The Bengal Rain Gambling Bill

The Bengal Legislative Council has introduced a Bill specifically prohibiting the practice of rain-gambling to grapple with this growing evil. While the bulk of public opinion in Calcutta approves of the measure, the Marwaris strongly oppose the Bill, arguing that if rain-gambling is suppressed, some new form of wagering will take its place. Although legislation cannot absolutely prevent gambling, the extent to which it prevails can be largely checked by legislative enactments. Currently, there is no disposition to test the law on the subject in Bombay. However, it is predicted that if any new cases arise, a further amendment of the General Gambling Act of the Presidency would probably be found necessary.

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There was another resounding market crash. The prices early dropped from 5 to 30 points and the sales exceeded 7.5 million dollars but a moderate rally in the afternoon wiped out half the previous declines. The rally was partly due to the recovery of the Chicago wheat pit, where early losses of about 4 cents per bushel were reduced to less than 2 cents.

Trading in the Bombay cotton exchange continued to be dull. The switching up of transactions from Broach April-May to July-August contract was the main feature. Price movements were narrow in the absence of important operations.

SEBI has enlisted the expertise of prominent India-born economists, including Raghuram Rajan, Marti Subramanyam, and Kaushik Basu, to overhaul India's corporate debt market. The advisory committee recommends allowing trading in euro bonds, establishing a repo market, and introducing "debt managers" to provide two-way quotes. The panel also advocates for a more liberal view on short selling to enhance liquidity and suggests bringing private debt placements by unlisted companies under SEBI's jurisdiction.