Circuit Breakers

I­n early April, when MoneyLIFE interviewed CB Bhave, chairman of the Securities and Exchange Board of India (SEBI), one of our questions was about his decision to remove first-day price bands after stocks are listed or re-listed. That decision was based primarily on the English Indian Clays (EIC) case, which MoneyLIFE had followed with some persistence. EIC’s stock had dived from Rs1,690 on...

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