RESEARCH PAPER

Semester- VIII B.COM. LLB. (Hons.)

RESEARCH PAPER ON

"ADMINISTRATIVE REGULATION ON CORPORATE FINANCE IN INDIA"

As part of Project Work Component in Law on Corporate Finance

Course Coordinator
MR. DEVANG CHATRAPATI

Prepared & submitted by

SHUBHAM TEJAS (19BBL110)
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Introduction 3

Literature Review
5
Objectives of this Report
5
Research Methodology
6
Research Analysis 7
1) Overview of Corporate Finance in India
2) Administrative Regulations on Corporate Finance in
India
3) Impact of Companies Act, 2013 on Corporate
Finance
4) Impact of IBC,2016 on Corporate Finance Practices
5) Impact of Administrative Regulations on Corporate
Finance
6) Challenges and Issues with Administrative Regulations
on Corporate Finance in India
7) Recommendations on Administrative Regulations on
Corporate Finance in India

Conclusion
17
References
18

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 INTRODUCTION

Corporate finance is a field of finance that deals with the financial decisions made by
corporations. It involves the study of how corporations use financial resources to achieve their
objectives, and how they manage financial risks. The goal of corporate finance is to maximize
the value of the firm, which can be measured in terms of its share price, market capitalization, or
profitability.

One of the main areas of corporate finance is capital budgeting. Capital budgeting is the process
of evaluating investment opportunities and deciding which projects to undertake. This involves
analyzing the cash flows of a project, assessing the risks involved, and determining the
appropriate discount rate to use in evaluating the project's profitability. The decision to undertake
a project is based on whether the expected cash inflows exceed the cash outflows, and whether
the project's risk-adjusted return exceeds the cost of capital.

Another important area of corporate finance is capital structure. Capital structure refers to the
mix of debt and equity financing used by a company. The optimal capital structure is the one that
maximizes the value of the firm. Debt financing is cheaper than equity financing, but it also
increases the financial risk of the company. The cost of debt is tax-deductible, while the cost of
equity is not. Therefore, companies try to find the right balance between debt and equity
financing to minimize their cost of capital and maximize their value.

Working capital management is another key area of corporate finance. Working capital
management involves managing the short-term assets and liabilities of a company, such as
inventory, accounts receivable, and accounts payable. Companies need to maintain an
appropriate level of working capital to ensure that they can meet their short-term obligations,
while also maximizing their cash flow. Efficient working capital management can improve a
company's liquidity, profitability, and financial health.

Risk management is also an important aspect of corporate finance. Companies face a variety of
risks, including financial risks, such as interest rate and currency risk, as well as operational
risks, such as supply chain disruptions and legal liabilities. Risk management involves
identifying, assessing, and mitigating these risks to protect the company's financial health and
reputation.

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 Corporate governance is another key area of corporate finance. Corporate governance refers to
the system of rules, practices, and processes by which a company is directed and controlled. It
involves the balance of power between the board of directors, management, and shareholders, as
well as the processes for decision-making, accountability, and transparency. Good corporate
governance is essential for maintaining the trust of stakeholders and ensuring the long-term
success of the company.

In conclusion, corporate finance is a complex and multifaceted field that involves a range of
financial decisions and activities. The main goal of corporate finance is to maximize the value of
the firm, and this involves making strategic decisions about capital budgeting, capital structure,
working capital management, risk management, and corporate governance. Effective corporate
finance practices are essential for the long-term success of companies and for creating value for
their shareholders.

LITRATURE REVIEW

Jena, S., & Jena, S. K.’s, “Administrative Regulations on Corporate Finance in India: An
Analysis. Journal of Commerce and Accounting Research”. This article examines the
regulatory framework for corporate finance in India, specifically focusing on the administrative
regulations that govern the financial activities of corporations. The authors analyze the current
state of regulation and highlight areas that require further attention and development to
strengthen the regulatory environment. The article also provides recommendations for improving
the regulatory framework to better protect stakeholders and promote sustainable economic
growth.

The article "Corporate Finance and Corporate Governance in India: A Review" by Prasad and
Kumar provides an overview of the current state of corporate finance and governance in India.
The authors highlight the importance of corporate governance for economic growth and suggest
that India has made progress in improving its corporate governance standards.1

“Corporate Finance in India: An Overview of Regulations and Policies. Journal of Finance

1
Iyer, S., & Suresh, S. (2018). Corporate Governance and Financial Performance in India. Journal of Accounting and Finance,
18(2), 1-13.

