Month: July 2021

The High Court of Gujarat invites On-line Applications from eligible Candidates with a Degree in Law, for filling up, 16 Vacancies for the posts of Legal Assistant, on the establishment of the High Court of Gujarat, on a Fixed Remuneration of Rs.20,000/- p.m., purely on adhoc and contractual basis, initially for a period of 11 months, extendable on periodical basis, upto a maximum period of 3 Years, subject to the approval of the Honourable the Chief Justice.

Important Dates

Starting date for submission of On-line Application: 26/07/2021 (12.00 Hrs)

Closing date for submission of On-line Application: 10/08/2021 (23.59 Hrs.)

Tentative Date of Written Test (Objective Type – MCQs): 03/10/2021

Viva-voce Test (Oral Interview): Month of November/December – 2021

ELIGIBILITY CRITERIA

[as on Last Date of submitting of ‘On-line Application’, i.e. 10/08/2021]
Candidates having the below-mentioned criteria be treated as eligible, to apply:-

(a) Age-limit

A Candidate for Appointment to the said Post, shall not be less than 18 years and not more than 35 years of age, as on
Last Date of submitting of ‘On-line Application, i.e. 10/08/2021, i.e. Candidates born between 10/08/1986 & 10/08/2003, shall be eligible to apply.

(b) Educational Qualifications

Degree in Law from any University in India or any Institution recognized by the University Grants Commission.
Candidates studying in the Fifth Year of a Five Year Law Course, can also apply for the said Post, and their final
selection would be subject to their passing of the Fifth Year examination of LL.B., prior to their Appointment.

(c) Basic Knowledge of Computer Application / Operation.

(d) Acquaintance of vernacular Language.

Note : It may be noted by all concerned that the existing Legal Assistants would neither be eligible nor required to appear in the selection process.

2. RESERVATION

Reservation policy shall not apply, as the Appointments are on Contractual Basis.

3. Tenure

(a) Legal Assistants shall be appointed initially for a period of 11 months, and their tenure may be extended upto a maximum period of 3 Years, upon recommendation of the Hon’ble Judge concerned, subject to the approval of the Honourable the Chief Justice and such engagement shall in no case be extended beyond a period of 3 Years.

(b) The appointment may be terminated by either side by giving one-month notice, or one month salary in lieu thereof, which requirement may be waived by the other side. Provided that appointment of Legal Assistants shall be liable to be terminated at any time by the High Court of Gujarat, without notice or any compensation if his/her services are found to be unsatisfactory or if he/she violates any of the Rules.

4. Remuneration

The Candidates selected are presently entitled to draw a Fixed Remuneration of Rs. 20,000/- per month, as stipulated in the Legal Department’s Resolution No. HCT/102004/4015/D, dated 16/07/2018 of the Government of Gujarat

Application Fee & Mode of Payment

All Candidates shall be required to pay Fees of ₨.500/- plus the usual Bank Charges via “Print Application / Pay Fee” Button through SBI e-Pay, provided on the webpage of HCOJAS Portal – https://hc-ojas.gujarat.gov.in.

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ABSTRACT: In recent times, there have been significant changes and the rise of different competitive practices in countries across the world. Because of the never-ending competition, unfriendly results are most likely to appear. These repercussions are not only restricted to the market stakeholders but also to the consumers. To handle this issue, the implementation of Competition laws is the best appropriate response. Thinking about the customer needs and irregular activities faced by them in financial terms, education levels, bargaining power, there are different rules that have been made in encouragement of consumer protection.

INTRODUCTION

The serious issue emerges when the impacts of such competition become non-quantifiable and non-obvious. Until the end part of 1970s, there was no systematic approach with respect to the implementation of consumer protection. In the new consumer-friendly environment, it is recognized that the actual indicator of a nation’s turn of events is the degree of consumer awareness and protection in the region. The variables that have prompted an increase in the requirement for consumer security are multi-fold. These variables include production and conveyance framework, more prominent degrees of selling, marketing, time management, reduction in gap between the consumers and sellers. The whole scenario can be pit down under the umbrella of ‘sustainable consumption’. The situation so created has really helped the developing nations to restructure their consumer protection policies. 

Implementation of Consumer protection through Competition laws

The consumers are always suffering at the hands of the producers because both of them have not being able to get along since time immemorial. Competition Law, in this way, confines the producers from manhandling the current advantageous position of theirs on the lookout. The Supreme Court of India has seen that the principle objective of Competition law is to utilize competition as an instrument to advance monetary efficiencies and help with making the market as receptive to purchaser inclinations.

Utilizing Competition as an apparatus bears the accompanying advantages for the customers: 

It is a method for bringing down costs and working on quality. Consumer costs get lessened down so that with a superior level of competition, the usefulness of the industries increases. Consumer cost reduces as well as the employment increases. 

 It helps the market of the consumer to strengthen. The main factor behind such strength is the presence of elements like the level of consumer protection, freedom of individual decision making and decentralized system of financial activity across the nation. 

