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8TH RMLNLU INTERNATIONAL LEGAL ESSAY WRITING COMPETITION & CONFERENCE ON FINANCIAL REGULATORY LAWS

INTRODUCTION

The Journal Committee (“Committee”) at Dr. Ram Manohar Lohiya National
Law University, Lucknow, in collaboration with Regstreet Law Advisors, is
organising 8th edition of the RMLNLU International Legal Essay Writing
Competition (“RILEC”) along with RMLNLU-Regstreet Law Advisors
Conference on Financial Regulatory law on 14 March, 2021.

ABOUT RILEC

Since its inception in 2013, RILEC has expanded to greater horizons and
today it is an internationally anticipated event. Every year, the Committee
labours to promote legal scholarship. We provide intellectually challenging
and contemporarily relevant themes for the legal fraternity to research and
write on. During the course of our journey, we have covered numerous
themes of law ranging from Taxation to International Trade Law.
RMLNLU Legal Essay Writing Competition 2019 was the 7th edition of
RMLNLU’s flagship essay writing event conducted in collaboration with the
Centre for Trade and Investment Law (“CTIL”), Indian Institute of Foreign
Trade. This competition had International Trade Law as its main theme and
various sub-themes which covered a wide range of issues of contemporary
relevance and the competition received numerous outstanding entries. After
intense review procedure conducted jointly by the Journal Committee and
CTIL, top 3 participants were invited to present their essay in front of a panel
which comprised members from CTIL.


The esteemed judges decided to crown Mohit Turakhia and Tanvi Chavan
from VKM’s Pravin Gandhi College of Law, Mumbai University as the winner.
Mustafa Mubarak Pathan from Dayanand College of Law, Latur,
Maharashtra was declared as runner-up. Pranav Narang from Jindal Global
Law School, Sonipat secured third position in the competition.
The competition certainly augmented the knowledge of many and was
successful in its endeavour. Thus, the intention behind organising such an
event paid off in the form of increased acuity in the particular field of law and
fresh perspectives of prospective lawyers in delving with the issues of
current relevance.

ABOUT RMLNLU

Dr. Ram Manohar Lohiya National Law University, was established in 2006
to meet up the new challenges in legal field and to strengthen the vision that
was given by the establishment of first National Law School of the country.
The University is committed to provide excellent infrastructural facilities and
environment to advance and disseminate learning and knowledge of law and
legal process. The University aims to develop in the students and research
scholars a sense of responsibilities to serve the society in the field of law by
developing skills in advocacy, judicial and legal services, legislation and the
like.

ABOUT REGSTREET LAW ADVISORY

Regstreet Law Advisors is a niche corporate and financial sector regulatory
law firm which provides legal solutions in the regulatory space of SEBI,
IRDAI, IBBI, RBI, PFRDA and their Appellate Tribunals or Courts.
The firm’s focus areas extend from advice relating to regulatory issues,
corporate advisory to litigation. The firm is sought after by corporates and
promoters for assistance in the areas of statutory and regulatory compliance,
internal investigations and board room consultations. The firm also supports
various foreign investors in navigating the regulatory and legal framework in
India. The firm’s corporate practice includes drafting, vetting and negotiating
various commercial contracts.


Regstreet has represented a variety of clients; including India’s Insurance
Regulator– IRDAI, the first Information Utility of India (NeSL), numerous
listed companies along with their promoters and directors, stock and
commodity exchanges (BSE, NCDEX, etc.), Stock Brokers, Depository
Participants, Financial Institutions, NBFCs, AIFs, FPIs, Insurers, Reinsurers,
Repositories, Merchant Bankers, Brokers, Mutual Funds, Corporate
Insurance Agents, Aggregators, Pension Fund Managers, Custodians and
other intermediaries before regulators, governmental authorities and judicial
fora.

ABOUT JOURNAL COMMITTEE

The Journal Committee has been constituted with the objective of promoting
legal research and writing. The RMLNLU Law Review is the annual peer reviewed law journal of the committee, which runs parallel to the RMLNLU
Journal on CMET (Communication, Media, Entertainment, and Technology)
Law. Both these journals publish articles, essays, case note/comments and
book reviews from contributors all over the world. To encourage legal
research writing in field of law, the Committee also organises Dr. RMLNLU
International Legal Essay Writing Competition inviting entries on specific
themes. The RMLNLU Law Review Blog is another such initiative of the
Committee which provides a platform for people in the field to express their
opinions on contemporary legal issues.

