of demystifying the world of emerging markets finance, unmasking it for what it often is: a confidence game. In the best possible way to research his subject, he frequently interviews market practitioners directly. As someone who spent nearly 10 years in these markets, I found that the Rolodex Santiso consults turns up familiar names—global finance is a small world. Santiso captures well the inherent tension between the nature of the markets and the imperatives facing leaders of the emerging world, who are trying both to develop their economies and to get
. This openness has a profound impact not only in terms of valuable input and gauging public opinion before framing regulations and guidelines but also in terms of improving quality, acceptability, and ease of implementation. SEBI has formed a number of committees of eminent experts and market practitioners to support it in the design of reforms for different aspects of securities markets. The regulator posts all its orders, including those delivered on appeals against its orders, on its website. On request, it provides informal guidance on payments of nominal fees and