not only adequate but also authentic and accurate. SEBI has also introduced a code of advertisement for public issues for ensuring fair and truthful disclosures. Merchant bankers and all mutual funds including UTI have been brought under the regulatory framework of SEBI. A code of conduct has been issued specifying a high degree of responsibility towards investors in respect of pricing and premium fixation of issues. To reduce cost of issue, underwriting of issues has been made optional subject to the condition that the issue is not under-subscribed. In case the issue is under-subscribed i.e., it was not able to collect 90% of the amount offered to the public; the entire amount would be refunded to the investors. The practice of preferential allotment of shares to promoters at prices unrelated to the prevailing market prices has been stopped and private placements have been made more restrictive. All primary issues have now to be made through depository mode. The initial public offers (IPOs) can go for book buildingfor which the price band and issue size have to be disclosed. Companies with dematerialized shares can alter the par value as and when they so desire. As for measures in the secondary market, it should be noted that all statutory powers to regulate stock exchanges under the Securities Contracts (Regulation) Act have now been vested with SEBI through the passage of securities law (Amendment) Act in 1995. SEBI has duly notified rules and a code of conduct to regulate the activities of intermediaries in the securities market and then registration in the securities market and then registration with SEBI is made compulsory. It has issued guidelines for composition of the governing bodies of stock exchanges so as to include more public representatives. Corporate membership has also been introduced at the stock exchanges. It has notified the regulations on insider trading to protect and preserve the integrity of stock markets and issued guidelines for mergers and acquisitions. SEBI has constantly reviewed the traditional trading systems of Indian stock exchanges and tried to simplify the procedure, achieve transparency in transactions and reduce their costs. All stock exchanges have been advised to set-up clearing corporation / settlement guarantee fund to ensure timely settlements. SEBI organizes training programmes for intermediaries in the securities market and conferences for investor education all over the country from time to time.
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  • Jun 07, 2019
    Education plays a very vital role in forming the basis for creating awareness and contributes to the welfare of the individuals.Public legal education is the means to provide people with the general awareness, knowledge and an overall incite about the law and the legal system and various other associations. This gives chance to the society to understand what the law is; and, to raise voice in favour of or against the system which they believe is not well equipped at delivering the duties conferred upon it by the state.Public Legal Education can be imparted through workshops in school, colleges, office, and, through social media by giving insights of the social political issues, through street plays and public events or at events of public speaking and debate.This helps individuals to develop interest into social and political problems and for voluntarily and actively taking the social responsibility to find solutions pertaining to them.Legal education imparts skills to people to research and debate and form an analysis of the present times; and, also, to change according to it.The Government and other legal bodies should continue serving appropriate measures for enforcing the regulations relating to public legal education and also should provide it for free so that more individuals in the society are able to access to the benefits the system provides for.
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  • Jun 06, 2019
    Insider trading is the buying or selling of a security by someone who has access to material non-public information about the security. Insider trading can be illegal or legal depending on when the insider makes the trade. It is illegal when the material information is still non-public.   The term ‘insider’ has been defined under Regulation 2(e) of SEBI (Prohibition of Insider Trading) Regulations, 1992. Basically, the term ‘insider’ can be classified into three broad categories, which are: Persons who are connected to the company, Persons who were connected with the company, Persons who are deemed to be connected to the company.   In order to become an insider a person has to fulfil three elements, viz; The person should be a natural person or legal entity; The person should be connected person or deemed to be connected; Acquisition of the unpublished price sensitive information by virtue of such connection.   Insider trading in India is basically determined by SEBI laws which govern the whole trading in national stock exchange or Bombay stock exchange. The main aim of this law is that to ensure traders that no one is gained by trading on ‘insider’ or ‘unpublished’ information- information that is not made public. Another aim of this law is to make the information available to all the participants. The main intention is to look into prevention of wrongful gains and ensure a fair competitive market. When the Indian economy was liberalized and security market was open to foreign institutional investors, common investors aim to get quick returns in short period of time. In India, SEBI (Insider Trading) Regulation, 1992 framed under the Section 11 of the SEBI Act, 1992 intends to curb and prevent the menace of insider trading in securities. An insider is a person who is an accepted member of a group or organization who has special knowledge regarding his firm. The penalties and punishments for committing insider trading have been defined under Chapter IV-A of the SEBI Act. The penalties have been discussed below according to the SEBI (Amendment) Act, 2002. Section 15(G)(i)–  if an insider either on its own or on behalf of any person has dealt on behalf of his company any unpublished information then he may be fined with RS. 25 crores or 3 times the profit made, whichever is higher. Section 15G(ii)– if an insider has given any price sensitive information then he may be fined up to RS. 25 crores or 3 times the profit made. Section 15G(iii)–  if an insider has procured any other person to deal in securities of anybody corporate on basis of published information then he may be fined up to RS. 25 crores or 3 times the profit made which is higher.   In conclusion, market being very volatile can be artificially impacted by insider trading which can also hurt the national economy. The enforcement of insider trading laws increases the market liquidity and decreases the cost of equity. Insider trading laws are found in developed countries where strong trading regulations are adopted. The main aim of government in the enactment of insider trading laws is that all the participants in the market have the same information.
