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In 1992, journalist Sucheta Dalal exposed the scam, leading to a massive market crash and heavy investor losses. The scandal shook the credibility of India’s banking and financial systems but also triggered major reforms, including stronger regulatory powers for SEBI, modernization of settlement sy…

In 1992, journalist Sucheta Dalal exposed the scam, leading to a massive market crash and heavy investor losses. The scandal shook the credibility of India’s banking and financial systems but also triggered major reforms, including stronger regulatory powers for SEBI, modernization of settlement systems, and stricter oversight. The case highlights a fundamental lesson: weak governance and lack of transparency can collapse even the fastest-growing systems.