Semester: VII Course: Securities and Investment Law Faculty: Dr.

Divya
Tyagi

Gujarat National Law

University
Gandhinagar, Gujarat (India)

Course Outline

of

Securities and Investment Law

For

BA/BCom/BSc/BBA/BSW, LLB

Semester: VII

Session: July – December 2022

Faculty:
Dr. Divya Tyagi
Assistant Professor of Law
Gujarat National Law University
Email: dtyagi@gnlu.ac.in
Mob: 08128657564

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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
Tyagi
Sr. No. Contents Page No.

1.0 Objectives of the course 03

2.0 Proposed teaching schedule 03

3.0 Detailed course-outline 04

4.0 Prescribed/Recommended readings 16

5.0 Teaching methodology 19

6.0 Evaluation pattern 19

Tentative dates for test/submission of project/GD,

7.0 19
etc

8.0 Important instructions to students 19

9.0 Contact hours 20

1.0 Objectives of the Course

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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
Tyagi

 
In the contemporary global financial system, Securities and Investment law occupies a pivotal
place. Development of new securities and regulation thereof present a perennial challenge for the
legal systems across the globe and keep the regulators engaged. At the same time, regulators are
entrusted with the task of overall development of securities markets by instilling confidence in the
investor through various measures aimed at their protection. India is no exception with Securities
and Exchange Board of India (SEBI) consistently engaged in developing as well as regulating
securities market.

Foreign investment has been a highly contentious global issue particularly since the latter half of the
last century. The pursuit of promotion and protection of foreign investment has given rise to a
distinct body of law with its peculiar dispute settlement mechanism. India has faced various issues
in recent times regarding disputes relating to foreign investment. Since the adoption of the New
Economic Policy (NEP) in 1991, India is engaged in the task of streamlining its regulatory
framework regarding investment in general and foreign investment in particular through a blend of
law and policy.

The course focuses on jurisprudence of Securities and Investment Law and offers an opportunity for
the students to grasp the fundamental principles and interpretation thereof.

2.0 Proposed Teaching Schedule

No. of
Module No. Modules Sessions
(Classes)
VII.5.1* Introduction to Securities Law 02
VII.5.2 Meaning and Kinds of Securities and their Regulation 05
VII.5.3 Participants in Securities Market 02
VII.5.4 Securities and Exchange Board of India 05
VII.5.5 Regulation of Stock Exchanges 04
VII.5.6 Issue, Acquisition & Transfer of Securities 07

*
‘VII’ stands for semester, ‘5’ stands for the order in which the course/paper appears in that semester and ‘1’ stands for
the module number.
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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
Tyagi
VII.5.7 Fraudulent and Unfair Trade Practices relating to Securities 05
Market
VII.5.8 Insider Trading 05
VII.5.9 Securities Market in International Financial Services Centre 02
VII.5.10 Introduction to Investment Law 01
VII.5.11 Multilateral Regulation of Foreign Investment 02
VII.5.12 Bilateral Investments Treaties 04
VII.5.13 Dispute Settlement in International Investment Law 05
VII.5.14 Investment Law and Human Rights 03
VII.5.15 Regulatory Regime for Investments in India 04
Total = 56

3.0 Detailed Course Outline

Securities and Investment Law

Module-VII.5.1 Introduction to Securities Law Sessions:

02

 Evolution of Securities Market

 Regulation of Securities

Module-VII.5.2 Meaning and Kinds of Securities and their Regulation Sessions:

05

 Shares
 Debentures
 Hybrid Securities
 Derivatives
 Government Securities
 Collective Investment Schemes
 Mutual Funds
 Investment Trusts and Real Estate Investment Trusts

Cases

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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
Tyagi
 BK Holdings (L.) Ltd. v Prem Chand Jute Mills [1983] 53 Comp Cas 367
(Cal.)
 BOI Finance Ltd. v The Custodian (1994) 81 Comp Cas 508 (Special Court)
 Bhagwati Developers (P.) Ltd. v Peerless General Finance & Investment Co.
Ltd. [2013] 120 SCL 264 (SC)
 Dahiben Umedbhai Patel v Norman James Hamilton (1985) 57 Com Cas 700
(Bom)
 East Indian Produce Ltd. v Naresh Acharya Bahduri (1988) 64 Com Cas 259
 Fascinating Leasing & Finance Pvt. Ltd. v SEBI Appeal No. 2 of 1998 (16
July 1998)
<http://www.sebi.gov.in/enforcement/orders/jul-1998/fascinatingleasing-and-
fianance-pvt-ltd-vs-sebi_19413.html>
 Gramercy Emerging Market Fund v Essar Steel Limited (2003) 116 Com
Cas 248 (Guj)
 Jagdishchandra Champaklal Parekh v Deccan Paper Mills Co. Ltd.
(1994) 80 Com Cas 159 (CLB)
 Mysore Fruit Products Ltd. v The Custodian MANU/MH/1205/2004
 Naresh K Aggarwala & Co v Canbank Financial Services Ltd (2010) 6
SCC 178
MCX Stock Exchange Ltd v SEBI 2012 SCC Online Bom 397
 Sahara India Real Estate Corporation Limited v Securities and Exchange
Board of India Civil Appeal No. 9813 of 2011
<https://www.sebi.gov.in/sebi_data/attachdocs/1351500106870.pdf> (31
August 2012)

