A Joint Parliamentary Committee (JPC) constituted to investigate into these operations required enormous resources of the management. There were several positive fall outs of this crisis: •  Acceleration of capital market reforms and introduction of screen based order matching systems with commensurate depository custody clearing and settlement arrangements that are continuously upgraded.
•  Institution of a delivery versus payment mechanism for settlement of trades in government securities initially in RBI but later led to establishment of a central counterparty in the form of CCIL (Clearing Corporation Of India) which today undertakes guaranteed settlement for government securities, repos in G Secs and forex market trades.