Business Today

An Insider's Tale

After a decade and a half, the former SEBI head has penned an interesting account of how the capital market regulator evolved during tumultuous times.

On the morning of May 17, 2004 (infamously known as the Black Monday), the Sensex dropped 17 per cent, the biggest slump in its history. The circuit breaker was triggered twice that morning, halting all trading for three hours.

It was the market's massive reaction to the surprising defeat of the National Democratic Alliance party in Lok Sabha elections. But where was the stock market regulator during the mayhem? In distant Jordan, attending

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