Along with electronic trading, introduction of dematerialization—conversion of physical shares into electronic form–in the mid-90s was the other radical move that changed the character of the Indian market forever, and for the better.

It gave another leg-up to the Indian market in its quest to rub shoulders with its global counterparts, eliminate frauds by companies and brokers, improve the efficiency of stock exchange clearing houses, reduce brokerage rates and attract more FIIs.

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