India has always made it hard for the capital markets. If a once-in-a-lifetime public health crisis and a banking sector that is running dangerously low on capital does not change that, it's hard to see what will. India's securities regulator sprung another surprise on the local bond market on Wednesday with a rule change so outrageous that it prompted a rebuke from the finance ministry within 24 hours - a nanosecond for Indian bureaucracy.
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