Abstract
The term “securities scam” refers to the diversion of funds from the banking system to various stockbrokers in a series Of transactions—primarily government securities—during the period April 1991 to May 1992. An understanding of the scam is a prerequisite for any meaningful analysis of policy alternatives to improve the functioning of the financial system.
This paper by Samir K Barua and Jayanth R Varma presents a plausible reconstruction of how the scam originated, how it was perpetrated, and what would be its aftermath.
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