Monday, May 23, 2022
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Casino Kolkata's Big Black Hole

Lyons Range's infamous badla market may now be coming to an end. But it has bared its lethal fangs just one last time.

Casino Kolkata's Big Black Hole
Casino Kolkata's Big Black Hole
outlookindia.com
-0001-11-30T00:00:00+05:53

It's undeniable that what led these unfortunate people to end their lives was their own greed—the prospect of high returns on the bourses, leading them even to borrow or embezzle huge amounts. But it's equally undeniable that the Indian stockmarkets could overnight turn into a very dangerous place for the small investor. And that no bourse exemplifies the dark shenanigans better than the Calcutta Stock Exchange (cse).

Like the Indian cricket team, the cse authorities won a cliff-hanger on March 22, but unlike Ganguly's men, is about to lose the series. According to the market grapevine, stockmarket watchdog Securities and Exchange Board of India (sebi) has decided to supersede the cse board and institute a probe into the way this exchange was being run—dominated by the principal defaulter, Dinesh Singhania. And if the investigation is properly conducted, skeletons will cascade out of cse's cupboard. But then, say marketmen, the three major defaulting brokers are astute operators who function through a number of satellite brokers and agencies and it'll be very difficult to pin any major wrongdoing on them. Three board members have reportedly resigned, and the cse will probably be run by a sebi-appointed administrator.

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