THEMES AND SUB THEMES

This year the Committee is inviting original submissions from authors
in the form of essays falling within the indicated contours of the theme
of the virtual conference – “Financial Regulatory Laws”. The list of the
indicated sub-themes is given below to aid the participants:


REGULATORY HURDLES TO THE GROWTH OF A SUCCESSFUL IFSC
IN INDIA

International Financial Services Centre (“IFSC”) is a dedicated hub of
financial services participants within a country, which has laws and
regulations different from the rest of the country. An IFSC allows overseas
financial institutions and overseas branches/subsidiaries of Indian financial
institutions to operate within India and cater to customers outside the
jurisdictions of India. This is achieved only when the IFSC provide favourable
regulatory regimes and business environment to investors and financial
institutions. Participants may analyse the importance of IFSC and the
regulatory hurdles to their growth in India.


FINANCIAL REGULATIONS AND THE INNOVATION IN FINTECH
Fintech has seen tremendous growth and innovation in past few years all
around the world. Regulatory and compliance standards vary across
countries and are closely interlinked with the innovations in the sector.
Higher regulatory standards increase the operative costs for the enterprises
thus reducing the potential for innovation. While less restrictive and
innovation friendly approaches like regulatory sandbox help in bringing
growth to the sector. Participants may analyse the regulatory framework for
fintech and its impact on the innovation in the sector.


DIRECT OVERSEAS LISTING
The government has proposed to allow a certain class of companies to list
directly in foreign jurisdictions, allowing them to raise capital. Actual
implementation of the policy would require amendment to several laws and
regulations. This is a shift from the earlier policy of allowing access only
through depository receipts or by listing the debt securities on foreign
markets. The participants may discuss the proposed framework and its
importance for the Indian companies in raising capital. The participants may
also explore the regulatory difficulties to be faced by the Indian companies
while listing in foreign jurisdictions.


RESOLUTION OF FINANCIAL FIRMS
Health of a financial firm is important for integrity, stability and resilience of
the financial system. But in spite of the heavy regulations, financial firms fail
causing huge disruption in the market. India currently lacks a comprehensive
system for resolution of such firms. The Financial Resolution and Deposit
Insurance Bill was introduced in the parliament to fill the lacunae but was
withdrawn in August 2018. Government, later, extended the Insolvency and
Bankruptcy Code (“IBC”) framework for resolution of bigger NBFCs and
HFCs. IBC is primarily for resolving corporate and personal insolvencies and
is not believed to be the best suited approach for resolving financial firms.
Participants may analyse the present framework and compare with the
existing one in other jurisdictions.

ANALYSIS OF THE STOCK EXCHANGE RESPONSES TO CURB THE
PANDEMIC CAUSED VOLATILITY

The economic crisis caused by COVID-19 triggered numerous regulatory
reactions in the stock exchanges across the world. The regulators such as
SEBI, SEC etc were required to respond quickly in order to curb the prevailing
uncertainties. This led to various regulatory changes including but not limited
to short selling. The participants may do a comparative analysis of the
response of the major regulators all over the world to suggest the best
practices along with the suggestions to tackle such a situation in future.

