Good old days

For all its reforms since 1991, the Indian capital market was much more open in the era of independence struggle. There were no ‘iron veils’ between commodities and equities; domestic regional exchanges intermingled and overseas bourses were not looked upon as the privilege of the rich and the mighty.

“Companies like Assam Frontier and Assam Consolidated (both tea stocks), Calcutta Tramways, Standard Motors and Calcutta Electric were listed on both the London Stock Exchange and the New York Stock Exchange.

Brokers could trade in both commodities and equities in these exchanges,” said MR Mayya, former executive director of BSE. Domestic investors (mostly stock brokers) were free to trade in these exchanges; they used telegraphic lines to transmit trade information. Major newspapers carried market news (including select stock prices) of both LSE and NYSE. This inter-regional trade continued unhampered till the early sixties.