05 August, 2021

Ole... Ole!

The march of Indian equity markets towards becoming the best and the safest in the world for investors continues firmly on.

Abhijit Bhatlekar
Ole... Ole!
Over the last decade of reforms, one of the things that we could not ignore about India has been the rather dramatic development of our equity market. If nothing else, it has been a puzzle trying to figure out why our equity market appears to vacillate between suffering from scams and market misconduct, and being one of the best developed markets in the world. After the reforms, the markets have become transparent and uniformly accessible to everyone in the country, without bias to caste, religion, gender or location. Over the second half of the '90s, this showed up in an unprecedented growth in the number of trades that took place on the exchanges all over the country, the fall in the brokerage fees and the number of depository accounts that were opened. Millions of people who were once spectators of the stockmarket now became participants.

However, this rosy picture of lower costs and more reliable trading practices for investors was marred by a procession of "crises" or episodes of market misconduct. The CRB mutual fund, a fund licensed and regulated by SEBI, absconded...

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