By establishing the above-mentioned goals, the process of implementation of consumer protection gets sped up. It has been seen that there is a relationship between consumer protection policy on one hand and competition law strategy on the other hand. A viable and productive competition law strategy whenever carried out in an appropriate way can diminish the quantity of exchange obstructions on import and export. Such decrease in obstructions can help in making the market climate more favourable for advancing business as well as for little and medium scale undertakings to accelerate their development. Competition law policy targets to keep up with the ambit and interaction of competition between different undertakings and furthermore accommodate solutions for social and underlying issues so competition can be restored on the lookout. In the event that all the previously mentioned targets are met, benefits like more prominent monetary productivity, higher advancement, and upgrade of customer government assistance can be accomplished.

In the Indian matrix, alongside the Competition Act, it was proposed in the Tenth Five-year plan that a National Competition strategy ought to likewise be explained. This National Competition Policy would mirror the country’s requirement for sped up financial development and improvement in the personal satisfaction of individuals, the country’s picture and confidence, and so forth It was additionally advanced that the National Competition Policy would help in achieving a cutthroat culture among different associations, in this way amplifying monetary productivity, ensuring customer interests, and working on global seriousness.

Ethical-Analysis of Relationship between Competition Policies and Consumer Protection

One can better comprehend the significance of consumer welfare– an ultimate goal for both the competition strategy and consumer protection policy, by looking at the United Nations Guidelines for Consumer Protection received by the UN General Assembly in 1985 and amended in 1999. These rules address a worldwide arrangement structure for governments to use to create and reinforce consumer protection policy and enactment pointed toward advancing consumer welfare. 

The UN Guidelines call upon governments to create, reinforce and keep a solid consumer welfare strategy and accommodate improved security of customers by articulating different policies and measures around eight subjects (UNCTAD, 2001).

• Physical security 
• Economic interests, 
• Standards 
• Essential labor and products 
• Redress 
• Education and data 
• Specific regions concerning wellbeing 
• Sustainable utilization 

The Guidelines have verifiably perceived eight consumer rights, which were made expressly in the Charter of Consumers International as follows: 

• Right to basic needs
• Right to safety
• Right to choice 
• Right to redress 
• Right to information 
• Right to consumer education 
• Right to representation 
• Right to a healthy environment 

These rights can be utilized as standards for evaluating the consumer welfare implications of competition strategy and law and to perceive how they help or prevent the advancement of these rights.

Provisions under Competition Act that Enforce Consumer Protection

Explicitly, the Competition Act, 2002 offers insurance to the consumers via Section 4, where it is perceived that an enterprise or group will be classified as abusing its prevailing position in the event that it restricts or confines specialized or logical improvement identifying with merchandise or administrations to the bias of customers.

Definition of the dominant situation of a firm or undertaking is checked by different variables. Among the other remaining variables, it is characterized as a position of strength enjoyed by a venture, in the relevant market in India, which empowers it to influence its purchasers or the pertinent market in support. 

As indicated by Section 18 of the Act, the Competition Commission of India has the ability to make a suo moto move to dispose of practices having a negative consequence on competition, advance and support competition, secure the interests of buyers and guarantee opportunity of exchange carried on by different members, in business sectors in India.

As indicated by Section 19(4), among different components, predominant position is additionally controlled by the reliance of purchasers on the enterprise and entry barriers including administrative hindrances, financial risk, high capital expense of barrier, marketing entry barriers, technical barriers, economies of scale, high cost of substitutable goods or service for consumers. Section 19(6) and 19(7), the significant topographical market and product market are controlled by the numerous variables. One of the main considerations among all others is consumer inclinations.

Protection from the Unfair Trade Practices and Restrictive Trade Practices to Customers

The Competition Act, 2002 doesn’t perceive unfair trade practices. Such practices have been perceived in the Consumer Protection Act, 1986, and any individual found in repudiation of such arrangements is punished. Be that as it may, the Competition Act, 2002 perceives the Restrictive Trade Practices. A Restrictive Trade Practices is characterized as one which has the capability of bearing impacts, for example, forestalling, mutilating, or confining competition. Specifically, any trade practice that hinders the progression of capital or assets into the flood of creation can be named as Restrictive Trade Practice. Instances of such practices incorporate value control, the inconvenience of such conditions on the conveyance or supply of products that have an impact of forcing inappropriate expenses and limitations, and so on and so forth.

Consumer issues and competition law strategies go hand-in-hand

Nations that have consumer protection and competition laws will have establishments to manage their application. Furthermore, these organizations should be well-resourced to have the option to perform their job viably. 

The degree of competition in a market may influence the degree of consumer protection required. In the event that a competitive market is viewed as conveying decisions with respect to costs and quality, regulatory interventions for the benefit of consumers should be implemented, so that there is little or negative impact on the competitive process.

In this manner, in a world of borderless business sectors, Governments are confronted with inquiries concerning how best to ensure their consumers without repressing the development of the advancing worldwide commercial centre. 

Fraudulent operators are exploiting the novelty of electronic media and their advertising capacities to reach a large number of consumers around the world.  Cooperative law implementation, combined with business and buyer schooling about the dangers of false conduct and how customers can best secure themselves is ending up being a powerful consumer protection methodology against extortion.

Governments, the private sector and customer agents should attempt to guarantee that business exercises conducted over global networks are basically steady with the successful execution of the United Nations Guidelines for Consumer Protection. 

