Skip to main content

Government, SC in favour of ethics body for legal profession

By
Government, SC in favour of ethics body for legal profession
The Indian government and the Supreme Court are in favour of setting up an independent body to regulate ethics in the legal profession, the absence of which has prevented the country from improving its global position in the enforcement of business contracts.In an endeavour to usher in major reforms in the legal profession, the Centre and country’s highest court have also suggested the need to regulate professional fees.
“Regulatory framework of the legal profession  needs a review. There is need to regulate professional fee and ethics which can be done by an independent body instead of elected body of the Bar,” according to the minutes of the meeting that ET exclusively accessed. The meeting was attended by the top brass of the Prime Minister’s Office and secretaries from the ministries of finance, revenue and law and Niti Aayog
Demonstrating how the lack of a regulatory mechanism is adversely affecting the country’s position globally, the Department of Justice pointed out in a presentation to the judges and the government officials that “unsatisfactory regulation of legal profession was an obstacle in improving India’s ranking in enforcement of contract parameters under the World Bank Doing Business report.” India was ranked 130 out of 190 countries in ease of doing business, according to the World Bank report for 2017  and was placed 172 on the parameter of enforcing contracts, which measures the time and cost of resolving a commercial dispute and the quality of judicial processes.
As of now, legal professional ethics are regulated by state bar councils, while the Bar Council of India is the appellate forum at the national level.The government and the apex court referred to various reports submitted by the Law Commission of India.Difficulty caused to litigants on account of unruly lawyers proceeding on strike was emphasised during the meeting.“Strikes by lawyers result in obstruction in administration of justice,” the members recorded.
The Law Commission, under the chairmanship of former Justice BS Chauhan, had submitted a report to the government recently suggesting punitive action against lawyers going on strike.Emphasis was laid on the need to strengthen the framework to provide legal aid to the poor.
To ensure that a check is maintained on lawyers and their performance, it was suggested that “the Bar Council may introduce a mechanism for feedback by clients on advocates’ performance.”For this, it said “an independent website could be set up to provide information and to redress grievances of litigants against violation of ethics.”
The Economic Times, New Delhi  ,23th October 2017

Comments

Post a Comment

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

By
  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...
Post a Comment
Read more

Luxury carmakers urge clarity on GST rates to boost festive season sales

By
  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...
Post a Comment
Read more

Sebi proposes tighter norms for green bond third-party reviewers

By
  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...
Post a Comment
Read more