SOCIAL STOCK EXCHANGE

An SSE allows the listing of non-profit or non-government organisations on
stock exchanges, providing them with an alternative fund-raising structure. It
may be listed on BSE or NSE. Countries like the UK, Canada and Brazil have
SSEs. The Social Stock Exchange report, prepared by a SEBI-appointed
Working Group, envisions a paradigm shift for the social sector ecosystem
and especially for non-profit organisations. The key objective of such an
exchange will be to unlock large pools of capital and their channeling through
scalable instruments and structures to NPOs. The participants may discuss
the need for SSE in India and analyse the proposed framework. Participants
may also draw a comparison with the standard practices and laws existing in
other countries to suggest the changes in India for an effective
implementation of SSE.
TRADING MEMBER DEFAULT
In the simplest terms a Trading Member default occurs if a trading member
fails to meet an obligation to another Trading Member or constituent arising
out of Exchange transactions. In such situation the relevant authority may
order a Trading Member to be declared a defaulter. In recent times, the
market has been shaken by big ticket trading defaults by entities like Karvy,
Anugrah, IndiaNivesh and the now infamous National Sports Exchange
Limited (NSEL) scam. This led to the SEBI recently issuing a whole new raft
of Standard Operating Procedures (SOPs) to tackle the issue of trading
member defaults and prevent further losses. However, questions have been
raised regarding the efficacy of these new guidelines and there are concerns
that there still linger loopholes to allow for another upcoming default or
infamous scam. Participants may explore the efficacy of the introduced SOPs
and analyse whether they are truly enough to keep the spectre of trading
member defaults at bay.

ELIGIBILITY

Authors must be pursuing their 5-year integrated LL.B. (Hons.) course / 3
year LL.B. course / LL.M. from any recognised university in India and
equivalent law degree, abroad for the academic year of 2020-2021, to be
eligible to participate in the Competition.

STRUCTURE

All entries will be judged and ranked by the Regstreet Law Advisors and
Journal Committee. The last date for submission is 17 January 2021. A
maximum of top five entries will be selected for the virtual conference to be
organised on 14 March 2021. The participants may adopt any suitable
means for presenting the papers including audio-visual aids, such as
PowerPoint presentation.

PRIZES

The selected entries will be considered for publication in the next issue of
RMLNLU Law Review Journal & the RMLNLU Law Review Blog. The top
three essays will be conferred with rewards.

  • Winner – INR 15,000
  • First Runner-up – INR 10,000
  • Second Runner-up – INR 5,000

Top three entries will be receiving a ‘certificate of achievement’ and an

opportunity to intern at Regstreet Law Advisors.

A ‘certificate of merit’ shall be provided to the selected entries.

Selected entries will get an opportunity to be considered for publication in

the next issue of the RMLNLU Law Review Journal & the RMLNLU Law

Review Blog.

All participants shall be receiving a ‘certificate of participation’.

PARTICIPATION GUIDELINES

Co-authorship of entries (maximum two) among individuals from the same or
different institutions is allowed. Multiple entries from same authors are not
allowed. A participant may submit an entry related to ONE sub-theme ONLY.
One may not juxtapose sub-themes in an entry. Entries should be original,
unpublished and non-plagiarised.

SUBMISSION GUIDELINES

Participants are requested to adhere to the following submission guidelines:
• Word Limit for the Competition: 4000-4500 words (excluding footnotes).
• Individual Attachments: Name; contact details; current academic status
(Year, University etc.); undertaking as to guarantee of originality.
• Formatting specifications:

Font and size for the essay: Times New Roman | 12

Font and size for footnotes: Times New Roman | 10

Line spacing: 1.5
• Citation Style: Uniform style of citation should be followed throughout the
essay.
• The file name must consist only of the author’s name.
• Entries should be emailed to rilec.rmlnlu@gmail.com under the subject title
“Entry for 8th RILEC – [Name(s) of Author(s)]” in Microsoft Word (.doc or
.docx) format.
• The last date for the submission of soft copies is 17th January, 2021.
• Any queries relating to the essay competition should be addressed to
rilec.rmlnlu@gmail.com.

MISCELLANEOUS RULES


• The copyright for all entries shall vest with the organisers who herewith
reserve the right to modify, postpone or defer the competition and its
adjudication indefinitely as and when exigencies of an unforeseen nature
may arise.
• Any attempt, direct or indirect, to contact the panel of judges will be met
with the immediate disqualification of the relevant entry.
• Any indication of author’s name or university in the entry shall lead to
immediate disqualification from the competition.

CONTACT


Email us at: rilec.rmlnlu@gmail.com
For more details, visit: www.facebook.com/RMLNLURILEC
You may also reach us through the phone.
Agrima Gupta: +91 9810373335
Harshit Agrawal: +91 9425429954
Anmol Adhrit: +91 8825314318

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