This paper by Ajay Shah & Susan Thomas provides a comprehensive review of the evolution of the securities markets in India in the 1990s. The paper was presented on September 3, 2001 at the first of series of ICRIER Seminars on “Ten Years of Economic Reforms”. The session was chaired by Dr Y Venugopal Reddy, the then Deputy Governor, Reserve Bank of India. Dr. Jayant Varma, Indian Institute of Management (Ahmedabad) was the discussant.
