150 years of BSE: When 100 banks failed and took stockbrokers with them

As the country's oldest stock exchange, the BSE, completes 150 years, Business Standard looks at lesser-known events from the pages of India's stock-market history

Like with all great crashes, some had noticed the cracks. “… cash balances (of banks) seem, from the available indications, to be hopelessly inadequate; and it is hard to doubt that in the next bad times they will go down like ninepins. If such a catastrophe occurs, the damage inflicted on India will be far greater than the direct loss falling on the depositors,” said John Maynard Keynes in his May 1913 work “Indian Currency and Finance”, written before his path-breaking work in macroeconomics laid the foundation of dealing with global crises. Keynes had started his career