9.01: Various Acts, rules, regulations, ordinance, guide lines, clarifications, press releases and bye-laws of self regulatory organizations constitute the legal frame work of the Indian Capital Markets. The Indian Securities Laws, Rules and Regulations enacted for its capital markets include the following 29:

1. The Companies Act, 1956
2. The Securities Contracts (Regulation) Act, 1956
3. The Securities Contracts (Regulation) Rules, 1957
4. The Securities and Exchange Board of India Act, 1992
5. The SEBI (Insider Trading) Regulations, 1992
6. The SEBI (Merchant Bankers) Rules, 1992
7. The SEBI (Merchant Bankers) Regulations, 1992
8. The SEBI (Stock Brokers and Sub-Brokers) Rules, 1992
9. The SEBI (Stock Brokers and Sub-Brokers) Regulation, 1992
10. The SEBI (Debenture Trustees) Rules, 1993
11. The SEBI (Debenture Trustees) Regulations, 1993
12. The SEBI (Portfolio Managers) Rules, 1993
13. The SEBI (Portfolio Managers) Regulations, 1993
14. The SEBI (Registrars to Issue and Share Transfer Agents) Rules, 1993
15. The SEBI (Registrars to Issue and Share Transfer Agents) Regulations, 1993
16. The SEBI (Underwriters) Rules, 1993
17. The SEBI (Underwriters) Regulations, 1993
18. The SEBI (Appeal to Central Government) Rules, 1993
19. The SEBI (Bankers to an Issue) Rules, 1994.
20. The SEBI (Bankers to an Issue) Regulations, 1994.
21. The SEBI Appellate Tribunal (Procedure) Rules, 1994
22. The SEBI (Foreign Institutional Investors) Regulations, 1995
23. The SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to securities market) Regulations, 1995.
24. Depositories Act, 1996
25. The SEBI (Depositories & Participants) Regulations, 1996
26. The SEBI (Mutual Funds) Regulations, 1996.
27. The SEBI (Venture Capital Funds) Regulation 1996.
28. The SEBI (Custodian) Regulations, 1994.
29. The SEBI (Substantial Acquisition of Shares and Take Over) Regulation, 1997.

9.02: The Companies Act, Securities Contracts (Regulation) Act, 1956, Securities and     Exchange Board of India Act, 1992 and Depository Act, 1996 are the statutory laws.

9.03: RULES AND REGULATIONS:

Securities Contracts (Regulation) Rules, 1957 and such other rules referred to hereinabove are made by the Central Government under the provisions of the relevant Act and the SEBI (Depositories and Participants) Regulations, 1996 and such other regulations referred to hereinabove are made by SEBI also under the provisions of the relevant Act. Both the rules and regulations are made for carrying out the purposes of the Act. They have the force of an Act.

9.04: BYE-LAWS:

Self regulatory organizations, such as, different Stock Exchanges in India, enact their own Bye-laws setting forth the rules of the administration of their respective stock exchanges. They cover the hours of trade and clearing, method of operations, the collection and publication of market data, trading and listing rules, the scale of brokerage and other matters. In the case of bye-laws of stock exchanges in India under the SEBI Act, 1992 the SEBI has the authority to approve, make or amend the bye-laws.

9.05: ORDINANCES:

These are promulgated by the President of the Republic of India in accordance with the Constitution of India when Parliament is not in session and when it is necessary for the President to take immediate action.

9.06: GUIDELINES & CLARIFICATIONS:

The SEBI issues guidelines and their clarification on specific and technical subjects such as development of "Finance Institutions", "flexibility on pricing of the issue", "bonus issues", "preferential disclosure and investor protection", etc. At times a clarifications leads to further clarification. In the case of "disclosure and investor protection", SEBI had to issue as many as 17 clarifications.

9.07: PRESS RELEASES:

As a means of informing the public on SEBI's tentative administrative stands or criteria for a particular subject, press releases are frequently issued by SEBI.
They are extremely effectual and serves practical purposes.