Standard Chartered Bank had issued the first 'Indian Depository Receipts'. Given the capital controls, it is clearly too soon. Typically, arbitrageurs got in and tried to bully the regulator. A debate on both sides was published by Business Standard, a bus newspaper. For once, I was happy to take the side of the regulator.
Here it is
http://www.business-standard.com/india/news/is-sebi-killingidr-market/439080/
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