Make no excuses
It was summer of the year 1997. The equity markets in India were struggling to come out of a four year long directionless phase. Though globally the technology sector had started to excite the investors, nothing much was happening in India. It was arguably the most dreary phase in the Indian stock markets in a decade. The National Stock Exchange used to follow a weekly settlement system in those days. Under the weekly settlement system, trades done during a week beginning every Wednesday and ending on the subsequent Tuesday were clubbed together and the net result of those trades was settled in the next three days. The net funds due were paid to the clearing corporation on Wednesday. The net sold securities were delivered on Thursday. The new fund receivable and net securities purchased were received on Friday. All deliveries were in physical paper form. A weekly settlement cycle ended on Tuesday, the 20 th of May 1997. The pay-in of funds due was made on Wednesday, the 21 s...