Module-VII.5.3 Participants in Securities Market Sessions: 02

 Merchant Bankers
 Investment Advisors
 Custodian
 Brokers, Sub-brokers
 Custodian of Securities
 Registrar to an Issue
 Portfolio Manager

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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
Tyagi
 Underwriters
 Share Transfer Agents
 Debenture Trustees
 Clearing Agent/Corporation
 Depositories
 Foreign Institutional Investors (FIIs)

Cases

 CARE Ratings Limited v SEBI (9 July 2021) <

http://www.sat.gov.in/english/pdf/E2021_JO2020454.PDF>
 Franklin Templeton Trustee Services Private Limited v Amruta Garg (12
February 2021) <
https://main.sci.gov.in/supremecourt/2020/25496/25496_2020_41_1501_261
40_Judgement_12-Feb-2021.pdf>
 IDBI Trusteeship Services Ltd. v Hubtown Ltd. [2017] 140 SCL 189
 Karnavati Fincap Ltd. and Alka Spinners Ltd v SEBI [1996] 87 Comp Cas
186 (Guj)
 Mefcom Securities Ltd. v SEBI [2008] 82 SCL 193 (SAT)
 Pentamedia Graphics Limited v The Bombay Stock Exchange [2008] 145
CompCas 327 (Mad)

 Pinnacle Shares Registry (P.) Ltd. v SEBI [2010] 100 SCL 445 (SAT – Mum)
 Premium Global Securities Pvt. Ltd. v SEBI [2016] 133 SCL 201 (SC)
 Ritesh Agarwal v SEBI (2008) 8 SCC 205
 SEBI v ICAP India Pvt. Ltd. [2016] 133 SCL 193 (SC)
 SEBI v Magnum Equity Services Ltd. [2016] 133S CL 214 (SC)
 VSE Stock Services Ltd. v SEBI [2016 ] 133 SCL 233 (SC)
Module-VII.5.4 Securities & Exchange Board of India Sessions: 05

 Composition
 Jurisdiction
 Functions
 Powers

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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
Tyagi
Cases

 Gagan Rastogi v. SEBI (12 July 2019)

<http://sat.gov.in/english/pdf/E2019_JO201591.pdf>
 Karvy Stock Broking Ltd v SEBI (21 January 2015) <
https://www.sebi.gov.in/enforcement/orders/jan-2015/in-the-matter-of-karvy-
stock-broking-limited_28917.html>
 National Securities Depository Ltd v SEBI (7 March 2017) <
https://www.sebi.gov.in/sebi_data/attachdocs/1490176050209.pdf>
 Prakash Gupta v Securities and Exchange Board of India (23 July 2021) <
https://main.sci.gov.in/supremecourt/2019/17875/17875_2019_35_1501_287
12_Judgement_23-Jul-2021.pdf>
 Price Waterhouse & Co now known as Price Waterhouse & Co. Bangalore
LLP v SEBI (9 September 2019)
<http://sat.gov.in/english/pdf/E2019_JO20186_1.PDF>
 SEBI v Ashok Dayabhai Shah (27 January 2020) <
https://www.sebi.gov.in/enforcement/orders/jan-2020/order-of-the-hon-ble-
supreme-court-of-india-civil-appeal-no-363-of-2020-securities-and-
exchange-board-of-india-versus-ashok-dayabhai-shah-and-ors_45825.html>
 SEBI v Pan Asia Advisors Ltd (6 July 2015)
<https://www.sebi.gov.in/sebi_data/attachdocs/1440142029065.pdf>
 Shailesh S Jhaveri A v SEBI (14 November 2013)
<https://www.sebi.gov.in/enforcement/orders/nov-2013/in-the-matter-of-
shailesh-s-jhaveri_25702.html>
 Subrata Roy Sahara v Union of India (6 May 2014)
<http://www.wbja.nic.in/wbja_adm/files/Apex.pdf >

