But Sebi chairman, DR Mehta, told the BBC that he was confident the markets would respond well to a measure which will not only curb excessive speculation, but do away with a system which was sometimes used by unscrupulous operators to rig the stock markets.

BBC: India axes tarnished trading system

That said, he will not do an investigation of precisely who was responsible for the sins of the past, such as the attempts to rig Libor, the misselling of PPI credit insurance and the inappropriate sales of complicated financial products such as swaps to small businesses.

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