Countless developing nations have embraced regulatory reforms pointed toward guaranteeing that the guidelines better serve public interests and build up competition in the marketplace.  Competition agencies are similarly influenced by the regulatory reforms and many have played and keep on performing significant role in consumer protection and regulatory reforms.

CONCLUSION

Globalization and the fast speed of technological advancement in administrations and buyer items make it hard to expect all the potential customer insurance issues and their answers. This requires constant observing of consumer protection policies by local authorities. Nonetheless, organizations likewise have a personal stake in assisting with establishing and advance a protected climate for customers. Self-administrative endeavors may offer probably the most encouraging roads for customer insurance. 

Businesses and consumer groups can cooperate to create and carry out voluntary self-regulatory codes that build up effective and enforceable buyer security instruments. This could go far towards building buyer certainty and trust. Both legislative and non-administrative associations can work with the advancement of wilful self-administrative purchaser assurance codes and drives by giving direction to the fundamental components of worldwide buyer security on the web. Additionally, Governments can help by implementing laws that help private-area endeavours to ensure customers through self-administrative codes.

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The Cinematograph Act, 1952

The Cinematograph Act 1952 is an enabling act that gives powers to CBFC (Central Board of Film Certification) to censor, advise, examine and provide certificates to films for public exhibition. It defines all the powers of delegation of the board, power to direct exhibition of films for examination, advisory panel, members, etc. It also grants licenses and has the power to revoke licenses, exemption in certain cases are some of its discretionary power. The central government exercises a significant amount of control within the board. The central government can review orders and has revisional powers. These powers are derived by the central government from this act. Now with the amendment of this Bill the central government’s powers have further escalated. 

The Cinematograph (Amendment) Bill, 2021

The Cinematograph Amendment Bill was introduced to further regulate certifications given to films and these newly added certifications are made more age-specific. The purpose is to aware the viewer of the universality of the film. They also make certain amendments to curb the piracy of films because of which filmmakers have to bear losses. Piracy is illegal and this bill makes it even more stringent and a punishable offence. 

The ministry of information and broadcasting formed an expert committee in 2016 under the chairmanship of Shree Shyam Benegal and based on their recommendations Cinematograph amendment bill 2021 is prepared. 

Certification of films under ‘unrestricted public exhibition’ is proposed to be amended and further subdivide the existing UA category to UA 7+, UA 13+ and UA 16+. New section 6AA and 1A subsection under sec. 7 of the existing act are added. Under Sec. 5A subsection 3 has been amended to increase the validity of certificate issued by the board to perpetuity from the earlier 10 yrs. The central government is given additional powers by amending sub-sec. 1 of sec. 6. The central government under the new bill is given powers to reverse the decisions of the board. This decision comes from the earlier supreme court decision, where it had said that the government may make certain amendments in the cinematography act 1952 and the judicial precedents will not be held valid after such codification. This introduction of a new section comes in conformity with Article 19 (2) which imposes reasonable restrictions upon freedom of speech and expression. 

Piracy has become one of the major concerns particularly pirated versions of films on the internet causes huge losses to the film industry and government exchequer. The present act only talks about licensing, licensing authority, revocation of licenses. This is the closest present applicable act that regulates piracy. At present, there are no enabling provisions to check film piracy under Cinematography Act 1952. This led to the insertion of sec. 6AA which prohibits unauthorized recording. Sec. 7 (1)(A) of the amended act provides for penalty for contravention in Sec. 6AA, which could extend up to 3 yrs. of imprisonment and fine for a minimum of 3 lakhs INR and/or both. 

Criticisms of the Bill 

This bill has received a reasonable amount of backlash and criticism from filmmakers and actors. Especially the part which gives power to the central government to reverse the board’s decision. This gives the government more power than the CBFC. Censorship might be difficult according to filmmakers and would not save the hardship of directors and producers to get their projects certified under the earlier UA which covered a wide ambit. This new draft has been put up by the Ministry of Information and Broadcasting before the public to invite new opinions and recommendations of the public for the bill. The government’s main focus for this bill is to streamline the old Cinematography Act, 1952 with the new Information Technology Act which also regulates films and film series released in the OTT (Over the top) platforms. The introduction of new certification of UA 7+ and so on suggests such kind of streamlining. 

There is also a criticism of the new bill to destabilize the role of the apex body for film certification in India i.e. the CBFC. As the government can anytime reverse the decision of CBFC and the certification granted by the CBFC can be revoked by the central government which puts CBFC is a vulnerable position. Eminent filmmakers and actors have drafted an open letter to the government seeking changes in the new bill. These eminent personalities include Farhan Akhtar, Shilpi Gulati and many more. In their letter some logical points were raised as to the constitutionality of the new bill. Firstly the new bill defeats the direction of supreme court’s judgement, secondly it restricts CBFC’s working and value of its certification. The sole purpose for the establishment of CBFC was to provide certification to the films and this primary function will not be fully exercised by the CBFC if this bill is passed and comes into force.  Granting the union government more power than the constitutional body seems to be out of context by many filmmakers and people related to this field.   

Some points go in the favour of this new bill such as addressing piracy and penalising it, certifying films for eternity and not just for 10 years which was the case earlier. 

