A Critical Analysis Of The Securities Markets Code, 2025
- IJLLR Journal
- Jun 12
- 1 min read
Yashasvi Sharma, LLB, Department of Law, Bharati Vidyapeeth Deemed University, New Delhi
ABSTRACT
The Securities Markets Code, 2025 is a landmark consolidation of the legislation in the financial regulatory history of India with an aim to replace the three decades old capital market laws i.e. the Securities Contracts (Regulation) Act, 1956, the Securities and Exchange Board of India Act, 1992 and the Depositories Act, 1996. In the last 30 years, India’s capital markets have undergone a dramatic transformation from being physical, localized exchanges to a highly sophisticated, technology-driven ecosystem with an equity market capitalization of over USD 4.8 trillion. However, beneath this functional maturity, the legislative framework was fragmented, resulting in legal ambiguities, procedural inefficiencies and over-reliance on delegated legislation. This doctrinal research paper is a detailed and critical analysis of the Securities Markets Code, 2025. It systematically analyses the structural problems that lead to the consolidation, the procedural and enforcement safeguards.
Keywords: Securities Market Code, 2025, SEBI, Capital Market Regulations, Regulatory Consolidation, Adjudicatory Reform, Settlement Finality, Investor Protection.
