After only a month of teething troubles and loud howls of protest, one of the biggest reforms in India’s capital markets in recent years risks being watered down — if not entirely jettisoned.
In early August, the Securities and Exchange Board of India directed local bourses to discover end-of-day prices via a final 20-minute auction. This was meant to stop large traders from manipulating closing prices under cover of all-day continuous trading, a strategy known as “marking the close.”
