Developments in Corporate and Cyber Laws – International Perspective
Globalisation as the most conspicuous feature in the worldwide development of modern
society, has indeed influenced all aspects of the nation’s growth and more noticeably
international trade, trade relations and the legal systems. In this emerging scenario
fusion of intellect and technology has struck the world and stretched our minds,
capabilities and capacities irreversibly. This irreversibility in turn calls for questioning as
to how to manage and gain from the globalisation process in the digital environment. As
the quest for greater mobility, efficiency and integration requires changed governance
structures, the need for harmonization of laws and international cooperation for their
enforcement, is well recognised. In the changing corporate landscape, in which national
economies seek to integrate themselves through the vehicle of information technology to
create new economic order, the existing governance systems have, to a large extent,
become redundant and appears incapable of maintaining its relevance and thus
providing impetus for corporate law reforms and evolving uniform e-governance norms
across the world. Therefore, modernisation of laws assumes priority in the economic
reforms process as alignment of law with changing norms is an essential prerequisite for
a growing economy and promoting economic development. These modern legislations
have to deal with the impact of changing trends in the economy and technology.
The basic objective of the 29th National Convention is essentially to gauge the direction
and evaluate the magnitude of developments in corporate and cyber laws and to
deliberate upon their desired orientation.
First Technical Session –
Perspective and Imperatives in Company Law
Reforms
The recognition that the ultimate goal in the new economic order is that
corporations are governed in a transparent manner and behave responsively to
the societal demands, the importance of corporate behaviour to its performance,
competitiveness and growth cannot be overstated. It is in this context that the
developments in company law have made qualitative improvements in
substantive as well as procedural aspects of law. Corporate self-regulation has
been encouraged with proper checks and balances. The elements of good
corporate governance, investor protection and shareholder democracy have
been strengthened. However, corporate realities in the wake of globalisation and
advancement in information technology remain unattended. In this context
directors meeting on phone, consolidation of accounts, limited liability partnership
and virtual companies are issues among others requiring focused attention of the
Government. Differences in national law and procedures create consequences
for companies with assets and liabilities in other countries and requires putting in
place an entirely new legislation compatible with international trends, capable of
providing quick, expeditious and efficient winding up procedure. It is in this
context that the Government is in the process of introducing further changes in
the company law.
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The First Technical Session will discuss in detail the developments in company
law and deliberate upon various contemporary issues necessary for better
corporate governance structure in an E-enabled environment.
Second Technical Session – Financial Market Dynamism and Reforms in
Securities Laws
Globalisation coupled with open markets and advancement in technology, has
made the weakness in capital markets more explicit than ever before, besides
placing regulators under tremendous pressures. Thus a competitive market for
regulatory regimes challenges not only the international aspects of securities
regulation, but also the domestic regulatory aspects to a large extent.
Fundamental changes in the regulatory framework are taking place the world
over. One of the major reasons for revamping the regulatory framework is the
overlapping functions and consequent emergence of over regulations in some
areas and under-regulation in others. Empirical evidence shows that these are
multiple agencies regulating the functioning of intermediaries and financial
markets. Consensus seems to have emerged on the issue of having a unified
agency as regulatory authority so as to ensure proper monitoring of the activities
of financial system and securities market. In view of these underpinnings, Indian
regulators and policy makers should also start contemplating major changes in
the regulatory system, drawing from own experiences, including periodic crises,
and following major changes in international regulatory experiments.
The Second Technical Session will therefore discuss the impact of global
integration on Indian financial system and securities market and developments in
securities laws to make the integration smooth. The discussion will also focus on
the changes taking place in the regulatory framework for financial markets.
Third Technical Session –
Synchronising Trade Related Laws in WTO
Environment
Legislative modernisation is required when international developments and
domestic economic policy create a demand for new laws. An active law making
mechanism can contribute tremendously to the success of economic policy. The
Worldwide movement towards open market policies and the expansion of
international trade have changed the corporate landscape altogether, requiring
Governments to put in place a credible legislative framework to cope with
challenges of growing competition, protection of intellectual property rights and
mergers, acquitions and combinations and environment. The new economic
liberalized order and advancements in technology are two vital spheres of
modern society witnessing far-reaching changes, where the character of
legislations itself has to undergo change. In this context, it is important to
examine how national intellectual property regime should be best designed to
benefit the domestic interest and how the international framework for IPRs might
be improved and developed to safeguard the interests of developing country.
