The architect of India's financial markets: Dr Singh's legacy of reforms

Of the many reforms that Dr Singh led as FM and PM, the transformation of India's securities markets stands out

The late Dr Manmohan Singh has rightly been lauded for his many contributions that fundamentally changed India. Recognising the critical role of a modern securities market in channelling resources into the real economy, he was the architect who designed and laid its foundation.

 

This was not only about the creation of a regulator— the Securities and Exchange Board of India (Sebi) — though that was the most important and difficult part. It was about developing an entire ecosystem with the institutions, laws, and the supporting environment required for a modern market. Like the US nuclear deal later, this reform was