On 23rd April 1992 Sucheta Dalal broke the securities scam. In the latest issue of Moneylife she recounts how she broke the story, and how hundreds of court cases have meandered for two decades with no end in sight. Debashis Basu tracks the post-scam market reforms in a separate piece. On the stands now. Buy a copy today!
On 22 April 1992, exactly 20 years ago, an acquaintance of the news editor of The Times of India tipped off Sucheta Dalal about an incredible story. Harshad Mehta, arguably the only superstar the Indian stock market has seen and known by the moniker Big Bull, had been summoned by the State Bank of India (SBI). I was told that Harshad Mehta—whose apparent stock-picking prowess had made him a media darling—had been asked to pay up Rs500 crore immediately and was to hand over a cheque the next day. Harshad, with a following to match a film star or a cricketer, caused a flutter at the Bank by arriving in his Toyota Lexus—which, at Rs40 lakh+, was among the most expensive cars in the market at a time the Indian economy was just opening up...
This is an excerpt from the cover story in the latest issue of Moneylife. Pick a copy today.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
