Investing in the Indian capital market is sometimes called the great paper chase. Share certificates come in tiny lots of 50 to 100 shares, clean deliveries are uncertain and the process of transfer can take up to a year at the end of which an investor may discover that his shares are fake, stolen or lost.
Given the cost and perils of dealing in paper, fund managers should ordinarily have cheered the Securities Exchange Board of India’s decision in October to give a boost to paperless trading.
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