Just when analysts were predicting that uncertainty shrouding China as it awaits Deng Xiaoping's death would prompt a massive flight of funds to India, that country's premier stock exchange choked. The Bombay Stock Exchange closed for nearly a week in March because of price-rigging and a broker's default. This is not the first time problems have paralyzed Indian exchanges. The country's trading and regulatory systems have a long way to go to catch up with more sophisticated emerging markets.

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