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Hats off to greed, lust and sleaze, the Indian stock market has once again served a scam curry in a span of less than one decade. For those with short memories, Indian investors had first taste of stock market scam in 1992. And, her tryst with doom has continued since then, as mini versions like NBFC scam, Plantation companies scam, Sterlite-BPL-Videcon price rigging case etc. have kept cropping up in between at regular intervals. 

While the last millennium introduced the concept of big bull in the form of Harshad Mehta, with his mischievous banking buddies in supporting cast, the new millennium, on the other hand, has been much more benevolent in expanding the main lead by adding new starcast for the recently held drama staged on the Jeejibhoy stage. The new starcast for the drama, "Insider Trading - The operation loot", introduced for the first time, The Rogue Trader, The Co-operative Contractors, and nexgen banklomerates. The supporting cast, as usual, was adored by some of the state-owned banking biggies.

The flashback is as follows: The play starts in the background of a new script called second gen reforms. The concept of free market gathers momentum and so is that of free loot for all. December 1998 gives fresh lease of life to the ailing stock markets which see the BSE Sensex regaining some strength after a long lull, the bear phase which set in August 97 continued till October 98. The bull's moment of glory comes in October '99 when Sensex breaches past the magic mark of 5000 for the first time in its history. Excellent performances by the stars (price rigging, insider trading or illegal money?) saw the Sensex zooming past 6000 level in February 2000. The self-proclaimed heroes are flying high. But by now the stage is all set for the bears the villains to make their not-so-auspicious entry. And, they came, they saw, and they launched the assault. Even this does not concern anyone. However, everything which was going smoothly till now suddenly has a date with the devil. The whistle is blown off by a partypooper, a state-owned bank. At the same time on the far off stage in the City of Joy, which has been playing a supporting role in the drama, meets with another partypooper, in the form of payment crisis.

Over to the current scene. The story takes a u-turn here with both the self-acclaimed heroes and villains finding themselves in the same boat. The story of fallen heroes does not end here. Another drama - the courtroom drama - awaits the entire crew.

Bear hammerings and the hapless market

The new drama whose end will take months, may be years, to come by, thanks to the tardy direction (investigative processes), remember old bull Harshad Mehta is still moving scot free, the audience (the investors) already have enough of a harrowing show. And she leaves the theatre, (Jeejibhoy palace in this case), in a state of pain and agony. One can only hope the earlier she returns the better it will be for the act (investment). However, the billion rupee question is - When, and will the charm and glory of the Jeejibhoy stage ever return? 

Amit Singh

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