of India with international capital markets. Brief overviews of the theory and experience of liberalization elsewhere and … of the recent liberalization by India frame the discussion of the risks of liberalization and sequencing of policy …

took place in financial regulation sector during liberalisation of its economy in 1991. Pre liberalisation India had a … intervention. It could be argued that India was a pre regulatory state before liberalisation reforms. Instead of independent … for foreign investment, and setting up of sector specific regulators – India arguably became a ‘regulatory state’. I aim …