Exonerating NSDL

The slide has been breathtaking. On 4 December 2008, the Securities and Exchange Board of India’s (SEBI) cheerleaders were singing paeans to the ‘major step forward’ in improving transparency by publishing its board agenda and minutes on its website; and for the code of conduct it had formulated to avoid conflict of interest of its board members. The decision had been hailed as a ‘global...

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