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 and Investment Analysis”, Chakraborty and Dash (2019) provide an overview of corporate
finance in India, focusing on regulations and policies that impact corporate financing decisions.
They discuss the Indian corporate finance landscape, including the role of banks and other
financial institutions in funding corporate activities, the regulatory framework for corporate
financing, and recent policy changes aimed at promoting economic growth and development.

The article "Corporate Finance in India: Issues and Challenges" by Bhattacharya (2018)
explores the challenges faced by Indian corporations in accessing finance, such as limited
availability of credit, high interest rates, and regulatory barriers. The author also suggests
potential solutions, including encouraging foreign investment, promoting financial literacy, and
developing alternative sources of financing.

The study by Iyer and Suresh in “Corporate Governance and Financial Performance in India”
investigates the relationship between corporate governance and financial performance in India.
Using a sample of 50 companies listed on the National Stock Exchange, the authors found that
there is a positive association between corporate governance and financial performance.
Additionally, the study indicates that companies with better corporate governance practices tend
to have higher market valuations and profitability.

RESEARCH OBJECTIVE

1. To examine the current regulatory framework governing corporate finance in India.

2. To analyze the impact of administrative regulations on the financing decisions of Indian

corporations.

3. To identify the challenges faced by Indian corporations in complying with administrative

regulations on corporate finance.

4. To assess the effectiveness of administrative regulations in promoting transparency and

accountability in corporate finance practices in India.

5. To propose recommendations for enhancing the efficiency and effectiveness of administrative

regulations on corporate finance in India.

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 RESEARCH METHODOLOGY

The research paper is of a Doctrinal type was developed using descriptive methodology, and its
descriptive nature was determined by the sources of secondary data used, which included
books, articles and online resources.

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OVERVIEW OF ADMINISTRATIVE REGULATIONS ON CORPORATE FINANCE IN
INDIA

Administrative regulations play a crucial role in corporate finance, as they define the rules and
guideline that companies must follow when raising and managing capital. In this research paper,
we will explore the various administrative regulations that govern corporate finance, including
their purpose, scope, and impact on businesses.

Purpose of Administrative Regulations in Corporate Finance:

The purpose of administrative regulations in corporate finance is to ensure that businesses raise
and manage capital in a manner that is transparent, fair, and in the best interests of investors.
These regulations help to protect investors from fraudulent or deceptive practices, such as insider
trading, market manipulation, and financial misstatements. They also help to promote market
stability and confidence, by ensuring that companies are held accountable for their financial
performance and disclosures.

Scope of Administrative Regulations in Corporate Finance:

The scope of administrative regulations in corporate finance is broad, covering a wide range of
activities related to raising and managing capital. Some of the key areas that these regulations
cover include:

1. Securities Offerings: Administrative regulations require companies to comply with strict

disclosure requirements when issuing securities, such as stocks and bonds. These requirements
help to ensure that investors have access to accurate and reliable information about the
company's financial performance and prospects.

2. Insider Trading: Administrative regulations prohibit insider trading, which involves trading
on material non-public information. This helps to ensure that all investors have an equal
opportunity to benefit from market information.

3. Market Manipulation: Administrative regulations also prohibit market manipulation, which

involves artificially influencing market prices through fraudulent or deceptive practices. This
helps to promote market stability and prevent investors from being misled.

4. Corporate Governance: Administrative regulations also govern the structure and functioning

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of corporate boards and management, ensuring that they act in the best interests of shareholders.

Impact of Administrative Regulations on Businesses:

Administrative regulations have a significant impact on businesses, both in terms of their

compliance costs and their ability to raise and manage capital. Compliance costs can be
substantial, particularly for smaller companies, as they must devote resources to ensuring that
they are meeting all regulatory requirements. This can also create a competitive disadvantage for
smaller companies, who may struggle to keep up with larger, more established firms.

However, administrative regulations also provide benefits to businesses, particularly in terms of

investor confidence and access to capital. When companies comply with these regulations, they
are seen as more trustworthy and reliable by investors, which can help to attract investment and
support business growth.

