The 75th anniversary of India’s independence is a good time to look back and dream ahead. In the field of financial economic policy, 44 of these 75 years were a period with a very repressed financial system. As an example, the Capital Issues (Control) Act 1947 was the law applicable to stock markets. Under this law, the government decided which company could raise capital in the public market using which instrument and at what time. It also decided which people could buy these securities and at what prices.
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First published: Monday, August 15, 2022. 21:42 IST
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