Module-VII.5.5 Regulation of Stock Exchanges Sessions: 04

 Corporatisation and Demutualisation

 Recognition
 Derecognition

Cases

 GRD Securities Ltd v National Stock Exchange Ltd (10 June 2019) <
http://sat.gov.in/english/pdf/E2019_JO2018285.PDF>
 In the case of NSE Co-location (30 April 2019) <
https://www.sebi.gov.in/enforcement/orders/apr-2019/order-in-the-matter-of-
nse-colocation_42880.html>

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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
Tyagi
 In the matter of issues at NSE relating to (1) appointment of Mr.
Anand Subramanian as Chief Strategic Advisor (‘CSA’) and his Re-
designation as ‘Group Operating Officer and Advisor to MD’ and (2)
Sharing of internal confidential information of NSE with unknown
person by Ms. Chitra Ramkrishna (11 February 2011) <
https://www.sebi.gov.in/enforcement/orders/feb-2022/final-order-against-ms-
chitra-ramkrishna-and-others_56030.html>
 KC Sharma v Delhi Stock Exchange (2005) 4 SCC 4
 MCX Stock Exchange Ltd v SEBI 2012 SCC Online Bom 397
 National Stock Exchange of India Ltd. v Central Information Commission
[2010] 100 SCL 464 (Del)

Module-VII.5.6 Issue, Acquisition & Transfer of Securities Sessions:

07

 Issue of securities
 Transfer of securities
 Substantial Acquisition and Takeover

Cases

 63 Moons Technologies Ltd. (Formerly Known As Financial Technologies

India Ltd.) And Others v Union Of India And Others [2019] 150 CLA 209
(SC)

 A R Dahiya v SEBI [2015] 129 CLA 369 (SC)

 AVM Capital Services (P) Ltd, Re. [2012] 111 CLA 71 (Bom.)
 Arbutus Consultancy LLP v Securities and Exchange Board of India [2017]
139 CLA 98 (SAT)
 Arun Kumar and others v Securities and Exchange Board of India [2009] 91
CLA 45 (SAT)
 Aska Investments (P) Ltd v Grob Tea Co Ltd [2004] 60 CLA 194 (CLB)
 BP Amoco Plc v Securities and Exchange Board of India [2001] 42 CLA 276
(SAT)
 BP Plc Eastoral Ltd. v Securities and Exchange Board of India [2001] 45
CLA 136 (SAT)
 BP Plc (Formerly B P Amoco Plc) Castrol Ltd v Securities and Exchange
Board of India [2002] 49 CLA 131 (Bom.)
 BP Plc Foseco Plc v Securities and Exchange Board of India [2001] 45 CLA
154 (SAT)

