Expanding the Pie and Having a Bite of It : Redistribution as a Legitimate Realm of Indian Securities Regulation
This paper is set in the backdrop of the dominant, sometimes seen as western, understanding that the realm of securities regulation is confined to the promotion and protection of allocative efficiency. Securities regulation is usually not appreciated as a legitimate tool for redistribution of wealth. The paper argues that this is ill-suited for an emerging economy such as India. The paper has both exploratory and normative aim. Descriptively, the paper explores the Indian securities regulation and finds that unlike the US, Indian securities regulation specifically deals with redistribution of wealth. The paper analyzes the concept/conception of securities regulation in the US and India and finds that Indian securities regulation is shy of merely stopping at the threshold of mandating disclosures for corporations. Normatively, the paper utilizes theories of justice and law-and-economics to argue that the imperative justification behind redistribution as a legitimate realm of Indian securities regulation has a close relationship with its stage of development. Capitalism as a model of economic development is in its nascent stage and grappling to find firm feet in Indian terra firma. A little solicitude on the part of law is not only desirable in order to legitimize capitalism at this critical juncture, but also necessary to place India firmly on the path of rapid development
Year of publication: |
[2008]
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Authors: | Singh, Rahul |
Publisher: |
[2008]: [S.l.] : SSRN |
Description of contents: | Abstract [papers.ssrn.com] |
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