New Delhi, Jan. 31 -- In July 1991, India dismantled the four-decade-old Licence Raj and embraced economic liberalization. Over the next few months, as unprecedented foreign capital poured in, a peculiar euphoria gripped the nation. The Sensex surged from around 1,000 points in mid-1990 to 4,091 by March 1992, delivering over 300% returns in one of the index's most spectacular rallies.

Prompted by charismatic brokers who seemed to possess a Midas touch, first-time investors, including taxi drivers, paan wallahs, salaried employees, and shopkeepers, poured their life savings into stocks.

Harshad Mehta was the poster child for this new India. But all too soon, he also became its cautionary tale.

Born into modest circumstances in Gujarat ...