This article is written by Aakarsh Chandranahu Alliance School of Law

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INTRODUCTION

A much unconventional investment, such as stocks, bonds, or cash, is often categorized as an alternative investment. These are privately pooled funds that invest in venture capital, private equity, hedge funds, infrastructure, and other types of investments that form public equities or debt securities. Because of their complexity, lack of liquidity, and limited rules, the majority of alternative investment assets are owned by institutional investors or accredited, high-net-worth individuals. There are approximately 700 AIFs now, with over Rs 4 trillion in assets under management, representing a 15 times increase since 2015. For international investors anticipating double-digit returns, India has the mushrooming background of the favoured investment destination. During the first nine months of FY 2020-21, India received the biggest ever FDI influx of about $70 billion due to the adoption of investment vehicles AIF as a financial instrument.

What is an Alternative Investment Fund?

Alternative Investment Funds defined by Regulation 2(b) of Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 as any fund created or incorporated in India in the form of a trust, a company, a limited liability partnership, or a body corporate which;

• is a privately pooled investment vehicle that collects funds from Indian and overseas investors and invests them according to a defined investment policy for the benefit of its investors; and
• are not covered under the SEBI (Mutual Funds) Regulations, 1996, SEBI (Collective Investment Schemes) Regulations, 1999, or any other Board regulations governing fund management operations.

The following investments are exempted from the purview of Alternative Investment Funds; namely, they are;

• According to the Companies Act of 1956, family trusts established for the benefit of “relatives”;
• ESOP Trusts established in accordance with the Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, or as approved by the Companies Act, 1956;
• Employee welfare trusts, or gratuity trusts, are trusts established for the benefit of employees;
• Holding companies, as defined by Section 4 of the Companies Act of 1956;
• Other special purpose vehicles not established by fund managers, including securitization trusts which are governed by a separate regulatory framework;
• Funds maintained by a securitization or reconstruction firm that has been registered with the Reserve Bank of India under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002;
• Any other pool of funds in India that is directly regulated by another authority;

Categorization of Alternative Investment Funds

Securities Exchange Board of India has classified Alternative Investment Funds (AIF) broadly into 3 categories as;

1. Category I

These are the AIFs that are helpful to the Indian economy and help to boost growth. As a result, SEBI or the Indian government provides incentives or concessions to these funds. These funds often invest in start-ups, early-stage businesses, social initiatives, SMEs, infrastructure, and other areas that are deemed socially or economically vital for the country. Because these initiatives have a multiplier effect on the economy in terms of growth and job generation, the government encourages and incentivizes investment in them. These funds have provided a lifeline for already successful businesses in need of funding.

Some comprehensive classification of Category I funds are;

• Venture Capital Funds

A venture capital fund is a form of investment fund that makes investments in early-stage startup firms with high return potential but significant risk. A venture capital firm manages the fund, and the investors are often institutions or high-net-worth individuals. VCFs aggregate money from investors who wish to engage in companies as equity partners. They invest in a variety of companies based on their company characteristics, asset size, and product development stage.

• Social Venture Fund

Social venture capital funds support firms that have a beneficial impact on people while still providing acceptable returns to investors. Because the fund manager is obliged to analyze the social value generated by the firms, they are frequently referred to as impact funds. Financial inclusion, affordable healthcare, renewable energy, education, and agriculture are among the topics that social venture capital firms in India invest in. These funds provide money to early-stage start-ups in this industry. They give initial funding as well as operational and technical assistance to help start-ups establish their businesses and establish governance and compliance systems. A social venture capital fund must invest at least 75% of its assets in firms that have a beneficial impact on society, according to SEBI guidelines.

• Angel Funds

Angel funds invest in startups and early-stage enterprises, providing cash to help them grow. Angel investment is far riskier than debt funding since, unlike a loan, invested cash is not required to be repaid if the firm fails. Angel funds must accept an investment of not less than Rs. 25 lakh from an angel investor for a period of up to three years.

These requirements apply to an AIF or a VCF registered under the SEBI (Venture Capital Funds) Regulations, 1996.

2. CATEGORY II

All funds that aren’t classified as category I or III by SEBI are classified as category II. Funds that invest in private equity – PE funds, particularly Real Estate PE funds usually decrease risk by providing diverse investment portfolios managed by competent fund managers. By offering an alternate investment asset class, it provides the dual advantage of a defensive investment option as well as a hedging tool. The government offers no incentives or concessions for investing in these funds.

Some types of Category II funds are;

• Private Equity Fund

A private equity fund is a type of collective investment scheme that invests in a variety of equities and debt securities. They’re often run by a corporation or a limited liability partnership. Such funds’ duration (investment horizon) might range from 5 to 10 years, with the option of an annual extension. The most distinguishing characteristic of private equity funds is that the money pooled for fund investment is not traded on the stock exchange and is not available for subscription to the public. PE funds invest in private companies that are not publicly traded and take a stake in them. Because unlisted private enterprises are unable to raise cash through the issuing of equity or debt instruments, they turn to PE funds for help.