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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
Tyagi
 Clariant International Ltd and another v Securities and Exchange Board of
India [2003] 55 CLA 28 (SAT)
 Daiichi Sankyo Co Ltd v Jayaram Chigurupati [2010] 98 CLA 607 (SC)
 Dhaval Janardhan Nanavati v SEBI [2014] 122 CLA 263 (SAT)
 Dr Arvind Kumar B Shah (Huf) v SEBI [2011] 101 CLA 134 (SAT)
 Eland Fashion China Holdings Ltd v SEBI [2011] 103 CLA 216 (SAT)
 GHCL Ltd v SEBI [2014] 122 CLA 190 (SAT)
 Godrej & Boyce Mfg Co Ltd v SV Krishna Mohan, Adjudicating & Enquiry
Officer, SEBI [2004] 63 CLA 115 (SAT)
 HSBC Securities & Capital Markets (India) (P) Ltd v Whole-time Member,
SEBI [2009] 88 CLA 236 (SAT)
 Hanumesh Realtors (P) Ltd v SEBI [2012] 110 CLA 238 (SAT)
 Hitachi Home & Life Solutions Inc v SEBI [2006] 70 CLA (SAT)
 IFB Agro Industries Ltd v SICGIL India Ltd [2017] 140 CLA 85 (NCLT)
 IP Holding Asia Singapore (P) Ltd v SEBI [2014] 122 CLA 481 (SC)
 KC Palanisamy v SEBI [2005] 69 CLA 55 (SAT)
 KK Modi v SEBI [2002] 46 CLA 118 (Bom.)
 Kishore Rajaram Chhabria v SEBI [2003] 56 CLA 22 (SAT)
 Kosha Investments Ltd v SEBI [2015] 128 CLA 225 (SC)
 Laurel Energetics (P) Ltd v SEBI [2017] 140 CLA 86 (SC)
 Luxottica Group SpA v SEBI [2004] 58 CLA 375 (SAT)
 M Sreenivasulu Reddy v Kishore R Chhabria [2000] 42 CLA 93 (Bom)
 M/s SICOM Ltd. v SEBI (SAT-Mumbai) [2014] 123 SCL 346 (SAT – Mum.)
 Modipon Ltd v SEBI [2001] 44 CLA 94 (SAT)
 Mrs Komal Nahata v SEBI [2014] 125 SCL 53 (SAT – Mum.)
 NH Securities Ltd v SEBI [2019] 149 CLA 245 (Bom)
 Nirma Industries Ltd v SEBI [2013] 115 CLA 13 (SC)
 OP Gulati v SEBI [2012] 107 CLA 49 (SAT)
 Pramod Jain v SEBI [2016] 135 CLA 141 (SC)
 Pyramid Saimira Theatre Ltd. v SEBI [2010] 100 SCL 224 (SAT – Mum.)
 Raghu Hari Dalmia v SEBI [2012] 106 CLA 31 (SAT)
 Ranjit Mohan Dhuru v SEBI [2005] 65 CLA 121 (SAT)
 Ranbaxy Laboratories Ltd v Dr Jayaram Chigurupati [2010] 95 CLA 322
(CLB)
 Ravi Mohan v SEBI [2016] 131 CLA 321 (SAT)
 Reliance Industries Ltd v SEBI [2004] 63 CLA 252 (SAT)
 Rhodia SA v SEBI [2001] 45 CLA 422 (SAT)
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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
Tyagi
 Ritesh Agarwal v SEBI [2008] 85 CLA 35 (SC)
 SEBI v Akshya Infrastructure (P) Ltd [2014] 120 CLA 1 (SC)
 SEBI v Burren Energy India Ltd [2016] 135 CLA 312 (SC)
 SICOM Ltd v SEBI [2014] 123 CLA 346 (SAT)
 SMS Holdings (P) Ltd v SEBI [2004] 59 CLA 31 (SAT)
 Sanjay Dalmia v SEBI [2017] 136 CLA 197 (SAT)
 Sandip Save v Chairman, SEBI [2003] 53 CLA 60 (SAT)
 Sterlite Opportunities & Ventures v SEBI [2005] 69 CLA 267 (SAT)
 Subhkam Ventures (I) (P) Ltd v SEBI [2010] 99 SCL 159 (SAT)
 Sun Pharmaceutical Industries Limited, Re, CP(CAA)79 of 2019,
CA(CAA)38/NCLT/AHM/2019
 Sundaram Finance Ltd v SEBI [2003] 54 CLA 184 (SAT)
 Sunil Krishna Khaitan v SEBI [2014] 122 CLA 1 (SAT)
 Swadeshi Match AB v SEBI (2004) 11 SCC 641
 Tata Tea Ltd v SEBI [2011] 100 CLA 149 (SAT)
 Technip SA v SMS Holding (Pvt) Ltd (2005) 5 SCC 465
 Transchem Ltd v Firstcorp International Ltd [2015] 127 CLA 406 (CLB)
 Victor Fernandes v Securities and Exchange Board of India [2016] 133 CLA
1 (SAT)
 Vijay Prakash v SEBI [2019] 153 CLA 75 (All.)
 Zee Telefilms Ltd v Adjudicating & Enquiry Officer SEBI [2003] 53 CLA 195
(SAT)

Module-VII.5.7 Fraudulent & Unfair Trade Practices relating to Securities Market Sessions:
05

 Meaning
 Scope and ambit
 Investigation

Cases

 Adjudicating Officer, SEBI v Bhavesh Pabari [2019] 152 SCL 717

 B Ramalinga Raju v Securities and Exchange Board of India [2017] 142 SCL
70 (SAT -Mumbai)
 Babubhai Desai v SEBI Appeal No. 81 of 2014 (15 February 2016)
<http://sat.gov.in/scripts/detailsat.asp?releaseid=E2016JO201481>

