ABSOLUTE POWER - Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam

by Sucheta Dalal

NSE Milestones 1992: Incorporated in November. 1993: Recognised as a stock exchange in April. 1994: Wholesale debt market segment goes live in June; equities segment goes live in November. 1995: NSE Clearing Ltd (earlier known as National Securities Clearing Corporation Ltd), India’s first clearing corporation launched in August; NSE becomes the largest stock exchange in the country. 1996: Settlement guarantee fund of NCL set up in June; NSDL set up in November as India’s first depository. 1999: Automated lending and borrowing mechanism (ALBM) started in February. 2000: Internet trading starts in February; Index futures launched.