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With the opening of trade in goods and services coupled with growing dominance
of technology, a new knowledge society is emerging which would be heavily
dependent on knowledge, generation, access, protection and utilisation. There is
also need for a national strategy to sensitize the innovators, producers and
industry on the need for protection of intellectual property rights. There is an
imperative need for a balanced and integrated approach to trade and law based
on the combination of trade liberalisation, economic development and
environmental protection.
Thus, this penultimate Technical Session will focus its attention on reforms in
trade related laws and charting a future agenda for making them more aligned to
emerging new economic order and the economic policies. The Intellectual
Property Laws, Competition Bill, mergers, acquisition and combinations will
receive added emphasis.
Fourth Technical Session – Developing Regulatory Framework for EGovernance
Advances in communication and computing and the realisation of the power of
internet, as a revolutionary instrument for improving the efficiency and
productivity, are perhaps the most powerful paradigm the world has witnessed in
the recent times. The speed of change and adaptability to change have become
key concern for all concerned. An off shoot of the fast digital revolution is the
cyber crimes. Therefore systems should be so designed that the breach of
security is reduced to minimum. The conceptual framework for security issues
related to legal dimensions. This is where, Governments worldover as well as
international organisations are busy devising effective and credible regulatory
framework to ensure good governance. The Government is also making efforts
to put in place a credible legal framework for internet and cyber space.
Information Technology Act, 2000 is operational, However, an adequate and
effective legal framework with worldwide perspective is eluding. The legislative
efforts need to be supported by technical initiatives, because the answers to
various problems, which the regulatory framework may not be able to cope up
with, can be found in the machine itself. The technology can also satisfy formal
legal requirements by retaining high degree of information security. Therefore,
the role of technology itself in evolving mechanism for e-governance has to be
considered.
It is in this context that the concluding Technical Session will discuss global
developments in regulatory framework for internet and cyber space. The
discussion will also focus on various aspects of cyber laws in India and the
progress on international cooperation.
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Participants
Company directors, secretaries and other senior executives in the corporate and
financial services sector, practising professionals in secretarial, financial, legal
and management disciplines would benefit from participation in the Convention.
Faculty
Eminent persons from the Government & industry, including professionals and
management experts will address the participants and there would be
brainstorming sessions and interactions. Papers received from professional
bodies abroad will also be presented in the Convention
Papers for Discussion
Members who wish to contribute papers for publication in the Souvenir or for
circulation at the Conference are requested to send the same preferably in a
computer floppy or through E-mail (drs@icsi-India.com.) with one hard copy or
those sending only hard copy may send the same in quadruplicate to the Institute
before October 15, 2001. Papers should not normally exceed 15 typed pages.
There will be considered by a Screening Committee and the decision of the
Institute based on the recommendations of the Screening Committee will be final
in all respects. Suitable honorarium will be paid for papers selected for
circulation at the Convention or for publication in the Souvenir.
REGISTRATION PROCEDURE
FEE :
Members of ICSI/ICAI/ICWAI
Non-members
Company Secretaries in Practice/Members above
60 years of age
Students
Foreign delegates
Accompanying Spouse
Late fee for registration received after November 30,2001
Rs.
Rs.
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US$
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The entire fee is payable in advance and is not refundable for accepted
nominations. The registration form duly completed along with a cross demand
draft payable at New Delhi for Rs. ______________ per delegate may please be
sent in favour of `THE INSTITUTE OF COMPANY SECRETARIES OF INDIA,
ICSI HOUSE, 22 INSTITUTIONAL AREA, LODI ROAD, NEW DELHI 110 003
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before November 20 ,2001 by those requiring hotel accommodation and before
November 30, 2001 by those not requiring hotel accommodation.
As Hotel accommodation has to be provisionally booked by the Institute subject
to confirmation of the same along with necessary deposits, delegate(s) requiring
Hotel accommodation through the Institute may please send their requisition(s)
for Hotel accommodation along with demand draft for one day's room rent
charges in favour of the Institute of Company Secretaries of India so as to reach
the Institute on or before November 16, 2001. Hotel accommodation is subject
to availability and in case accommodation is not available in the first preference
hotel, the delegate(s) will be allotted the same in 2nd/3 rd preference hotel, as
given in the hotel requisition forms. Nominations received on or before
November 20, 2001 will be send advance copy of the Backgrounder along with
pilot papers through post.
Nominations received after November 30, 2001 would be accepted
alongwith payment of late fee of Rs. 100 per delegate.
- For accompanying spouse
A registration fee of Rs. _______ may be paid by the delegates for
accompanying spouse alongwith his/her registration form and delegate fee to
attend lunch, dinner, sight-seeing and cultural programmes of the Conference.
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