Speculators may be the stars in a bull market but in a falling one they are the villains.
After a precipitous market fall in March led to a default on the Calcutta bourse and the arrest of a Bombay broker, Indian regulators decided to accelerate reform of the stock markets. Few are cheering. The Bombay Stock Exchange 30-share Sensex is down by one-fifth since early March and the crisis snuffed out trading volumes. Daily turnover of over Rs100 billion a day in early March shrank to about a quarter of that by June.
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