Laws governing businesses and the financial sector and processes of economic and social development are inextricably linked. The primary objectives of business and financial regulation are to create a climate of economic stability and predictability so as to protect the interests of all stakeholders including employees, consumers, and investors. It is imperative that the legal framework governing businesses and the financial sector ensures that the pursuance of these objectives adheres to the basic principles of the rule of law and facilitates economic development in an inclusive and sustainable manner.
Keeping with this objective, Vidhi has developed a substantial body of work aimed at reforming India’s business and financial sector laws, including legal research, strategic legal advice and legislative drafting assistance.
Vidhi has advised the Government in preparing the zero draft of a National Action Plan on Business and Human Rights (NAP) based on the United Nations Guiding Principles 2011 (UNGP Framework) and the final NAP. Vidhi has also advised the Government on designing the legal architecture for the formation and governance of ‘Social Impact Companies’ for encouraging private investments toward achieving the Sustainable Development Goals, and fostering an ecosystem for impact entrepreneurship.
Vidhi’s work on the ‘Fresh Start’ insolvency resolution process under the Insolvency and Bankruptcy Code is part of the reforming the personal insolvency law agenda and aims to provide a cost-effective mechanism for resolving financial distress among people with low income and assets. Vidhi has also published independent reports on reforming the regulatory framework applicable to India’s pension system for ensuring social security of India’s elderly population.
Indian law needs to account for women, make finance inclusive
Indian women face multiple barriers in accessing finance in an equitable manner. Research suggests adding a gender lens to existing laws and financial products is crucial.
[Vidhispeaks] The Law Needs to Account for Her
Financial inclusion of women is of immense importance in achieving gender equality as well as economic independence. As of 2017, 55 percent women still did not use their bank accounts.