Conclusion:

Administrative regulations play a critical role in corporate finance, ensuring that companies raise
and manage capital in a manner that is transparent, fair, and in the best interests of investors.
While compliance costs can be significant, these regulations also provide benefits to businesses
in terms of investor confidence and access to capital. As such, it is important for companies to
understand and comply with these regulations, in order to build and maintain the trust of their
investors and stakeholders.

IMPACT OF COMPANIES ACT, 2013 ON CORPORATE FINANCE

The Companies Act, 2013 has had a significant impact on corporate finance practices and
administrative regulation on corporate finance in India. Some of the key impacts are:

1. Enhanced Corporate Governance: The Companies Act, 2013 introduced several provisions
aimed at enhancing corporate governance in companies, including the requirement for the
appointment of independent directors, the creation of a mandatory Corporate Social
Responsibility (CSR) framework, and stricter norms for related party transactions. These
provisions have helped improve transparency, accountability, and ethical practices in corporate
finance.

2. Improved Disclosure Norms: The Act also mandates companies to make greater disclosures
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in their financial statements, including information on related party transactions, director's
remuneration, and details of their corporate social responsibility initiatives. This increased
disclosure has helped promote transparency and accountability in corporate finance practices.

3. Increased Regulatory Oversight: The Companies Act, 2013 also led to the establishment of
the National Company Law Tribunal (NCLT) and the National Company Law Appellate
Tribunal (NCLAT) as specialized bodies to handle corporate legal disputes. The Act also
empowered the Securities and Exchange Board of India (SEBI) to regulate certain aspects of
corporate finance, including mergers and acquisitions, public offerings, and insider trading.

4. Simplification of Fund Raising: The Act introduced new provisions for private placement,
simplifying the procedure for raising funds through the issuance of securities to a select group of
investors. The Act also made it easier for companies to raise funds through the issuance of debt
securities.

5. Stricter Enforcement of Corporate Law: The Companies Act, 2013 introduced stricter
penalties for non-compliance with corporate laws, including higher fines, imprisonment, and
disqualification of directors. This has helped improve compliance with corporate laws and
deterred unethical practices in corporate finance.

Overall, the Companies Act, 2013 has had a positive impact on corporate finance practices in
India by promoting greater transparency, accountability, and ethical practices, simplifying fund-
raising procedures, and increasing regulatory oversight.

IMPACT OF IBC, 2016 ON CORPORATE FINANCE PRACTICES

The IBC (Insolvency and Bankruptcy Code) 2016 has had a significant impact on corporate
finance practices and administrative regulations in India. Here are some of the key ways in which
it has affected these areas:

1. Resolution of Insolvency Cases: The IBC 2016 provides for a time-bound and efficient
process for the resolution of insolvency cases. This has led to a reduction in the time and cost
involved in such cases, and has also provided greater certainty to creditors and investors. This
has improved the overall investment climate in India and increased investor confidence.

2. Creditors' Rights: The IBC 2016 has strengthened the rights of creditors by giving them

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greater say in the resolution process. The code provides for a committee of creditors to be formed
in each case, which has the power to approve or reject the resolution plan. This has encouraged
more lending to businesses in India, as creditors are now more confident that their interests will
be protected in case of default.

3. Corporate Governance: The IBC 2016 has also had a positive impact on corporate
governance practices in India. The code has introduced stricter norms for the management of
companies undergoing resolution, which includes the appointment of a resolution professional to
oversee the process. This has led to greater transparency and accountability in the management
of these companies.

4. Investor Protection: The IBC 2016 has also strengthened the protection of investors in India.
The code provides for a clear and transparent process for the resolution of insolvency cases,
which has increased investor confidence in the country's legal and regulatory framework. This
has encouraged more foreign investment in India, which has had a positive impact on the
country's economy.

In conclusion, the IBC 2016 has had a transformative impact on corporate finance practices and
administrative regulations in India. It has improved the overall investment climate in the country,
increased investor confidence, strengthened creditors' rights, improved corporate governance
practices, and enhanced investor protection.

