India’s NSE Listing Saga: Punish People, Not Institutions
The QuintWhile there are many stories to tell, I will fasten on to a sure-shot winner, a real thoroughbred. Yet, we are keeping its exciting future shackled and imprisoned to a fleeting past, as if three decades of stellar achievements have been totally obliterated by a few years of a few people’s alleged misdemeanours. For the naysayers, let me give just a few objective data points: It’s the largest derivate exchange globally, bigger than NYSE, Nasdaq, London, Hong Kong and Shanghai At about $3 trillion, it’s the ninth-largest by the market value of listed companies. Just imagine the blue skies it could soar to, since barely 5% of India’s GDP is captured on NSE, as opposed to over 50% in the US. It commands 90% market share, and over Rs 2 trillion, or $25 billion, of market cap It’s a world-beater in digital technology, a pioneer of dematerialised transactions, with perhaps the shortest and most secure trade settlement cycle on earth I can go on and on, but the point should be irrefutably clear – in NSE, India has created an institution that has led the world in innovation.
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