In India, there is history to all the major regulatory overhauls. It is a scam which brings in a crisis and that makes our regulators rework on the operating guidelines for that sector. Right from 1992 Harshad Mehta scam, which gave SEBI its teeth, in 2000 it was Ketan parekh scam which brought in major changes on trading instruments and how trades are settled. After the NBFC crisis in 2018. Regulatory changes happened across the board in the financial sector. Whether it was NBFC or bank space, the post NBFC crisis made life tough for all players. But after all the mayhem, things have turned out better for some.
