About the Book: Capital Markets and Securities Laws
Prior to the initiation of financial reforms in the early 1990s, capital market
structure in India was subject to several controls and opaque procedures. The
trading and settlement system was outdated and not in tune with international
practices. Raising of capital from the market was regulated by the Capital
Issues (Control) Act, 1947 which was administered by the Controller of Capital
Issues (CCIs) in the Ministry of Finance, Government of India. The scheme of
controls under the Act required all the companies to obtain prior consent for
issue of capital to the public. Pricing as well as the