After grand success of "THE SCAM" - Now a superhit web series
Sucheta Dalal and Debashis Basu
Now present...
ABSOLUTE POWER
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Rated 4.6 / 5 on Amazon as on July 1, 2021
Rated 4.35 / 5 on Goodreads as on July 1, 2021
Inside
Absolute Power
How NSE, set up by government-owned institutions, trounced the 100-year old BSE within two years to emerge as a transparent and efficient exchange platform.
How NSE was involved in the Scam of 2001 but emerged unscathed
How NSE launched its co-location services illegally in 2010
How SEBI allowed NSE to get away with repeated transgressions
How SEBI stopped BSE from acquiring CAMS because of conflict of interest while allowing NSE to do just that. It then did an about turn in 2020
How NSE acquired a stake in Omnesys, the subsidiary of a brokerage firm, despite blatant conflict of interest with its role as a first-line regulator
How Chitra Ramkrishna’s appointment as NSE’s managing director in 2013 was manipulated and how she ran the Exchange like a private fief
How NSE was repeatedly let off with a warning for serious violations such as fat-finger crash and client code modification
How SEBI buried the algo scam by first asking the NSE to fix responsibility, which the NSE failed to do and then deliberately issuing weak show-cause notices.
How the scandalous appointment and exit of Subramanian Anand was an egregious example of what was happening at the Exchange.