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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
Tyagi
 DLF Ltd v SEBI (2015)
<https://www.sebi.gov.in/sebi_data/attachdocs/1426241669079.pdf>
 Gaurang Ajit Sheth v SEBI Appeal No. 2 of 2015 (20 January 2016)
<http://sat.gov.in/ENGLISH/PDF/E2016_JO20152.PDF>
 Guiness Securities Limited v SEBI Appeal No. 13 of 2016 (25 February 2016)
<http://sat.gov.in/scripts/detailsat.asp?releaseid=E2016JO201618>
 Harinarayan G Bajaj v SEBI [2008] 83 SCL 561
 Indiabulls Securities Ltd. v SEBI [2011] 105 SCL 7 (SAT – Mum)
 Khandwala Securities Ltd. v SEBI [2017] 141 SCL 77
 Karvy Stock Broking Ltd. v SEBI [2007] 73 SCL 1 (Mad)
 M/s. Krishna Enterprises v SEBI Appeal No.131 of 2015 (20 April 2016)
<http://sat.gov.in/scripts/detailsat.asp?releaseid=E2016JO2015132>
 Pat Financial Consultants Pvt. Ltd. v SEBI (30 May 2018)
<http://sat.gov.in/english/pdf/E2018_JO2016222.PDF>
 Pratik Minerals (P.) Ltd. v SEBI [2018] 148 SCL 653 (SAT - Mumbai)
 Price Waterhouse & Co. v SEBI [2010] 103 SCL 96
 Pyramid Saimira Theatre Ltd. v. SEBI [2010] 100 SCL 224
 Religare Securities Ltd. v SEBI Appeal No. 433 of 2014 (12 January 2016)
<http://sat.gov.in/scripts/detailsat.asp?releaseid=E2016JO2014433>
 SEBI v Rakhi Trading Private Ltd. (08 February 2018)
<https://www.sebi.gov.in/enforcement/orders/feb-2018/order-of-hon-ble-
supreme-court-in-the-matter-of-sebi-vs-rakhi-trading-and-other-connected-
civil-appeals-_37831.html>
 Shruti Vora v SEBI (22 March 2021) <
http://sat.gov.in/english/pdf/E2021_JO2020308_25.PDF>
 Umashankar Agarwal v SEBI [2018] 148 SCL 544 (SAT - Mumbai)

Module-VII.5.8 Insider Trading Sessions:

05

 Definitional challenge
 Restriction on communication and trading by insiders
 Disclosure of trading
 Codes of fair disclosure and conduct
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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
Tyagi
 Other Jurisdictions

Cases
 Anjali Beke v SEBI Appeal No.148 of 2005 (26 October 2006)
<http://www.sebi.gov.in/cms/sebi_data/pdffiles/12796_t.pdf>
 Anil Harish v SEBI [2012] 114 SCL 407 (SAT – Mum.)
 Balram Garg v. Securities and Exchange Board of India
 Chintalapati Srinivasa Raju v SEBI [2018] 148 SCL 1
 DSQ Holdings Ltd. v SEBI [2005] 60 SCL 156 (SAT – Mum.)
 Manmohan Shetty v SEBI [2011] 108 SCL 48 (SAT – Mum.)
 N Narayan v SEBI 2013 (6) SCALE 438
 Polsani Ravinder Rao v SEBI [2015] 129 SCL 242 (SAT – Mum.)
 Rajeev Sheth v SEBI (19 April 2022) <
http://sat.gov.in/english/pdf/E2022_JO2021536.PDF>
 Rajiv B Gandhi v SEBI [2008] 84 SCL 192 (SAT – Mum.)
 Rakesh Agrawal v SEBI MANU/SB/0205/2003
 SEBI v Sriram Mutual Fund AIR 2006 SC 2287

Module-VII.5.9 Securities Market in International Financial Services Centre Sessions:

02

 Concept
 Global development
 Evolution and challenges in India

Module-VII.5.10 Introduction to Investment Law Sessions:

01

 Nature
 Sources
 Evolution

Module-VII.5.11 Multilateral Regulation of Foreign Investment Sessions:

02
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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
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 Investment regime – International and Regional

 MNCs as a regulatory challenge

Module-VII.5.12 Bilateral Investment Treaties Sessions:

04

 Rationale
 Structure
 Merits and Demerits

Cases
 Amco v Indonesia (1988) 27 ILM 1281
 Aminoil Case (Kuwait v American Independent Oil Co)(1982) 66 ILR
518
 Asian Agricultural Products Ltd. (AAPL) v Republic of Sri Lanka (1992)
17 YCA 106
 Carl Zeiss Stiftung v Rayner & Keeler Ltd. [1967] 1 AC 853
 Fedax v Venezuela (1998) 37 ILM 1378
 Funekotter v Zimbabwe ICSID Case No. ARB/05/06 (22 April 2009)
 International Bank of Washington v OPIC (1972) 11 ILM 1216
 Maffezini v Spain (2000) 57 ICSID Reports 396
 Marvin Feldmon v Mexico (2002) 7 ICSID Reports 318
 Noble Ventures v Romania ICSID Case No. ARB/01/11 (12 October
2005)
 Sapphire v NIOC (1963) 35 ILR 136
 S.D. Myers v Canada (2000) 20 ILM 1408
 SGS v Pakistan (2004) 7 ICSID Rev 307
 SGS v Philippines ICSID Case No. ARB/02/6 (29 January 2004)
 Teinver SA, Transportes de Cercanı´as SA and Autobuses Urbanos del
Sur SA v Argentine RepublicICSID Case No. ARB/09/1 (21 December
2012)
 Urbaser SA and Consorcio de Aguas Bilbao Bizkaia, Bilbao Biskaia Ur
Partzuergoa v Argentine Republic ICSID Case No. ARB/07/26 (19
December 2012)
 Victor Pey Casado and President Allende Foundation v Republic of Chile
ICSID Case No. ARB/98/2 (18 December 2012)
 Young Chi Oo Ltd. v Myanmar (2003) 8 ICSID Reports 463

