The North American trading system is similar. Private broadcasters, in the event of a rumour are on the scene in seconds to beam the 'real' story live accompanied by well-informed analysis and opinions. Listed companies are forced to make material disclosures public in seconds and the market 'watchdog' is quick to penalise any abuse of shareholder rights - big or small. The media rises to the challenge each and every time. It is the contrasting opacity in India that is the cause of our problems.
Officials hide when a problem happens instead of coming forward to give the true picture.
Market authorities when asked to clarify rumours try and pretend that all is okay to save their skins even as more rumours are being spread by vested interests and fuelled by official blackouts. Officials are made accountable and fired if they don't do their jobs well enough. In India, officials come out of hiding well after the damage has been done and people have been left to suffer. If they do act during the emergency, it is usually to cover their own tracks and destroy incriminating evidence. Believe it or not, in the midst of the storm, the clever guys bundled up in warm clothes and went shopping.