IMPACT OF ADMINISTRATIVE REGULATIONS ON CORPORATE FINANCE

1. Capital Raising- One of the critical roles of corporate finance is to raise capital for the
corporation's operations. Administrative regulations govern how companies can raise capital
from the public through stock offerings and bonds. The regulations aim to protect investors from
fraudulent and deceptive practices by ensuring that companies disclose all relevant information
about their operations, finances, and risks. The regulations also limit the amount of leverage that
corporations can have, which affects their ability to raise capital through debt.

2. Financial Reporting- Financial reporting is a critical aspect of corporate finance, as it

provides information on a company's financial health and performance to stakeholders.
Administrative regulations govern financial reporting, including the content, format, and timing
of financial statements. The regulations aim to ensure that companies provide accurate and
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timely information to stakeholders, such as investors, creditors, and regulators. Failure to comply
with financial reporting regulations can lead to penalties and legal liabilities for corporations and
their officers.

3. Taxation- Administrative regulations govern taxation, which affects corporate finance. Tax
regulations determine the tax rate, deductions, credits, and exemptions that corporations can
claim. The regulations also govern the timing of tax payments and the reporting requirements.
Failure to comply with tax regulations can lead to penalties and legal liabilities for corporations
and their officers.

4. Mergers and Acquisitions- Mergers and acquisitions are critical corporate finance activities
that involve combining two or more companies into one. Administrative regulations govern
mergers and acquisitions, including antitrust laws that prevent companies from becoming too
dominant in a market. The regulations aim to promote competition and prevent monopolies,
which can harm consumers and the economy.

5. Corporate Governance- Corporate governance refers to the processes and structures that
companies use to direct and control their operations. Administrative regulations govern corporate
governance, including the responsibilities and duties of directors and officers, the composition
and functions of board committees, and the role of shareholders in corporate decision-making.
The regulations aim to promote transparency, accountability, and ethical conduct in corporate
operations.

Administrative regulations have a significant impact on corporate finance. The regulations

govern capital raising, financial reporting, taxation, mergers and acquisitions, and corporate
governance. Failure to comply with the regulations can lead to penalties and legal liabilities for
corporations and their officers. Corporations must ensure that they comply with the regulations
to avoid legal and reputational risks. The regulations aim to protect stakeholders, such as
investors, creditors, and consumers, and promote the efficient and ethical operation of
corporations.

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 CHALLENGES AND ISSUES WITH ADMINISTRATIVE REGULATIONS ON
CORPORATE FINANCE IN INDIA

1. Compliance Costs

Complying with administrative regulations on corporate finance is expensive, time-consuming,

and requires significant resources. Companies have to invest in human resources, technology,
and systems to ensure compliance with these regulations. This cost of compliance can be
especially high for small and medium-sized enterprises (SMEs) that have limited resources.
These compliance costs can lead to reduced profits, and in some cases, companies may decide
not to comply with these regulations, which can lead to legal and financial consequences.

2. Regulatory Complexity

Administrative regulations on corporate finance can be complex and difficult to interpret.

Companies may require legal and financial experts to help them navigate these regulations. This
complexity can lead to confusion and uncertainty, which can be detrimental to business decision-
making. Additionally, companies may struggle to keep up with changing regulations, which can
require additional resources and effort.

3. Adverse Effect on Innovation

Some regulations may discourage companies from innovating and pursuing new business
models. Regulations can create barriers to entry, making it difficult for new companies to enter
the market. Furthermore, some regulations may favor established companies, giving them an
unfair advantage over new players. This can lead to a lack of innovation and stifle competition,
which can have negative effects on economic growth.

4. Risk Aversion

Regulations can also make companies risk-averse, as they may fear the legal and financial
consequences of non-compliance. Companies may avoid risky investments or innovative projects
that could potentially lead to higher returns but may also pose greater risks. This risk aversion
can lead to reduced investment, lower economic growth, and reduced job creation.

5. Unintended Consequences

Administrative regulations on corporate finance can have unintended consequences. For

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example, regulations aimed at promoting transparency and protecting investors may lead to
reduced disclosure of information by companies. This can be because companies may choose to
withhold information to avoid legal liability or to protect trade secrets. Additionally, regulations
may lead to increased costs of capital, which can make it more difficult for companies to raise
funds.

