The architect of India’s financial markets: Dr Singh’s legacy of reforms

The late Dr Manmohan Singh has rightly been lauded for his many contributions that fundamentally changed India. Recognising the critical role of a modern securities market in channelling resources into the real economy, he was the architect who designed and laid its foundation.

This was not only about the creation of a regulator— the Securities and Exchange Board of India (Sebi) — though that was the most important and difficult part. It was about developing an entire ecosystem with the institutions, laws, and the supporting environment required for a modern market.