• Debt Fund

The debt market is made up of a variety of instruments that make it easier to purchase and sell loans in exchange for interest. Many investors with a lower risk tolerance prefer debt instruments because they are considered to be less dangerous than equity investments. Treasury bills, corporate bonds, commercial papers, government securities, and a variety of other money market instruments are among the securities that debt funds invest in. The term “fixed-income securities” refers to financial products that have a predetermined maturity date and interest rate that the buyer can earn at that time.

3. CATEGORY III

Category III AIFs are a special type of privately pooled fund that generates profits using a variety of complex trading methods such as arbitrage, margin trading, futures, and derivatives trading, etc. To attain their aim of short-term wealth appreciation, they use a variety of complicated and diversified trading methods. The government does not offer any special incentives or concessions for investing in these Category III funds.

• Hedge Funds

Hedge funds are private investment partnerships and capital pools that employ a variety of proprietary methods and invest in or trade complicated products such as listed and unlisted derivatives. Hedge Funds are not required to register with a securities authority and are exempt from reporting obligations, such as the periodic disclosure of NAVs. High-net-worth individuals (HNIs) and families, endowments, and pension funds, insurance firms, and banks are all common hedge fund investors. These funds operate as either private investment partnerships or offshore investment companies. They are, nevertheless, more expensive than other financial investment tools. Hedge funds typically charge a 2% asset management fee and retain 20% of earnings gained as a fee.

• Private Investment in Public Equity Fund

The sale of common shares to private interest groups is known as private investment in public equity (PIPE). Common shares are usually listed on the main stock exchange and are available for purchase by ordinary investors with a low capitalization. This allows the investor to purchase an interest in the company, while the company selling the stake benefits from the capital infusion.

TENURE

The tenure of a Category I fund and a Category II fund which shall be close-ended shall be set at the time of application, and such fund or schemes shall have a minimum tenure of three years.

Alternative Investment Funds in Category III may be open-ended or closed-ended.

The close-ended Alternative Investment Fund’s tenure can be extended for up to two years with the consent of two-thirds of the unitholders by the value of their investment in the Alternative Investment Fund. In the absence of unitholder permission, the Alternative Investment Fund will entirely liquidate within one year of the fund’s initial or extended tenure expiring.

Pros of Alternative Investment Funds

1. When compared to mutual funds, stocks, and bonds, these non-traditional investments give investors access to assets that are not tied to the stock market, providing diversification and perhaps higher returns.
2. Alternative investments are not linked to financial market investments; rather, they diversify a portfolio to reduce volatility. Any market-related stock is volatile, and due to inflation, hedging, and portfolio diversification, its rate of return is predicted to be higher than traditional investments.

Cons of Alternative Investment Funds

1. Alternative investments are typically private rather than public, and they are generally illiquid, which means they can be difficult to exit and the funds would be constricted for an extended period of time.
2. Alternative investments are frequently sophisticated products that necessitate additional due diligence. Institutional and high-net-worth investors were the only ones who could invest in alternative investments earlier due to the ramifications. 

Valuation of AIFs

With Category I and II AIFs, the valuation must be done at least once every six months or once a year, with at least 75% of the investors’ consent. There is a time lag between the unit holder’s promise to invest and the investment’s drawdown, which could result in a change in the portfolio firms’ valuation and, as a result, a change in the AIF’s valuation. If the AIF units are transferred inter se, they have to be sold at the Fair Market Value, which necessitates a new valuation. This raises the frequency of AIF valuations and violates the AIF requirements. Because of the high threshold for the frequency of AIF valuation, there may be delays in closure as well as increased investment costs, preventing legitimate enterprises from raising capital.

Tax Implications of AIFs

For tax purposes, funds designated as Category I or Category II are given pass-through status. This means that any profit or loss generated by these funds’ investments is allowed in the hands of the unitholder as if the investments were made directly by the unitholder. This means that there is no tax imposed on the fund level. If the fund invests in a startup and subsequently sells it for a profit, the profit incurred would be taxable.

If the fund’s income contains business income, that money is not allowed to be passed through to unitholders, and the fund must pay tax on it. The tax rate is determined by the legal form of the fund: a company pays 25% + surcharge (as of 2020 and subject to turnover limits), an LLP pays 30% + surcharge, and trust is taxed at the highest marginal rate based on income slabs.

Pass-through status has not been granted to Category III funds. As a result, a CAT III fund’s whole revenue will be taxed at the fund level. The tax rate is determined by the legal form of the fund (corporation, limited liability partnership, trust, etc.). The tax rules governing trusts are more complicated than those governing companies or limited liability partnerships.

AIFs in India

In India, AIFs are not permitted to issue public invites to subscribe to their securities. They’re held as privately pooled investment entities, and they can only raise money through private placements. By September 2020, AIFs had raised roughly USD 27.0 billion, representing a 74.4 percent CAGR from 2014 to 2020. During this time, investment commitments totaled USD 55.5 billion (65.5 percent CAGR), and AIF investments in alternative assets totaled USD 22.7 billion (75.2 percent CAGR). 