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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
Tyagi
Module-VII.5.13 Dispute Settlement in International Investment Law Sessions:
05

 Fair & equitable standard of Treatment

 Most Favoured Nation (MFN)
 National Treatment
 Full protection & security
 Expropriation
 Exhaustion of local remedies

Cases
 Aguas del Tunari v Bolivia ICSID Case No. ARB/02/3 (21 October 2005)
 Ambatielos case (Greece v UK) (1956) 23 ILR 306
 Aminoil v Kuwait (1982) 21 ILM 976
 American Manufacturing v Zaire ICSID Case No. ARB/93/1 (21
February 1997)
 Blue Bank International & Trust (Barbados) Ltd v Bolivarian Republic of
Venezuela ICSID Case No. ARB/12/20 (12 November 2013)
 Burlington Resources, Inc v Republic of Ecuador ICSID Case No.
ARB/08/5 (14 December 2012)
 Cairn Energy PLC and Cairn UK Holdings Limited (CUHL) v Republic of
India (PCA Case No. 2016-07) (21 December 2020)
 Case Concerning Elettronica Sicula SpA (ELSI) (United States v Italy)
[1989] ICJ Rep 15
 CMS Gas Transmission Company v The Argentine Republic ICSID Case
No. ARB/01/8 (17 July 2003)
 Diallo v Congo [2010] ICJ Rep 639
 Enron Corporation and Ponderosa Assets v Argentine Republic ICSID
Case No. ARB/01/3 (14 January 2004)
 Feldman v Mexico (2003) 42 ILM 625
 Gas Natural SDG v The Argentine Republic ICSID Case No. ARB/03/10
(17 June 2005)
 Genin v Estonia ICSID Case No. ARB/99/2 (25 March 2001)
 Impregilo v Pakistan ICSID Case No, ARB/03/03 (22 April 2005)
 Interhandel Case (Switzerland v United States) [1959] ICJ Rep 6
 LG&E Energy Corporation v The Argentine Republic ICSID Case No.
ARB/02/01 (30 April 2004)
 Libyan American Oil Co (Liamco) v Libya (1977) 62 ILR
 Metalclad Corporation v United Mexican States ICSID Case No. ARB
(AF)/97/1 (30 August 2000)

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 Middle East Cement Shipping and Handling Co. v Egypt ICSID Case No.
ARB/99/6 (12 April 2002)
 Mihaly International v Sri Lanka ICSID Case No. ARB/00/2 (15 March
2002)
 Occidental Exploration and Production Company v The Republic of
EcuadorCase No. UN 3467 (1 July 2004)
 Plasma Consortium Ltd. v Republic of Bulgaria ICSID Case No. ARB
(AF)/03/24 (8 February 2005)
 Pope & Talbot Inc v Government of Canada (2002) 122 ILR 293
 Revere Copper v Overseas Private Investment Corporation (1978) 17
ILM 1321
 Saint-Gobain Performance Plastics Europe v Bolivarian Republic of
Venezuela ICSID Case No. ARB/12/13 (27 February 2013)
 Settebello v Banco Totta Acores [1985] 1 WLR
 Siemens AG v The Argentine Republic ICSID Case No. ARB (AF)/02/8
(3 August 2004)
 SPP v Egypt (1992) 8 ICSID Rev 328
 Tecnicas Medioambientales Tecmed SA v The United Mexican States
ICSID Case No. ARB (AF)/00/2 (29 May 2003)
 Texaco v Libya (1977) 53 ILR 389
 Tippets v TAMS-AFFA 6 Iran-USCTR 219 (29 June 1984)
 Vodafone International Holdings BV v The Republic of India (PCA Case
No. 2016-35) (25 September 2020)
 Waste Management Inc. v United Mexican States (2004) 43 ILM 967

Module-VII.5.14 Investment Law and Human Rights Sessions:

03

 Human rights
 Labour
 Environment
 Socially Responsible Investment (SRI)

Cases
 Biwater Gauff (Tanzania) Ltd. v United Republic of Tanzania ICSID Case
No. ARB/05/22 (24 July 2008)
 Methanex v United States (2005) 22 ILM 1345
 Santa Elena v Costa Rica (2002) 5 ICSID Reports 153

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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
Tyagi
 Metalclad v Mexico (2000) 5 ICSID Reports 209
 SD Myers v Canada (2000) 20 ILM 1408
 Ethyl v Canada (1999) 38 IL 708

