A 'Legitimate' Business Activity : Unofficial Stock Exchanges of Vijayawada

The Paper deals with the rise, role and subsequent collapse of the largest illegal stock exchange in India in the early 1990s. Illegal stock exchanges were an important phenomena in non-metropolitan India in the immediate aftermath of the aftermath of the liberalisation. It analyses this legally untenable but socially acceptable practice in contemporary India. The illegal stock exchanges were important channels through which local capital joined national and international flows