Big bull of indian stock exchange

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Harshad Mehta was a prominent figure in the Indian financial markets during the late 1980s and early 1990s. He was a stockbroker and a key player in the Indian stock market, particularly known for his involvement in a massive securities scam that rocked the country's financial system. Here's a brief overview of the Harshad Mehta story:

  1. Early Life and Career:

  2. Harshad Mehta was born on July 29, 1954, in a middle-class Gujarati family in Mumbai, India. He started his career as a salesperson and later became a stockbroker. His early years in the stock market were unremarkable, but he soon gained notoriety for his aggressive trading strategies and manipulative practices.


  4. The Bull Run:

  5. In the late 1980s, Harshad Mehta became known as the "Big Bull" for his ability to drive up stock prices and manipulate the stock market. He was known for his confident and flamboyant personality and was often in the media spotlight.


  7. The Securities Scam:

  8. The most infamous part of Harshad Mehta's story is the securities scam of 1992. Mehta exploited the banking system's loopholes by taking advantage of a process known as "circular trading." He used fake bank receipts to obtain massive loans from various banks and manipulated the stock prices of certain companies.


  10. Market Manipulation: Mehta's modus operandi involved pumping up the prices of select stocks, causing a massive bull run in the stock market. He used the funds obtained from the banks to drive up stock prices, making substantial profits in the process. He was able to maintain this manipulation for a considerable period.


  12. Exposed and Arrested:

  13. Harshad Mehta's activities were eventually exposed when journalists Sucheta Dalal and Debashis Basu published a story in 1992, revealing the scam. This led to an investigation by regulatory authorities and law enforcement agencies. Mehta was arrested in 1992, and his activities came under scrutiny.


  15. Legal Battles and Convictions:

  16. Harshad Mehta faced multiple legal battles and investigations in the aftermath of the scam. He was convicted and sentenced to prison for his involvement in the securities fraud. He faced several charges, including cheating, forgery, and criminal breach of trust.

  17. Death: Harshad Mehta's legal battles continued for many years. He passed away on December 31, 2001, due to a heart attack while in police custody. His story remains one of the most significant financial scandals in India's history.

The Harshad Mehta story is often cited as an example of the lack of regulatory oversight and loopholes in the Indian financial system. It led to significant reforms in the Indian stock market and banking sector to prevent such scams in the future. Mehta's life and activities were also the basis for several books, movies, and TV series, further cementing his place in India's financial history.

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