Master of Management Studies (M.M.S) Financial Market Regulations Syllabus - Mumbai University 2026

Course objectives

• 1 To familiarize students with regulatory frameworks governing financial markets and institutions.
• 2 To equip students with practical knowledge of compliance requirements and regulatory reporting.
• 3 To develop analytical capabilities for assessing the impact of regulatory policies on financial markets.
• 4 To foster understanding of roles and responsibilities of regulatory bodies such as SEBI, RBI, and IRDAI.
• 5 To cultivate strategic insight into managing regulatory risk and ethical compliance in financial markets.

Course outcomes

• CO1: Describe the structure, evolution, and role of financial regulations in India in the context of global financial developments
• CO2: Analyze the regulatory powers and responsibilities of Indian financial institutions including RBI, SEBI, IRDA, and CCI
• CO3: Interpret SEBI regulations and assess their implications on capital markets, mutual funds, and investor protection
• CO4: Evaluate the effectiveness of legal frameworks concerning foreign exchange, money laundering, and international funds.
• CO5: Assess and critique regulatory frameworks governing credit rating agencies and foreign investments under Indian law.

Unit 1 CO1 · 6 hours

Introduction to Financial Regulations Need and significance of Indian financial system regulations structure of financial regulations in India global financial crisis – response of the Indian regulations.

Unit 2 CO2 · 10 hours

Reserve Bank of India (RBI) Functions of RBI, credit control measures, qualitative credit control and quantitative credit control, regulatory measures taken by RBI to facilitate financial inclusion. Securities and Exchange Board of India (SEBI): Introduction to SEBI Act (1992) – powers and functions of SEBI.

Unit 3 CO3 · 10 hours

Introduction to important SEBI Regulations pertaining to Capital Market: Issue of Capital and Disclosure Regulations (2009). SEBI (Prohibition of Insider Trading) Regulations – 2015. SEBI (Prohibition of Fraudulent and Unfair Trade Practices Related to Securities Market) Regulations – 2003. SEBI Substantial Acquisition and Takeover Regulations – (2011). Mutual Fund: SEBI (Mutual Funds) Regulations – 1996.

Unit 4 CO2 · 8 hours

Insurance Regulatory and Development Authority (IRDA) IRDA Act: Salient features of the IRDA Act, 1999, IRDA (protection of policy holder interests) Regulations 2002, its duties, power and functions of authority. Competition Commission of India Concept of competition , development of Competition Law, Competition Policy - Competition Act, 2002 - Anti Competitive Agreements, abuse of dominant position, combination, regulation of combinations, competition commission of India, appearance before commission and Appellate Tribunal, compliance of Competition Law.

Unit 5 CO4 · 8 hours

Foreign Exchange Management and Regulations Objectives and definitions under FEMA, 1999, current account transactions and capital account transactions, establishment of branch, office etc. in India, realization and repatriation of foreign exchange, authorized person, penalties and enforcement, foreign contribution (Regulation)Act, 2010.

Unit 6 CO4 · 6 hours

Prevention of Money Laundering Genesis Prevention of Money Laundering Act, 2002, concept and definitions, various transactions, etc., obligations of banks and financial institution, KYC.

Unit 7 CO4 · 6 hours

Regulatory framework for International Funds: Regulations framework for rising fund through: Global Depository Receipts (GDRs) and American Depository Receipts (ADRs), External Commercial Borrowings. Foreign Direct Investment Regulations: Foreign Direct Investment (FDI) Policy. SEBI (Foreign Portfolio Investors) Regulations -2014, SEBI (Alternate Investment Fund) Regulations – 2012.

Unit 8 CO5 · 6 hours

Regulatory framework related to Credit Rating Agencies: SEBI (Credit Rating Agencies Regulations) – 1999.

Textbooks

• 1 Financial Institutions and Markets, L.M. Bhole & Jitendra Mahakud, McGraw Hill Education
• 2 Indian Financial System, Bharati V. Pathak, Pearson Education

Reference Books

• 1 Financial Market Operations, S. Gurusamy, Tata McGraw Hill
• 2 Law and Practice of Banking, G.S. Gill, Macmillan India
• 3 The Indian Financial System: Markets, Institutions and Services, E. Gordon & K. Natarajan, Himalaya Publishing House