But it would arrest the development of India's financial system, which is finally growing more sophisticated.

ECONOMIST: Inflation in India

HSBC, the authorities believe, would benefit the Trade and Development Bank and the whole financial system.

ECONOMIST: Betting on Mongolia

Bernard Sucher, a veteran Russian banker and chairman of Alfa Capital, a unit of Mikhail Fridman's Alfa Group, thinks Russian investors' interest in their own bourses is a sign of the development of the country's financial system.

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According to AICPA rules for auditor independence, PwC can support software development and implementation for its audit client if that system is not the financial accounting software that produces the books and records the firm will audit.

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