The Indian stock market scene is enticing. A domestic market of a billion people, national GDP growth in almost double figures, and a vast pool of technical and managerial resources, combine to make this democracy the most attractive investment destination in the world. However, investing in the Indian stock market segment is also a potential quagmire, because the regulatory environment is far from transparent. Though corruption is ubiquitous, it is not as though you can fly in to town and throw dollars around. Politicians are wary, and you have...