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  • Jun 05, 2019
    Impact of Artificial Intelligence on Indian Legal System   What is Artificial Intelligence? Artificial Intelligence [AI] is a computer system able to perform tasks that ordinarily require human intelligence. Many of these artificial intelligence systems are powered by machine learning, some of them are powered by deep learning and some of them are powered by very boring things like rules. This comes with learning which involves garnering the rules and information for using the data. Due to data based service industries it has become very popular and necessity. How is Artificial Intelligence affecting our daily life? Artificial intelligence is a technology that is impacting our lives in a positive manner and which is also taking part in our daily issues like a reminder for meetings, suggesting articles & news of our interest. In the near future, its impact is likely to spread on entire database industries.Artificial Intelligence has the potential to immensely modify the manner that human interact, notsolelywith the digital world but also with one another, through their work and through other socioeconomic institutions, for better or for worse.If we are to ensure that the impact of artificial intelligence will be positive, it will be essential that all stakeholders participate in the debates surrounding Artificial Intelligence. Why Artificial Intelligence is important for Indian legal framework? In recent times we have seen artificial intelligence being implemented at a small but highly effective scale in various Industries, from robotic concierges in hotels to automated entertainment or in Cell phones. Artificial intelligence has changed the shape of multiple industries.The Indian legal sector has seen very little innovation in terms of technology and lawyers these days still comfortable and relying on the methods and solutions that were designed years ago. Artificial intelligence can play a big part in changing the way lawyers operate and the law is looked at in India.One of the biggest disruptions that can be caused by Artificial Intelligence in law is that in the field of legal research. The Indian legal system is vast and constantly changing and with the use of Artificial Intelligence, lawyers can get unparalleled insight into the legal domain within seconds. Currently to get legal research done a significant number of man-hours are required and this significantly reduces the profit-making ability of a law firm, however, with Artificial Intelligence the entire legal fraternity can be balanced. An artificially intelligent platform for research can get research done in seconds and be it a law firm with 400 lawyers or single practising lawyer, artificial intelligence can balance the expenditure required for in legal research making the quality of research uniform. It can provide lawyers with highly efficient and advanced tools helping lawyers become better in advising clients or litigating.A slew of Indian legal tech startups i.e. SpotDraft, CaseMine, NearLaw, Pensieve, Practice League etc are building Natural Language Processing [NLP] based applications and introducing next-generation legal research platforms that help law firms go beyond simple, keyword-based research, thereby making it less time-consuming. Many legal startups are fast rising in Artificial Intelligence research capabilities, some of who have their own AI research labs. What would be the face of future Law firms? Over a previous couple of years, the legal industry not only India however globally has seen a high growth within the level of competition. Now it has become imperative for law companies to realize competitive blessings by understanding the advancements in technology and client requirements. Those who would flip a blind eye to those changes would, sadly, be obsolete within the next few years.Future Law Firms would be completely different from what we tend to see these days. Let’s shed some light on a few characteristics of what the advanced law firms would be like: 1. Innovations in servicing clients:The way clients are serviced and treated would drastically change in the future. Law Firms would approach their clients with some innovative ideas and more authentic and economic legal solutions. Nowadays, in India Law Firms billed their services based on the time is taken for it to produce the services or in alternative words, the billable hour method, however, this billing method would go obsolete in the future. To service their clients better, law firms would look at innovating their pricing strategies and implement say a Performance-Based Pricing Strategy [PBPS]: As the name suggests, this pricing model would be extremely client friendly as client shall only pay once they achieve targets and same would strengthen the professional relations between the clients and Law Firms.2. Focus from Revenue to Higher profits:Nowadays Law Firms have focused on increasing revenue and if we look closely the competition between law firms have constantly been increasing and the demand for legal services has been stagnant making growth in revenue extremely difficult. Therefore, in future law firms would not focus on revenue, but on higher profits and margins.3. Making Technology the foundation for growth:In the