During economic downturns, cyclical difficulty in equity and bond markets has encouraged investors to seek out new assets to invest in, such as alternative classes, resulting in a rise in alternative investment adoption. AIF funds are generally subject to higher volatility, liquidity, and credit risks than traditional securities investments, which may deter investors. Investors, on the other hand, have access to a variety of products with high liquidity and low volatility. In 2021, India has already seen a record number of 12 startups achieve unicorn status. More startups are preparing for their initial public offerings (IPOs). These are all solid evidence that the Indian market is maturing and expanding with mushrooming growth.

CONCLUSION

The Alternative Investment Fund Regulations are a positive step forward since they bring transparency to the issue of regulating private pools of cash acquired locally for deployment by various types of investment funds. It will aid in the monitoring of unregulated funds, as well as the generation of fresh capital and the protection of investors. SEBI published a discussion paper on Performance Benchmarking for AIFs and Standardization of PPMs on December 04, 2019, to further bring changes in the AIF space. SEBI welcomed views from the public and other stakeholders. SEBI formalized regulations in this regard after receiving a public response on the abovementioned consultation paper and deliberations in the Alternative Investment Policy Advisory Committee (AIPAC). In February 2020, SEBI issued a circular that formalized the framework for AIF performance benchmarking. SEBI has also implemented guidelines for uniformity of PPM and audit requirements for AIFs through the circular, with few exceptions. SEBI has taken another step toward improving the AIF regulatory ecology, which is constantly changing.

REFERENCES

1. https://www.paisabazaar.com/mutual-funds/alternative-investment-fund/
2. https://www.financialexpress.com/money/what-are-alternative-investment-funds-should-hnis-invest-in-aif/2282521/
3. https://www.plindia.com/AlternativeInvestmentFunds.aspx
4. https://www.aranca.com/knowledge-library/articles/business-research/alternative-investment-funds-in-india-a-comparison-with-the-west
5. https://www.thehindubusinessline.com/markets/alternative-investment-funds-surge-in-fy21/article34852766.ece

This article is authored by Aathira Pillai a 5th year BLS LLB student of Dr. D. Y. Patil College of Law.

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The bench of justices TS Sivagnanam and S Ananthi has held that “the authorities unmindful of the heritage value of various temples had licenses and leased out the temple property as well as the programs and verandas of the temples to traders to carry on trading activity by selling articles which are unrelated and unconnected with the temple and the worshipping public. These shops have virtually become shopping centers if not shopping malls” the order stated.

The PIL petition which was moved by K Suresh who is vice president of the Dharma Sena he argued that the Kanniyakumari district temple trustee board and the Shree Parameshwara Brahmanandha Theertha Sivangal, Madathipathi of the Munchirai madam be engaged to conduct certain temple rituals for the Arulmighu Adhikesavan temple which he stated was mandated as per scriptures of the temple.

The petitioner argued that the temple is not being maintained properly and the Pooja and rituals were not being conducted regularly as per scriptures.

Further, the court observed that the Hindu Religious & Charitable Endowments Department had a duty to maintain the temple and preserve its heritage. The court also agreed to petitioner contentions made that the temples in Tamil Nadu where the Pooja are not being performed due to lack of funds.

The court expressed its inability to allow petitioner prayer and directed them to approach the appropriate forum to get his grievances addressed. The court proceeded to dispose off the writ petition.

-Report by ANAND PATIL

The Centre for Competition Law and Policy (“CCLP”), NLU Jodhpur,is pleased to invite submissions for Volume VI Issue II of Indian Competition Law Review (“ICLR”).

About the College

The University has developed a holistic approach towards understanding law and justice from a multi-disciplinary perspective. The University offers unique five year integrated undergraduate programs i.e. B.B.A., LL.B.(Hons.); B.A., LL.B.(Hons.); to generate especially skilled global legal professionals. These integrated programs offer highly comprehensive and demanding honors courses in multiple facets of law such as Constitutional Law, Business Law, Trade Law, International Law, Criminal Law, Family Law, Administrative Law, Intellectual Property Law. The University’s one year LL.M. programs in Corporate Laws, IPR and Technology Laws aim to harness young talent for reaching the pinnacle of legal perfection. The University also offers LL.D. and Ph.D. programs for students who prefer to specialize in a subject and gain a deeper insight.

Theme

Changing contours of market regulation – what lies ahead of the big antitrust investigation.

Sub-themes:

1. Navigating antitrust issues in digital markets – Regulating anti-competitive conduct of AI, intermediaries, OTT platforms.
2. Blockchain and competition regulation – Demystifying the anti-competitive nature of smart contracts.
3. Analyzing the relevance of non-price factors in determining the abuse of dominance by the CCI.
4. Competition issues in the e-commerce sector – Regulating gatekeeping, unfair contractual terms and exclusive agreements.
5. Intersection of competition law with other areas of law – navigating concurrence or any potential conflicts.
6. Way forward for anti-trust enforcement in India – Key takeaways and comparative analysis of the Indian anti-trust regime with respect to foreign jurisdictions

The last date for submission of manuscripts is September 15, 2021. Subject to the outcome of the review process, the manuscript will feature in the upcoming Issue which is scheduled for publication in November, 2021.

