Deceit-free fraud and stigma-free indictment

If society feels that regulations can hold even the innocent to be guilty, the stigma attached to findings of guilt would also erode alongside

One would truly know one has lost one’s way with regulating fraud when told that there can be fraud without deceit and injury without a victim. Unfortunately, securities market regulation and enforcement are getting there rapidly.

Essentially, two bodies of law are at play — regulations prohibiting violative insider trading and those prohibiting fraudulent and unfair trade practices relating to the securities market. A series of regulatory enforcements, based primarily on regulations designed as a body of principles but enforced like a hidebound set of rules, is taking the Indian securities market to a domain of fraud without deceit.  

At the heart