Wall street crash, another sensational collapse

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.

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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.