Going back to the future

Economic legislation since 2001 will shape the stakeholder-business equation going forward

LAWS, REGULATION THAT IMPACTED BUSINESS
The first 15 years of this century will be known as the period that witnessed the advent of sectoral regulators. The single most important legislation, in terms of its sheer impact on business, is perhaps the Competition Act 2002, which paved the way for the anti-trust regulator. What also had a lasting impact on business were the much-needed reforms in company law, information technology, arbitration law, electricity law, banking law reforms, the laws needed for creation of special economic zones and the National Green Tribunal. Here are a few pieces of legislation that have left a lasting impression on business:
 

• The Competition Act, 2002
• The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act)
• The Prevention of Money Laundering Act 2002
• The Electricity Act, 2003
• The Special Economic Zones Act, 2005
• The Petroleum and Natural Gas Regulatory Board Act, 2006
• The Food Safety and Standards Act, 2006
• The Airports Economic Regulatory Authority of India Act, 2008
• The Limited Liability Partnership Act, 2008
• The Legal Metrology Act, 2009
• The Foreign Contribution (Regulation) Act, 2010
• The National Green Tribunal Act, 2010
• The Whistle Blowers Protection Act, 2011
• The Companies Act, 2013
• The Arbitration (Amendment) Ordinance, 2015
• The SEBI (Prohibition of Insider Trading) Regulations, 2015

TO BE, OR NOT TO BE?
Amongst the laws that are expected to be passed soon are those relating to the goods and services tax regime, the real estate Bill for setting up a real estate regulator, the new bankruptcy code, establishing a national regulatory body to process environmental clearance for infrastructure and industrial projects. Another key legislation would be the enactment of the public procurement Bill to regulate public procurement and ensure transparency, accountability and probity in the procurement process.

One important proposal of the Law Commission that has been gathering dust is the Unfair (Procedural & Substantive) Terms in Contract Bill, 2006. This legislation sought to regulate unfair terms in a contract, namely terms which are harsh, oppressive and unconscionable.

Among the laws that could be enacted in the next few years are: a comprehensive sports law code for regulating various sports bodies and events; a new law regulating e-commerce companies; a dedicated space law to protect sovereign, public or commercial interests; a whole new art law protecting antiquities and art treasures; and a legislation to regulate online pharmacy.