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Absolute Power - Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam Paperback – 4 June 2021
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- Print length294 pages
- LanguageEnglish
- PublisherKensource Information Services LLP
- Publication date4 June 2021
- Dimensions20 x 13.5 x 2 cm
- ISBN-108195190731
- ISBN-13978-8195190737
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Product details
- Publisher : Kensource Information Services LLP; First edition (4 June 2021); KENSOURCE : Contact No.: 022 24441058
- Language : English
- Paperback : 294 pages
- ISBN-10 : 8195190731
- ISBN-13 : 978-8195190737
- Item Weight : 0.3 g
- Dimensions : 20 x 13.5 x 2 cm
- Country of Origin : India
- Best Sellers Rank: #13,369 in Books (See Top 100 in Books)
- #854 in Analysis & Strategy
- Customer Reviews:
About the authors
Sucheta Dalal is among the best known financial journalists in India. Her three decades of outstanding investigative reporting spans the Harshad Mehta scam, CR Bhansali scam, exposé of Enron, bad loans in banks, numerous corporate shenanigans and regulatory lapses have appeared in Business Standard, The Economic Times and The Times of India. She received the Chameli Devi Award for outstanding journalism and Femina Woman of Substance Award, both in 1993. She served as a member of the NR Narayana Murthy committee on corporate governance in 2003, was a member of the primary market advisory committee of SEBI and a member of Investor Education and Protection Fund of the Government of India. She was also a trustee of the Ahmedabad-based Consumer Research and Education Centre. She has co-authored the best-selling book The Scam: From Harshad Mehta to Ketan Parekh; AD Shroff: A Titan of Fianance and Pathbreakers 1&2. Based on her outstanding investigative journalism spanning two decades, she was awarded the Padma Shri in 2006. She directs the current news and socially-oriented reporting at Moneylife, the Foundation’s activities and grievance redressal activities.
Debashis Basu is a Chartered Accountant by qualification with three decades of experience as a journalist and the author of several business books. He has worked with The Times of India, Business World, Business India, Business Today, Financial Express and has written columns for Business Standard and The Economic Times. He also writes a fortnightly column for Business Standard.
Along with Sucheta Dalal, he has co-authored two best-selling books, "The Scam: From Harshad Mehta to Ketan Parekh" and "Absolute Power: Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam". They both also co-authored Pathbreakers 1 & Pathbreakers 2, which contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
Debashis also authored Face Value: Creation and Destruction of Shareholder Value in India; Growth Alchemy: Why Smaller Firms Fail to Find Finance and How Market-based Solutions Can Help; and Plain Truth Series on Stocks, Mutual Funds and Investments.
He was a member of the Task Force of the Securities and Exchange Board of India (SEBI) on the creation of IndoNext market segment for smaller companies and served as the member of the mutual fund advisory committee of SEBI. He directs the research and reporting on financial products at Moneylife and also oversees the design and business aspects of Moneylife.
Customer reviews

Reviewed in India on 27 December 2021
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Awesome book. Gives inside story of NSE, SEBI & key players in a very interesting way.
For me, the book is also a good review of key events that have taken place in equity market in India especially post 2000. For instance, MIMPS guidelines and how it impacted MCX-SX, which had to file a case in Bombay High Court, when SEBI refused to grant permission to the exchange on grounds of ownership.
The book talks about failure of risk management system in NSE and how NSE tried to strongly defend its risk management system, in case of a fat finger trade that originated from Emkay Global Financial services. The book describes entire background story of appointment of Mr. Bhave’s as SEBI chairman. There is an interesting chapter on Colo trades and Direct Market Access in the book as well.
If you want to know how NSE thwarted attempts by other exchanges, rather secretly, to become a competition for the exchange then you will come across many instances of it in the book. The best part of the book is that it is easy to understand, even for a beginner because it deals with various events that have happened in the stock market in India and it is not concept heavy. In brief, there is much more to the book than a review alone can describe. You can read it for sure.
So kudos for writing about this and bringing the story out.
However it deserved a better narration. It also a deserved a better explanation on some of the concepts of financial markets that may not be clear to all. How does ALBM work? How is it similar to Vyaj badla.. what is HFT, why is that micro second important? Same for algo Trading.