Fascinating & detailed account of the Algo Trading Scam in India, allowed by the monopolistic control of the National Stock Exchange (NSE) and a complFascinating & detailed account of the Algo Trading Scam in India, allowed by the monopolistic control of the National Stock Exchange (NSE) and a complicit SEBI....more
Fantastic book - gives deep insight into the history of Independent India, and how various prime ministers dealt with so many opposing political factiFantastic book - gives deep insight into the history of Independent India, and how various prime ministers dealt with so many opposing political factions.
The PMs I disliked the most in this book were 1) Indira Gandhi (for the Emergency) and 2) P V Narshima Rao, who knew about the demolition of Babri Masjid in advance - but did nothing....more
I read this book after watching the Scam 1992 web series which focuses on Harshad Mehta. This book also covers other key players (brokers, banks, PSUsI read this book after watching the Scam 1992 web series which focuses on Harshad Mehta. This book also covers other key players (brokers, banks, PSUs, etc.) in Scam 1992 besides Harshad, many of whom got scot free with little consequences. The 2001 Ketan Parikh scam is also covered.
What was most glaring to me is the incompetence of RBI in both scams. RBI's internal investigation showed irregularities before Scam 1992 was exposed, but all it did was to issue guidelines that banks easily ignored. In fact, NHB, a subsidiary of RBI, actively helped Harshad by giving him Rs. 500 crore!
The JPC (Joint Parliamentery Committee) also achieved next to nothing in both scams. It just indulged in politics on who to let off rather than truly pursuing what was going on or forcing RBI, CBI, etc. to properly investigate.
It's also interesting how even UTI was not innocent - while it didn't help Harshad, UTI still did other fishy things like bailing out Calcutta Stock Exchange after Ketan Parekh scam (this was at the expense of its unit holders, ordinary retail investors, but UTI faced no consequences for it)....more
An excellent, thought provoking book that will make you question everything you know. It really makes one realise how bad we are at understanding straAn excellent, thought provoking book that will make you question everything you know. It really makes one realise how bad we are at understanding strangers.
This a Must Read, a book that will probably give new insights with each read....more
So far, I am thoroughly enjoying reading this book as it explains (in a fun way!) just how much we don't know about the universe. A good read.So far, I am thoroughly enjoying reading this book as it explains (in a fun way!) just how much we don't know about the universe. A good read....more
