It has been an eventful 25 years for the Securities and Exchange Board of India (Sebi), transforming India’s securities market into one of the world’s finest, though the journey has seen scams and controversies that could not be nipped in the bud.

Ranbaxy, once promoted by Malvinder Singh and his brother Shivinder Singh, saw its shares take a near 9 per cent hit on Thursday, its biggest percentage fall since March 2009, after the Japanese parent company Daiichi Sankyo said it was seeking a legal action against former shareholders, without naming Singh brothers.

Indian stocks joined the selloff in Asian markets led by Japan on Thursday after hawkish comments by US Federal Reserve chairman Ben Bernanke and weak manufacturing data indicating slowing activity in China spooked investor sentiments.

The Nikkei share average plunged 7. 3 percent on Thursday its biggest one-day percentage drop in two years

Hawkish comments by U.S. Federal Reserve Chairman Ben Bernanke and weakness in China's factory activity rattled Asian markets on Thursday

The rupee fell below the key psychological level of 56 to the dollar on Thursday, its lowest level in over 8-1/2 months

The BSE Sensex fell nearly 2 per cent on Thursday, while a volatility index surged, as the prospect of an end to the US stimulus programme and a weak China

The lacklustre Indian primary market received a shot in the arm on Wednesday after the initial shares sales by search engine Just Dial received 12 times the offer.