Himanshu Rai’s Reviews > ABSOLUTE POWER - Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam > Status Update

In the small incestuous financial world of Mumbai, the conflict of interest didn't raise an eyebrows.

"Anyone who understands the feudal mindset prevalent in the Indian administrative set up would know that it is suicidal to challenge the regulator unless you are really pushed to the wall. No regulated entity would dare to 'hold the regulator to account', without serious repercussions."

A lesson in the public policy for all the stakeholders involved....

Repeated favourable orders strengthened NSE's sense of invincibility - and ironically, made it fragile.

NSE, NSDL, IL&FS and SHCIL were all funded by public sector money but were run like private fiefs, despite operating in the regulatory penumbra. Most of these institutions were born as part of India's economic liberalisation in the early 1990s and set up as private entities, with a public sector ownership.

Till now, the book is about the spectacular rise of the NSE through the late 1990s and corruption in the BSE.

How to update more when kid has hidden the book and now has forgotten all about it!!!