National Law Universities generally offer two streams in Master Programmes namely, Public law and Business law. Few law schools offer Post Graduate Diploma Programmes in Business law in addition to regular Master programmes. B Schools too have at least one full course on Business law because the study of Business law is important not only for law students but equally important for management students.
Business law is an umbrella term covering economic as well as other legislations impacting businesses which are commercial ventures. Its scope has increased over the years as new businesses and modes of operating them are being evolved at a high pace in view of increased investment flexibilities, e commerce, IT enabled services and artificial intelligence etc.
Business law stream is an intellectually challenging stream. It includes substantive law courses on Contract Act, Sale of Goods Act, Negotiable Instruments Act, Corporate Law, Securities regulations, Competition law, Taxation, Intellectual Property rights, Insurance law, Insolvency and Bankruptcy Law, Banking and Financial laws, Investment law and Commercial Arbitration to name a few. Students generally have option to select from such courses depending upon their area of interest. Teaching of courses at Masters level invariably has compulsory research component and analysis of case law. Such courses make students experts in substantive laws and enhance their analytical abilities required for the purpose of business transactions,research and commercial litigation.
In the evolving business environment,which is becoming complex and stringent, I can say that the role of legal professionals having sound foundation of Business law has gained more importance. They have opportunity both as lawyers as well as business professionals. They can join law firms, engage in personal practice or commercial arbitration. Job opportunities are opened in new business sectors especially start-up businesses which require expertise in the areas of investment, capital and securities market, taxation, mergers and acquisitions, insurance, finance, trade and insolvency etc. Such professionals are also required in educational institutes, regulatory bodies like Securities and Exchange Board of India, Competition Commission of India, Insolvency and Bankruptcy Board of India, government organisations, banks and insurance companies. Consumer protection is an additional area where they can be engaged. Options of joining administrative services and judiciary are always open to them. This stream gives additional advantage to those who wish to pursue professional programmes like company secretary or chartered accountancy.