Adil Rustomjee’s ‘Lakshmi’: 200 Years of India’s Stock Market History

Adil Rustomjee’s new book, “Running Behind Lakshmi: The Search for Wealth in India’s Stock Market,” offers a comprehensive historical overview of India’s financial markets. The work spans two centuries, detailing the stock market’s progression from its 1820s equity trading origins to modern digital platforms.

Rustomjee, drawing on his extensive experience at the Bombay Stock Exchange, addresses a notable “ahistoricity” in how India often perceives its financial legacy. He meticulously documents key periods, presenting the stock market as “modern India’s Golconda”—a perpetual arena for wealth pursuit.

Key Market Cycles Chronicled

• The volatile Cotton and Share Mania of the 1860s.
• The pivotal 1991 economic reforms that reshaped the nation.
• The speculative surge of the dot-com bubble.
• The far-reaching impact of the global financial crisis.

The book’s significant contribution lies in its ability to humanize the often-abstract financial system, illustrating the deep connection between faith and finance within Indian capitalism. This is exemplified by the enduring tradition of traders offering prayers before a portrait of Lakshmi.

Insights and Observations

• The book features elegant prose and clear explanations, making complex technical concepts accessible.
• It aims to democratize the stock market’s narrative, providing a balanced view of investors and institutions.
• Rustomjee offers insightful observations, particularly on the robust growth of Systematic Investment Plans (SIPs).

Ultimately, “Running Behind Lakshmi” serves as a profound reflection on the Indian psyche and the ongoing quest for prosperity. It subtly conveys that true wealth transcends mere accumulation, manifesting instead as values, patience, and trust.