The administrative regulations on corporate finance play an essential role in protecting investors,
promoting fair competition, and ensuring transparency in financial reporting. However, these
regulations also present challenges and issues that can affect companies and the economy as a
whole. Compliance costs, regulatory complexity, adverse effects on innovation, risk aversion,
and unintended consequences are some of the challenges and issues associated with these
regulations. Policymakers need to strike a balance between promoting these regulatory objectives
and minimizing their negative impacts. They should also consider the needs and capabilities of
SMEs when developing these regulations to ensure they do not disproportionately affect them.

RECOMMENDATIONS ON ADMINISTRATIVE REGULATIONS ON CORPORATE

FINANCE IN INDIA

Corporate finance refers to the financial activities that companies undertake to generate funds
and manage their capital structure. These activities include raising capital, managing cash flows,
and making investment decisions. Corporate finance is critical to the success of any company,
and therefore, it is important to have administrative regulations that ensure the financial stability
and transparency of companies. In this research paper, I will provide recommendations on
administrative regulation on corporate finance.

1. Mandatory Financial Reporting:

Mandatory financial reporting is a crucial aspect of corporate finance. It provides investors with
information about a company's financial performance, which helps them make informed
decisions about investing in the company. It is essential that companies be required to submit
regular financial reports that are audited by independent third-party auditors. These reports
should include a balance sheet, income statement, and cash flow statement, along with notes and
explanations to provide clarity on the financial performance of the company.

2. Corporate Governance:
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Corporate governance is the system of rules, practices, and processes by which a company is
directed and controlled. Good corporate governance ensures that a company is managed in the
best interests of all stakeholders, including shareholders, employees, customers, and the wider
community. It is essential to have strong regulations on corporate governance to ensure that
companies operate in a transparent and ethical manner.

3. Capital Structure:

Capital structure refers to the mix of debt and equity financing that a company uses to fund its
operations. It is important to have regulations that ensure that companies maintain an appropriate
capital structure. Excessive debt can increase the risk of bankruptcy, while too much equity can
dilute the ownership of existing shareholders. Regulations on capital structure should ensure that
companies maintain a healthy balance between debt and equity financing.

4. Insider Trading:

Insider trading refers to the practice of buying or selling a company's shares based on
confidential information that is not available to the public. Insider trading is illegal and unethical,
and it can damage the reputation of a company. Regulations on insider trading should be strict to
prevent this practice from occurring. Companies should be required to have strict internal
controls that prevent employees from using confidential information for personal gain.

5. Risk Management:

Risk management is the process of identifying, assessing, and managing risks that may affect a
company's financial performance. It is essential to have regulations that require companies to
have effective risk management practices in place. This includes identifying potential risks,
assessing the likelihood and impact of these risks, and implementing measures to mitigate them.
Companies should be required to have a risk management plan in place, and regular audits
should be conducted to ensure that the plan is effective.

Corporate finance is essential to the success of any company. It is important to have regulations
that ensure the financial stability and transparency of companies. The recommendations provided
in this research paper include mandatory financial reporting, strong regulations on corporate
governance, regulations on capital structure, strict regulations on insider trading, and regulations
on risk management. By implementing these regulations, companies can operate in a transparent

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and ethical manner, which is essential for their long-term success.

CONCLUSION
Corporate finance is a crucial aspect of the business world, involving the management of funds
and resources to achieve the objectives of an organization. The administration of corporate
finance is a complex and ever-evolving area that requires a comprehensive regulatory framework
to maintain its integrity and ensure its effectiveness. The purpose of this research paper is to
explore the role of administrative regulation in corporate finance and analyze its impact on the
industry.

Administrative regulation refers to the process of establishing and enforcing rules and
regulations by governmental agencies to oversee the activities of organizations in a specific
sector. In corporate finance, administrative regulation is aimed at ensuring transparency,
accountability, and fairness in financial transactions and activities. Regulatory agencies such as
the Securities and Exchange Commission (SEC) in the United States, the Financial Conduct
Authority (FCA) in the United Kingdom, and the European Securities and Markets Authority
(ESMA) in the European Union play a vital role in administering corporate finance regulations.

