Book contents
- The Cambridge International Handbook of Class Actions
- The Cambridge Handbook of Class Actions
- Copyright page
- Dedication
- Contents
- Contributors
- Foreword
- Acknowledgments
- Part I The United States
- Part II The Americas
- Part III Europe
- Part IV Asia and the South Pacific
- 16 The Emergence and Reform of the New Zealand Class Action
- 17 Representative Proceedings in Singapore
- 18 Class Action in China
- 19 Class Actions in Australia
- 20 Empirical and Practical Perspectives on Twenty-Seven Years of Product Liability Class Actions in Australia
- 21 Securities Class Actions in Korea
- 22 A Review of the Current Status of, and Future Issues Facing, Consumer Class Action Systems in Japan
- 23 The Indian Securities Fraud Class Action
- Part V Middle East and Africa
23 - The Indian Securities Fraud Class Action
Is Class Arbitration the Answer?
from Part IV - Asia and the South Pacific
Published online by Cambridge University Press: 29 January 2021
- The Cambridge International Handbook of Class Actions
- The Cambridge Handbook of Class Actions
- Copyright page
- Dedication
- Contents
- Contributors
- Foreword
- Acknowledgments
- Part I The United States
- Part II The Americas
- Part III Europe
- Part IV Asia and the South Pacific
- 16 The Emergence and Reform of the New Zealand Class Action
- 17 Representative Proceedings in Singapore
- 18 Class Action in China
- 19 Class Actions in Australia
- 20 Empirical and Practical Perspectives on Twenty-Seven Years of Product Liability Class Actions in Australia
- 21 Securities Class Actions in Korea
- 22 A Review of the Current Status of, and Future Issues Facing, Consumer Class Action Systems in Japan
- 23 The Indian Securities Fraud Class Action
- Part V Middle East and Africa
Summary
In 2013, India enacted one of the most robust private enforcement regimes for securities fraud violations in the world. Unlike in most other countries, Indian shareholders can now initiate securities fraud lawsuits on their own, represent all other defrauded shareholders unless those shareholders affirmatively opt out, and collect money damages for the entire class. The only thing missing is a better financing mechanism: unlike the United States, Canada, and Australia, India does not permit contingency fees, so class action lawyers cannot front the costs of litigation in exchange for collecting a percentage of what they recover. On the other hand, the 2013 law enacted a public financing regime for securities fraud class actions and it is possible third-party financing will be permitted; these mechanisms may make up some of the loss in effectiveness caused by the lack of contingency fees.
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- Information
- The Cambridge Handbook of Class ActionsAn International Survey, pp. 462 - 478Publisher: Cambridge University PressPrint publication year: 2021