Module-VII.5.15 Regulatory Regime for Investments in India Sessions:

04

 Regulatory Phases
 From regulation to management of FOREX
 FDI
 Tax
 Human Rights
 Labour
 Environment
 Transfer of Technology
Cases
 Ajanta Pharma Ltd. v Commissioner of Income Tax-9, Mumbai (2010) 9 SCC
455
 Capital India Power Mauritius I and Energy Enterprises (Mauritius)
Company v India
ICC Case No 12913/MS,IIC 43 (27 April 2005)
 Centre for Public Interest Litigation v Union of India (2012) 3 SCC 104
 Devas Multimedia Private Ltd v Antrix Corporation Ltd (17 January 2022) <
https://main.sci.gov.in/supremecourt/2021/22244/22244_2021_41_1501_325
47_Judgement_17-Jan-2022.pdf>
 IDBI Trusteeship Services Ltd. v Hubtown Ltd. MANU/MH/0922/2015
 Jaipur IPL Cricket (P.) Ltd. v Special Director, Mumbai [2017] 141 SCL 616
(ATFFE - New Delhi)
 Manohar Lal Sharma v The Principal Secretary (2014) 9 SCC 516
 In re Special Reference No.1 of 2012 (2012) 10 SCC 1
 Vodafone India Services Pvt. Ltd. v UOI [2014] 369 ITR 511 (Bom
 Vodafone International Holdings BV v Union of India (2012) 6 SCC 613
 White Industries Australia Limited v Republic of India UNCITRAL, Final
Award (30 November 2011)

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4.0 Prescribed/Recommended Readings

Prescribed Readings

1. Agrawal S, and Baby RJ, SEBI Act (Taxmann 2011)

2. Kannan S, and Geetha V, FDI in India: Law, Policy and Procedure (Thomson
Reuters 2014)
3. Kaushik L, Unfair Trade Practices in Securities Market (Taxmann 2013)
4. Mishra B, Law Relating to Insider Trading (Taxmann 2015)
5. Parekh S, Fraud, Manipulation and Insider Trading in the Indian Securities
Market (2ndedn, Wolters Kluwer 2016)
6. Patkar A, Insider Trading - Law & Practice (EBC 2019)
7. Rajput A, Protection of Foreign Investment in India and Investment Treaty
Arbitration (Wolters Kluwer 2017)
8. Ranjan P, India and Bilateral Investment Treaties: Refusal, Acceptance,
Backlash (OUP 2019)
9. Shroff C, and Sinha UK (eds), Cyril Amarchand Mangaldas's Treatise on
Securities Law (Thomson Reuters 2021)
10. Sornarajah M, The International Law on Foreign Investment (Cambridge
University Press 2010)
11. Subedi SP, International Investment Law: Reconciling Policy and Principle
(Hart Publishing 2016)
12. Taneja R, Foreign Direct Investment and Globalisation (Eastern Book
Company 2014)

Recommended Readings

1. Alvarez JE, International Investment Law (Brill/Nijhoff 2017)

2. Baetens F (ed), Investment Law within International Law: Integrationist
Perspectives (Cambridge University Press 2016)

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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
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3. Bainbridge SM, Insider Trading (Edward Elgar 2011)
4. Bajpai GN, A Game Changer's Memoir (Penguin 2018)
5. Bandyopadhyay T, Sahara: The Untold Story (Jaico Publishing House 2014)
6. Benedetto SD, International Investment Law and the Environment (Edward
Elgar 2013)
7. Bewaji W, Insider Trading in Developing Jurisdictions: Achieving an Effective
Regulatory Regime (Routledge 2012)
8. Bonnitcha J, Substantive Protection Under Investment Treaties: A Legal and
Economic Analysis (Cambridge University Press 2014)
9. Cole T, Structure of Investment Arbitration (Routledge 2013)
10. Dolzer R, and Schreuer C, Principles of International Investment Law (Oxford
University Press 2012)
11. Douglas Z, Pauwelyn J, and Vinuales JE (eds), The Foundations of
International Investment Law: Bringing Theory into Practice (Oxford
University Press 2014)
12. Dumberry P, The Formation and Identification of Rules of Customary
International Law in International Investment Law (Cambridge University
Press 2016)
13. Dupuy PM, Petersmann EU, and Francioni F (eds), Human rights in
International Investment Law and Arbitration (Oxford University Press 2010)
14. Gasparino C, Circle of Friends: The Massive Federal Crackdown on Insider
Trading – and Why the markets Always Work Against the Little Guy (Harper
Collins 2013)
15. Gazzini T, and Brabandere ED (eds), International Investment Law: The
Sources of Rights and Obligations (Martinus Nijhoff 2012)
16. Gupta R, Mind Without Fear (Juggernaut 2019)
17. Hindelang S, and Krajewski M, (eds.) Shifting Paradigms in International
Investment Law: More Balanced, Less Isolated, Increasingly Diversified
(Oxford University Press 2016)
18. Huang RH, and Howson NH (eds), Enforcement of Corporate and Securities
Law China and the World (Cambridge 2017)
19. Kalicki JE and Joubin-Bret A, Reshaping the Investor-State Dispute Settlement

