India’s $3.6 trillion equity market is coming to grips with its minder’s newfound doggedness. In June the Securities and Exchange Board of India, the country’s markets regulator, disciplined two media tycoons for alleged wrongdoing and strengthened disclosure norms for foreign investors. The moves fit Chair Madhabi Puri Buch’s tough reputation. But a probe into the dealings of billionaire Gautam Adani’s infrastructure empire could undermine recent progress.
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