As already mentioned in this SO answer and the other posts in the same question, C# delegates can be implemented using interfaces or Java FuncationInterfaces.
However I am looking to implement a proper event model and not a delegate model in Java. For a brief on the difference of the two, please see this. Especially the first comment.
Below is what I have tried so far:
Event.java
public class Event {
    public interface EventHandler{
        void invoke();
    }
    private Set<EventHandler> mEventHandlers = new HashSet<>();
    public void add(EventHandler eventHandler){
        mEventHandlers.add(eventHandler);
    }
    public void remove(EventHandler eventHandler){
        mEventHandlers.remove(eventHandler);
    }
    public void invoke(){
        for(EventHandler eventHandler : mEventHandlers){
            if(eventHandler!=null) {
                eventHandler.invoke();
            }
        }
    }
}
EventPubisher.java
public class EventPublisher {
    public Event ValueUpdatedEvent;
    public void UpdateValue(){
        ValueUpdatedEvent.invoke();
    }
}
EventConsumer.java
public class EventConsumer {
    EventPublisher ep = new EventPublisher();
    public EventConsumer(){
        ep.ValueUpdatedEvent.add(this::ValueUpdatedEventHandler);
    }
    private void ValueUpdatedEventHandler(){
        // do stuff
    }
}
The problem with this design is that I can write code like below as well:
public class EventConsumer {
.....
    private void abuse(){
         ep.ValueUpdatedEvent.invoke();
    }
}
And this is particularly what events restrict. The event should be raised only from the declaring class and not from outside.
 
    