Victims Of The Crash Small investors like Girish Patel of Ahmedabad have lost much of their life's savings in the stock market crash. A profile of some middle-class investors who burnt their fingers.

Villains Of The Crash SEBI Chairman D.R. Mehta along with bankers, and brokers must share the responsibility for allowing yet another scam by their acts of commission, and omission.

What's Next For The Economy?
For the third time since 1997, a combination of sliding stock markets, political instability, and global slowdown threatens to turn the hopes of an economic take-off into despair.

Numbed By Disgrace
The BJP, still in shock, begins life after the Tehelka expose with a new president and a combination of hope and bluster. A swot analysis.

"I'd choose Musharraf"
Former Pakistan prime minister Benazir Bhutto talks about her relations with her country's politicians, Indo-Pak relations and Kashmir in an interview to Aaj Tak.

Official Obstacle
Chhattisgarh Chief Minister Ajit Jogi eggs on workers to go on a strike that is adversely affecting production, and profits.

Fire Fighting
As the Tehelka controversy slows the defence deals, the Government takes steps to revamp the set-up and streamline the weapon procurement system.

COVER STORY: THE STOCK SCAM; MODUS OPERANDI

SHANKAR SHARMA, First Global

CHARGES: Part of a bear cartel that worked with other punters and brought down the index. As a 15 per cent shareholder in Tehelka.com, he is accused of having known about the expose and used it to hammer down prices. To many, the action by SEBI and the Income Tax Department proves the point.

DEFENCE: Charges are baseless. "For the past eight-12 months, we've advised our clients to stay away from tech stocks. The focus should be on firms that have recommended buying these stocks over the past few months."

VERDICT: Jury is out and will wait for the SEBI and Income Tax Department investigation to conclude. But authorities find it hard to believe that Sharma did not know about Tehelka's expose beforehand and didn't use it to benefit.

ANAND RATHI, Ex-president, BSE

CHARGES: Used privilege of office to illegally access the BSE's surveillance department to find broker positions and gamble on them. Is also said to be heading the bear cartel that brought down the market after the 177-point post-budget rally.

DEFENCE: Not part of any cartel. Rathi says, "I have not obtained any privileged information for my own benefit or for any other party's benefit. I stepped down only to maintain the dignity of the office of the president of the BSE."

VERDICT: It is for SEBI to prove any wrongdoing and the Income Tax Department to evaluate any material benefits accrued. The question is: why did he make that call and was it the first and only time?

CHARGES: Rigging the market, specifically tech stocks, using insider information and circular trading. Used UTI as a dumping ground for ramped shares. Accused of being part of the cartel that had a substantial stake in many tech companies, of rigging the share price of Global Trust Bank to achieve a favourable merger ratio and of dealing in the chalu upla (illegal) grey market in the Calcutta Stock Exchange.

DEFENCE: Tech was the flavour of the season in 2000. Bought shares at low prices in 1998. Not part of any cartel.

VERDICT: Involved in ramping tech stocks like Shonkh, HFCL, Zee, Pentamedia and Global Telesystems using access to bank funds and proximity to those at UTI.

MetroScape

Collaborative Class
Italian designer and architect Tarshito Nicola Stripoli has been busy rearranging world geography.
more...

Looking Glass

Delhi Salon: Jacques Dessange

Mumbai Theatre:
IMAX dome

Mumbai Restaurant:
Watering Hole

The ambitious Anandgarh township proposal stirs another round of controversy as a high court order foils the Punjab Government's plans of acquiring land for the project. INDIA TODAY's Special Correspondent Ramesh Vinayak reports in
Despatches.