SKILL ROADMAP 49 · SPECIALISED LEGAL FIELDS

Securities and Capital Markets

Securities basics → SEBI framework → Public issues → Listing obligations → Takeovers and insider trading → Enforcement

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This roadmap has 6 steps, 3 checkpoints and 2 projects.
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1 What this path is

Capital markets lawyers advise companies, investors and intermediaries on raising money from the public and complying with securities law.

The work involves dense regulations, disclosure documents and tight deadlines.

Learn securities basics.
Learn: the SEBI Act 1992, the Securities Contracts (Regulation) Act 1956 and the Depositories Act 1996.
Practise: by explaining how shares are traded.
Learn the SEBI framework.
Learn: how SEBI issues regulations and circulars.
Practise: by tracking SEBI circulars for a month.
Learn public issues.
Learn: the SEBI ICDR Regulations and the IPO process.
Practise: by reviewing the risk factors section of a recent offer document.
Learn listing obligations.
Learn: the SEBI LODR Regulations.
Practise: by checking a listed company's disclosures for one quarter.
Learn takeovers and insider trading.
Learn: the SEBI Takeover Regulations 2011 and the Prohibition of Insider Trading Regulations 2015.
Practise: by analysing one open offer.
Learn enforcement.
Learn: SEBI orders and appeals to the Securities Appellate Tribunal.
Practise: by writing a case comment on a SEBI order.

You handle capital markets transactions and enforcement matters.

These checklists are for honest self assessment. They are not an official certification.

Look for capital markets teams at firms and listed company secretarial teams.

Reviews and case comments.