Legal Management System In India

In the present modern world professional areas have intermixed. A lawyer is no more an ordinary lawyer but he must be a technology lover too. Similarly, a computer professional is no more a computer freak alone but he must be aware of the legal provisions like cyber law and cyber forensics as well. Similarly, a management professional must also possess technology and law related knowledge as well.

The concept of legal management system in India originates out of this multi discipline approach of today’s professional requirements. Scope of improvement exists in both legal and judicial system of India.

In the legal fields, legal management may be useful for lawyers, public prosecutors and law graduates to not only acquire technology related skills but also to perform their traditional works more efficiently and effectively. Perry4Law Techno Legal Base (PTLB) is providing techno legal trainings and legal management services to legal fraternity of India. It is providing trainings and education in the fields like cyber law, cyber security, cyber forensics, e-discovery, e-courts, etc.

Similarly, Perry4Law and PTLB are also catering the techno legal requirements of Indian judiciary. They provide techno legal trainings to judges and court staff so that they can effectively use ICT for day to day judicial functions. In fact, Perry4Law and PTLB manage and operate the exclusive techno legal e-courts training and consultancy centre of India.

Union Finance Minister Pranab Mukherjee has sanctioned around Rs 1000 Crore to judiciary for establishment of e-courts. Indian legal and judicial system can be greatly benefited by the legal management system model of institutions like PTLB. Let us hope Law Minister of India would think seriously about using the models suggested by PTLB.

Mergers And Acquisitions In Banking Sector Of India

Banking sector reforms in India are in the progress. Both Finance Ministry of India and Reserve Bank of India (RBI) are actively suggesting many far reaching reforms for banking and financial industry of India.

One of such reforms pertains to regulating mergers and acquisitions (M&A) pertaining to banking sector. Till now the Competition Commission of India (CCI) has a say in the M&A pertaining to banking companies.

However, with the recent proposed amendments in the Banking Regulations Act, 1949, only RBI would have power to regulate M&A pertaining to banking sector. In fact, the proposed amendments have already been approved by Cabinet of India.

Finance Minister Pranab Mukherjee has also recently said that RBI would have the final say on bank M&A. He told that banking mergers and acquisitions will not come under the purview of the Competition Act or the Companies Act.

The mergers and acquisitions of banks will now come under the purview of the Banking Regulation Act. This means M&A in banking sector would no more require the approval of the Competition Commission of India.

Wealth Management Regulations In India In Pipeline

Finance Ministry has been proposing many banking and financial sectors reforms these days. They are primarily targeted towards protecting banking and financial sector customers and investors. Of late, lots of fraudulent transactions and crimes have been committed against banking and financial sector customers and regulators have taken notice of the same.

The recent Citibank fraud came as a wake up call and the government decided to review the regulatory issues regarding wealth management and private banking services offered by the banks. A sub-committee of Financial Stability and Development Council (FSDC) has been constituted in this regard which recently met in New Delhi.

FSDC discussed the issues of wealth management services by banks. Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) may be made jointly responsible for implementing these regulations and keeping a watch for any violations. Indian government has also sought inputs from other regulatory bodies to frame a comprehensive rule-book for wealth management practices.

While the RBI and SEBI would play a dominant role, other regulators like commodity regulator FMC, insurance watchdog IRDA and pension fund regulator PFRDA would be roped in whenever necessary and needed.

The wealth management regulations of India are presently under process of being given a final touch. Financial Stability and Development Council (FSDC) is in the process of formulating final rules in this regard. FSDC is a high-level regulatory body set up in December 2010 and is chaired by Finance Minister Pranab Mukherjee. FSDC has been in favour of formulating wealth management regulations and the same have now been reiterated by its sub committee as well.

This is a good step in right direction and Finance Minister Pranab Mukherjee and RBI must be congratulated for all the good work they are doing in this regard.