last few years, we have noticed a significant introduction of new AI-based solutions aimed at making the legal sector more efficient and client friendly. From E-Discovery solutions to automation in contract drafting, trademark search, various legal tech startups have come up to improve the lives of a lawyer or firm. Artificially Intelligence based legal solutions help law firms become more efficient and possibly reduce costs and gain higher profits. The future law firm would not only adopt these technologies but will also work in synergies with various companies to build AI-based solutions that could further improve the legal sector.4. High focus on brand value:In future law firm would focus heavily on their brand presence. A piece of sloppy or negligent advice from just a few people can easily damage a firm's reputation therefore in order to develop the brand value law firm need to rely on AI-based legal solutions and platform and tech-savvy lawyers. On the other end law firms also need to organize more and more conferences and make their appearance on cross border seminar and workshops. Artificial Intelligence is not the replacement of a lawyer? Nowadays there is a burning question among the lawyers that whether Introduction of Artificial Intelligence in legal sector would replace the lawyer and legal analyst or the AI-based solutions and platform would increase the efficiency and productivity of Firms and Lawyers.The legal sector has seen the introduction of many new solutions where technology has improved the efficiency of lawyers, contract analysis, trademark search software, legal research software and much more. However, none of the AI-based software or program target to take a lawyer’s job and all the IA based software and programmes are increasing the authenticity, accuracy of research and analysis and the same are more result oriented now.The legal profession is highly driven by analysis, decision making, and representation which cannot be automated. AI-based software and programmes can reduce a lawyer’s time and effort considerably and can help the lawyers and firms give a more authentic and result oriented suggestion to their clients.The legal industry is still developing in India and looking forward to more IA based and automated assisting tools and software. However, these IA-based and automated assisting tools and software are not going to replace the lawyer’s job where analysis, decision making and stratification is required but would actually make them more efficient & competent while automating various clerical tasks. Areas where Artificial Intelligence are helping the legal industry It is believed that artificial intelligence has great scope for Indian Legal Sector and a combination of artificial intelligence and law will witness immense growth in the near future. Currently, there are many fields or arena in which artificial intelligence in law is proving to be useful these are as follows:Due Diligence -To review a contract, conduct legal research or performing electronic discovery functions to do due diligence, AI legal software are proving to be helpful and time effective.Prediction Technology- Artificial intelligence legal software also predicts the probable outcome of the cases being adjudicated before the Court of Law.Legal Analytics- Artificial Intelligence provides for the data points from past case laws, and also provides judgements and precedent law to be used by lawyers in their present cases.Automation of Documentation- By just submitting the required documents which you wish to incorporate in your legal document get your documents ready within minutes.Intellectual Property- Tools of artificial intelligence helps in providing the insights into the IP portfolios i.e. search and registration of a trademark, Patent, Copyrights etc.Electronic Billing- Artificial intelligence legal software also helps the lawyer and Firms in preparing the invoices as per the work done by them. It makes for accurate billing for the work done by a lawyer. Thus, helps both lawyers and clients. Artificial Intelligence’s Contribution To Human Productivity: Boon Or Bane? There is a wrong assumption among the lawyers and Law Firms that Artificial Intelligence or Machine Learning is a threat to their existence, or put simply, that Artificial Intelligence is going to replace Lawyers. The evidence, from other industries and verticals such as e-commerce, healthcare and accounting is that Artificial Intelligence will only enable lawyers and law firms to do more with less, to become way more productive than their predecessors.I hope that the use of Artificial Intelligence would start from what is traditionally known as the “Bar” and then shall extend itself to the “Bench” wherein even Judges could utilize the power of NLP Summarisation to gather the sum of the contentions of both parties Judges could quickly deduce which part contains merit as per the Acts/Statutes and the latest case laws on the subject of law pertaining to the dispute.Based on the above discussion I don’t find a single reason for which Artificial Intelligence is going to take over the jobs of professionals. In fact, IA based program will make the professionals more productive, efficient, better, more accurate and output focused.
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