The primary objective of administrative regulation in corporate finance is to protect investors

and ensure the stability of financial markets. In the wake of the global financial crisis of 2008,
regulatory agencies have intensified their efforts to prevent fraudulent and unethical practices in
corporate finance. The Dodd-Frank Wall Street Reform and Consumer Protection Act, which
was enacted in the United States in 2010, introduced sweeping reforms in the regulation of the
financial industry, including measures to increase transparency and accountability, strengthen
consumer protection, and prevent systemic risk.

One of the main areas of administrative regulation in corporate finance is the issuance of
securities. The SEC, for instance, is responsible for regulating the issuance and trading of
securities in the United States. The agency requires companies to disclose relevant information to
investors, including financial statements, risk factors, and other material information that could
affect the investment decision of shareholders. This ensures that investors have access to
accurate and reliable information before investing in a company.
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Another area of administrative regulation in corporate finance is the regulation of financial
institutions. Central banks, such as the Federal Reserve in the United States, the Bank of England
in the United Kingdom, and the European Central Bank in the European Union, are responsible
for regulating the activities of financial institutions to ensure the stability of financial markets.
These institutions set capital requirements, conduct stress tests, and monitor the activities of
financial institutions to prevent systemic risk.

Administrative regulation in corporate finance also plays a crucial role in mergers and
acquisitions. Regulatory agencies oversee the approval process of mergers and acquisitions to
prevent anti-competitive practices and protect the interests of shareholders. In the United States,
the Hart-Scott-Rodino Antitrust Improvements Act requires companies to notify the Federal
Trade Commission and the Department of Justice before completing a merger or acquisition that
meets certain criteria.

Moreover, administrative regulation in corporate finance has an impact on corporate governance.

Regulatory agencies oversee the activities of boards of directors, ensuring that they act in the
best interests of shareholders and promote transparency and accountability in decision-making.
The Sarbanes-Oxley Act, which was enacted in the United States in 2002, introduced strict
corporate governance requirements for public companies, including the establishment of audit
committees, the certification of financial statements by chief executives and chief financial
officers, and increased penalties for corporate fraud.

In conclusion, administrative regulation plays a critical role in ensuring the integrity and stability
of corporate finance. Regulatory agencies are responsible for establishing and enforcing rules
and regulations that govern the activities of organizations in the financial industry. The
objectives of administrative regulation in corporate finance are to protect investors, ensure the
stability of financial markets, prevent anti-competitive practices, and promote transparency and
accountability in decision-making. While regulatory compliance can be costly and time-
consuming for organizations, the benefits of a well-regulated financial industry far outweigh the
costs.

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 REFERENCES/BIBLIOGRAPHY
1. Jena, S., & Jena, S. K. (2019). Administrative Regulations on Corporate Finance in India: An
Analysis. Journal of Commerce and Accounting Research, 8(1), 32-39.

2. Prasad, V. K., & Kumar, R. (2018). Corporate Finance and Corporate Governance in India: A
Review. Journal of Corporate Finance Research, 13(1), 1-16.

3. Chakraborty, S., & Dash, S. (2019). Corporate Finance in India: An Overview of Regulations
and Policies. Journal of Finance and Investment Analysis, 8(2), 1-14.

4. Iyer, S., & Suresh, S. (2018). Corporate Governance and Financial Performance in India. Journal
of Accounting and Finance, 18(2), 1-13.

5. Bhattacharya, S. (2018). Corporate Finance in India: Issues and Challenges. Journal of Finance
and Economics, 7(2), 1-12.

WEBLINKS

1. Securities and Exchange Board of India (SEBI), "Listing Obligations and Disclosure
Requirements (LODR) Regulations," accessed March 13, 2023,
https://www.sebi.gov.in/legal/regulations/dec-2015/listing-obligations-and-disclosure-
requirements-regulations-2015-last-amended-on-january-01-2022-_41911.html.

2. Reserve Bank of India (RBI), "Master Circular - Prudential Norms for Classification, Valuation
and Operation of Investment Portfolio by Banks," accessed March 13, 2023,
https://www.rbi.org.in/scripts/BS_CircularIndexDisplay.aspx?Id=9939.

3. Ministry of Corporate Affairs (MCA), "Companies Act, 2013," accessed March 13, 2023,
https://www.mca.gov.in/Ministry/pdf/CompaniesAct2013.pdf.

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 Acharya, A. (2011). Corporate Bond Market in India: Issues and Challenges. RBI Occasional Papers, Vol.32
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