In India, some M&A are more equal than others

Under scrutiny: Buch speaking at an event in Mumbai. The head of Sebi says she recuses herself from proceedings involving the ICICI group. — Reuters

AMID the ongoing row between a New York-based short seller and the Indian market regulator, a completely different controversy is brewing.

It involves the country’s second-most-valuable bank, and its plan to swallow up its securities affiliate.