Chapter 11

1. A Symposium Issue on Stock Markets and Economic Development, The World Bank Economic Review, Volume 10, May 1996.

2. Handbook of Statistics on Indian Economy, Reserve Bank of India, 2000.

3. Ibid

4. Indian Securities Market A Review, National Stock Exchange, Volume 5, 2002.

5. The bull syndicate which cornered the M.S. Shoes shares and artificially boosted the share price to help the promoter Pawan Sachdewa mobilize funds through a rights convertible issue, could not meet the commitments of the BSE. The bull syndicate collapsed; and the cascading effects of default caused a systemic collapse leading to the closure of the BSE for three days.

6. The badla system facilitated carry forward of transactions from one settlement to another, through financing by badla financiers.

7. The figures are annual averages except for 31 December, 2004.