Gamblers Anonymous ; NSE changed equity trading in India through clear rules backed with technology and risk-avoiding margins.

You are out vegetable shopping. You want a kilo of onions. Thereis only one vendor and he refuses to give you an accurate price. Youstill give him some money. He tells you he will be deliver only thefollowing week. When it happens, you discover he has mixed somepotatoes with the onions. This is not an exact version of howIndia's stockmarkets functioned until 1992, but the inaccuracy isonly in degree. From a transparency point of view, there are fewparallels to the National Stock Exchange, or NSE, in India.

An institution that can rightfully claim it changed equitytrading in India through clear rules backed with technology and risk-avoiding margins. "One of the most critical changes was that arobust risk management system was set in place," says Ravi Narain,NSE's Managing Director and CEO. NSE has spread into even tiny townsushering in a true equity culture and its daily turnover today is inexcess of Rs 10,000 crore.