Eligibility and Word Limit

1. The submissions must be on any theme related to competition law.
2. The manuscript may be co-authored by a maximum of two authors.
3. The Journal accepts the following kinds of submissions:
   • Articles – 5,000 to 10,000 words.
   • Short notes – 2,500 to 5,000 words.
   • Case Comments – 1,500 to 2,500 words

These word counts are exclusive of footnotes. The Editorial Board reserves the right to increase or relax the word limit, depending on the quality of the submission.

Guidelines

1. The mail bearing the manuscript must declare, in its body, the category for which the submission is made for, i.e. article/short notes/case comment.
2. The body of the manuscript should be in Times New Roman, font size 12 with 1.5 line spacing. The footnotes should be in Times New Roman, font size 10 with single line spacing.
3. The manuscripts should be properly footnoted wherever sources are being used. The use of endnotes, hyperlinks, etc. is strictly prohibited. Further, no speaking footnotes (descriptive footnotes) are allowed.
4. All the sources in the footnotes must conform to the Oxford University Standard for the Citation of Legal Authorities (OSCOLA) 4^th ed. style of citation.
5. The manuscripts must be preceded by an abstract of not more than 250 words.
6. The manuscript must not contain any reference to the author’s name, affiliation or credentials.
7. All manuscripts must be accompanied by a cover letter with the name(s) of the author(s), institution/affiliation, the title of the manuscript, and contact details. The author must also confirm in the cover letter that the manuscript is not being considered for publication elsewhere.
8. The manuscript must be an original and unpublished work.
9. If necessary, ICLR may request the author to provide a printed copy of the manuscript, in addition to the electronic copy.

Editorial Policy

1. The submission indicates the Author(s)’ acceptance to the following conditions:
2. The ICLR follows three stages of blind peer-review procedure and shall endeavor to keep the authors informed about the status of their manuscript as it goes through each stage of review.
3. ICLR retains complete discretion over acceptance/rejection of manuscripts. The Editorial Board of ICLR shall not entertain requests for advance decisions based on abstracts, topic proposals or outlines. Editorial decisions shall be based solely on review of the final manuscripts submitted by the authors.
4. Post-review, manuscripts may be returned to the authors with suggestions related to substance and/or style. Acceptance of a manuscript for publication shall be made contingent on incorporation of such suggestions.
5. ICLR reserves the right to request copies of any resources or authorities cited in the manuscript.

Deadline & Submission Procedure

1. The last date for submission of manuscripts is September 15, 2021. Subject to the outcome of the review process, the manuscript will feature in the upcoming Issue which is scheduled for publication in November, 2021.
2. All manuscripts must be sent through email and addressed to the Editor-in-Chief at cclp@nlujodhpur.ac.in.
3. The subject of the email should be titled – “Volume VI(1)_ICLR Submission_Name of the Author(s)”.
4. The name of the document must be in the following format – “Name of the Author(s) – Title of Submission”.
5. The Authors are advised to send only one submission per author or a team of co-authors.
6. The manuscript must be submitted in a Microsoft Word (.doc/.docx) format only.

For any queries, please contact us via e-mail at cclp@nlujodhpur.ac.in.

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About the Company

Don’t let legal research taking too much time for case preparation. Juristway® is a simplified and extensive legal research resource that helps to save your precious time for legal research and gives more time to craft your case!

About the job

JuristWay

JuristWay is a simplified and extensive legal research resource that helps to save your precious time for legal research and gives more time to craft your case!

Visit our website to know more- https://www.juristway.com/

Requirement

1. Legal journalist with 0-3 year’s work experience
2. Advocate with 0-3 year’s work experience
3. CA with 0-3 year’s work experience

Scope of work

Following are the broad highlights of the assignments the selected candidates would be expected to undertake, upon association with us:

1. Analysis of the fiscal policy, trade policy, and monetary policy.
2. Analysis of the judgments and orders of the Supreme Court, various High Courts, and the Tribunals on matters primarily pertaining to taxation laws, corporate laws, and other financial laws.
3. Preparing specialized head notes of various judicial decisions, strictly based on the style and format developed by us.
4. Keeping a constant watch on the changes in the policy, for instance, changes in the Foreign Direct Investment Policy, etc., latest legal developments, issue of notifications/ Circulars/ rules/ regulations by the Ministry of Finance, Ministry of Commerce and Trade, Ministry of Corporate Affairs, etc.
5. Contribution to the website by writing well-researched articles/ columns/ papers on relevant legal and other contemporary issues, from time to time.
6. Legal reporting of the news and current affairs highlighting the legal complexities of the issues and their ramifications.
7. Constant reviewing/ monitoring of the contents uploaded on the website and keep them updated from time to time.

Skills Required

1. Candidates must be willing to associate with us on a full-time basis.
2. Candidates with prior exposure to editorial assignments will be given preference.
3. The position would primarily involve editorial assignments, therefore, the candidates are expected to possess reasonable comprehending and drafting skills.
4. Candidates must possess skills to understand the complexities in the orders of Tribunals and judgments of Courts, and thereafter capture their essence in a concise and lucid language.
5. Candidates must reflect interest to work in a wide gamut of laws, especially taxation laws and other financial laws.

Laws Involved

Taxation Laws, Corporate Laws, and other financial laws.

Location

Anywhere from India

How to Apply?

