Azadi from the financial sector

By Sydney Barrett Last updated Aug 15, 2022

The 75th anniversary of India’s independence is a good time to look back and dream ahead. In the area of fiscal economic policy, 44 of those 75 years was a period of a severely repressed financial system. To illustrate, the Capital Issues (Control) Act 1947 was the applicable securities markets law. With this law, the government decided which company is allowed to raise capital in the public market, with what instrument and at what time. It also decided who could buy these securities and at what prices.

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Initial publication: Mon 15 Aug 2022. 21:42 IST