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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
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System: Journeys for the 21st Century (Brill Academic Publishers 2015)
20. Kolhatkar S, Black Edge: Inside Information, Dirty Money, and the Quest to
Bring Down the Most Wanted Man on Wall Street (Random House 2017)
21. KurtzJ, The WTO and International Investment Law: Converging Systems
(Cambridge University Press 2016)
22. Miles K, The Origins of International Investment Law: Empire, Environment
and the Safeguarding of Capital (Cambridge University Press 2013)
23. Miller GP (ed), Economics of Securities Law (Edward Elgar 2016)
24. Morosini F et al (eds), Reconceptualizing International Investment Law from
the Global South (Cambridge University Press 2017)
25. Mouyal LW, International Investment Law and the Right to Regulate: A human
rights Perspective (Routledge 2016)
26. Muchlinski P, Multinational Enterprises and the Law (Oxford University Press
2007)
27. Nakagawa J, Nationalization, National Resources and International Investment
Law: Contractual Relationship as a Dynamic Bargaining Process (Taylor &
Francis 2016)
28. Ng’ambi SP, Resource Nationalism in International Investment Law (Routledge
2016)
29. Parra AR, The History of ICSID (Oxford University Press 2012)
30. Richardson BJ, Socially Responsible Investment Law: Regulating the Unseen
Polluters (Oxford University Press 2008)
31. Sacerdoti G, General Interests of Host States in International Investment Law
(Cambridge University Press 2014)
32. Salacuse JW, Three Laws of International Investment: National, Contractual
and International Frameworks for Foreign Capital (Oxford University Press
2013)
33. Schefer KN, International Investment Law: Text, Cases and Materials (2nd edn,
Edward Elgar 2016)
34. Schill SW, In Defense of International Investment Law (Springer 2016)
35. Seredyńska I, Insider Dealing and Criminal Law: Dangerous Liaisons
(Springer 2012)

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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
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36. Sornarajah M, Resistance and Change in the International Law on Foreign
Investment (Cambridge University Press 2015)
37. Stephan WS, Tams CJ, and Hofmann R (eds), International Investment Law
and Development: Bridging the Gap (Edward Elgar 2015)
38. Tams CJ, Schill SW, and Hofmann R (eds), International Investment Law and
the Global Financial Architecture (Edward Elgar 2017)
39. Titi C, The Right to Regulate in International Investment Law (Hart Publishing
2014)
40. Trakman LE, and Ranieri NW, Regionalism in International Investment Law
(Oxford University Press 2013)
41. Vadi V, Cultural Heritage in International Investment Law and Arbitration
(Cambridge University Press 2016)
42. Vadi V, Analogies in International Investment Law and Arbitration (Cambridge
University Press 2015)
43. Wang G, International Investment Law: A Chinese Perspective (Routledge
2015)
44. Weiler T, The Interpretation of International Investment Law: Equality,
Discrimination and Minimum Standards of Treatment in Historical Context
(Martinus Nijhoff 2013)

5.0 Teaching Methodology

 
 Lecture method
 Case Analysis
 Class-room Participation

6.0 Evaluation Pattern

Evaluation: Marks

Continuous evaluation (30+20 marks)………………………….…………… 50

End-Semester Examination…………………………………….......................... 50
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Semester: VII Course: Securities and Investment Law Faculty: Dr. Divya
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Total 100

Continuous Evaluation: Components of the Internal Evaluation will be informed in the

class.

7.0 Tentative Dates for Continuous Evaluation Test/ Submission of Project/

GD, etc

Continuous Evaluation: Schedule will be informed in the class.

End Term Exam: As per the schedule declared by the Examination Division.

8.0 Important Instructions to Students

 Active class participation of the students is highly desired to facilitate better

understanding of the nuances of the subject.

 The given course-outline is tentative. The faculty-member may modify it while

preparing the reference material and engaging the classes.

 Both faculty-member and students may mould the course-outline according to needs as
and when it arises for better and progressive understanding of the subject in a flexible
way.

 The teaching methodology of the subject will not necessarily be bound by the
parameters shown here.

9.0 Contact Hours

Days: Monday and Thursday

Timings: 3.00 pm to 4.00 pm

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