Share your resume with a cover letter, sample of case digest, and News story at kigpl2019@gmail.com

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About the Company

ADEPT is an executive search firm specialising in legal recruitments. While still a fledgling startup, we have already earned the trust of many customers thanks to our wide network in India and overseas. Having over a decade of experience in search business, with a focus on legal, FMCG, Pharma and Oil & Gas recruitments, the founder aims to: – help clients achieve higher levels of productivity with the right employees, and – help candidates make the right career choices to reach their maximum potential. Our customers know that we value our business relationships and make a special efforts to ensure that our clients benefit from our expertise. We bring in our know-how in areas such as market research, compensation structures and recruitment policies to improve our clients’ processes. This consultative approach allows us to become our customers’ external eyes and ears and thus, a trusted partner in the business.

About the job

Renowned law firm in Mumbai/ Delhi are presently hiring General Corporate lawyers.

Practice Area : General Corporate Transactional Lawyer

Designation: Principal Associate

Responsibilities:

•          Experience in Transactions – Mergers & Acquisitions / Private Equity / Venture Capital / Joint Venture.

•          Currently should be associated with Law Firm.

Location: Mumbai /

Exp – 9+ years

You can write to us at nisha.k@adeptuniverse.com / legaljobs@adeptuniverse.com

How to Apply?

https://www.linkedin.com/jobs/view/2654445571/

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About the Company

Vahura is India’s leading legal search and consulting firm. Set up by alumnus of the National Law School, Bangalore, our mission is to creatively catalyse the advancement of the legal profession.

Since 2007, when we launched India’s first legal recruitment service, we’ve helped lawyers and their teams, expand capability and grow in new directions. Our market-making services now go beyond recruitment to include Director Search, Research & Consulting, Secondments and more.

At Vahura, we take the road less travelled in entering new areas as well as reinventing established service lines.

* The market leader in Legal recruitment, Vahura is the go-to search firm for General Counsel and Partner searches in India. Team Vahura has recruited over 1300+ senior and mid-level lawyers for leading law firms, corporations, chambers and funds.
* Our venture, Counselect is pioneering legal secondment services in India. Lawyers on the Counselect panel, can be by engaged by corporates to meet project based needs. More at www.counselect.com
* ReLawnch helps women professionals, return to work after a prolonged break through flexi-work projects.
* Vahura OnBoard enables professional boards by identifying and appointing independent directors, women directors and nominee directors.
* Our Consulting group provides actionable intelligence and guides some of the top law firms and in-house legal teams on strategic areas.

* Vahura is one of the founding partners of Agami (www.agami.in), a movement to inspire and enable ideas that solve the biggest challenges in law and justice.

About the job

The ideal candidate will be responsible for loan contracts and related compliances as well as Legal proceedings. Professional will have to adhere to legal policies and processes outlined for NBFC’s regulators.

Responsibilities

• Drafting, reviewing and processing Loan agreement template designs.
• Review all types of agreements that are required for various purposes.
• Liase with Investment Managers, Risk Managers and Loan Operations Team.
• Proving support for compliance with RBI Regulations, completion of KYC and Fund and mandate restructuring.
• Support Debt Resolution processes.
• Liaising with the borrowers, notaries, service providers etc.

Qualifications

• Experience in Financial Institution, Bank, NBFC mandatory
• A law degree
• 4-7 years’ legal work experience
• Team oriented and results driven
• Excellent interpersonal skills

How to Apply?

https://www.linkedin.com/jobs/view/2654434284/

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A single-judge bench of Justice P Velmurugan of the Hon’ble Madras High Court while hearing a woman’s appeal against the acquittal of a man charged with sexually assaulting her two-year-old daughter said that the woman’s statement was recorded, and the English term “semen” was incorrectly spelled out as “semman” in Tamil which means red soil color. By taking advantage of that mistake, the accused was successful in securing acquittal in the Trial Court.

The case dates back to 2017 when the mother left her two-year-and-nine-month old daughter with a neighbor while she went grocery shopping. After shopping, when they got home, the child refused to eat and started crying, claiming she was having pain in her private parts. When the girl’s mother checked her clothes, she discovered white stains on her body and undergarments. She took her to the hospital, where it was determined that the child had been sexually assaulted.

The neighbor was charged under the Protection of Children from Sexual Offenses (POCSO) Act. Following the trial, a POCSO Court acquitted the accused citing the prosecution’s failure to prove the case beyond a reasonable doubt. However, The Police Report clearly stated that the woman said “semen” and spotted a “white color fluid” on the child’s private parts. The English word “semen” was misunderstood as “semman” in Tamil, according to the Court.

The Court observed that “The Trial Courts sometimes do not apply their minds; instead of exercising their discretionary power to order a re-investigation or to summon relevant records they only look for a proof beyond a reasonable doubt. With the exploitation of such procedural flaws, the accused gets the benefit of the doubt. In circumstances like these, a high value cannot be placed on the technical basis of proof.”

The Court, setting aside the decision of the Trial Court, held the accused guilty of section 9 of the POCSO act punishable under Section 10 of the Act. It further stated that in cases of child abuse, the onus of rebutting an accusation falls on the accused.

-Report by VANESSA RODRIGUES