Nearly three decades after Harshad Mehta’s attempted market comeback in 1998, a special SEBI court in Mumbai has convicted the Doshi brothers and several companies linked to the so-called “Damayanti Group” for failing to comply with SEBI summons.

But the bigger story is not just about the conviction — it is about India’s painfully slow judicial system, where cases continue for decades even after the main accused is no more.

In this audio, Sucheta Dalal explains:

• How Harshad Mehta allegedly used front companies to ramp up shares of BPL, Videocon and Sterlite

• The infamous 1998 market manipulation episode and BSE bailout controversy

• Why SEBI’s detailed investigation eventually collapsed at the appellate stage

• How corporate groups and enablers escaped accountability

• Why the Damayanti case still matters today

• What this means for modern investigations like the Jane Street probe

The case is a stark reminder that regulatory action means little without swift and final justice.

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