The erstwhile Controller of Capital Issues (“CCIâ€), in an attempt to ensure good quality offerings, used to determine the amount vis-à -vis issues that could be raised, and the price at which the securities ought to be priced. The CCI controlled access to the capital markets and at that time, issues also depended on the ability of the issuers and merchant bankers to convince the CCI of the issue. The CCI was abolished in 1991 through a Presidential Ordinance. The abolition of the CCI was the precursor to the move to a disclosure based system overseen by SEBI for capital markets. Under the CCI, the completeness of disclosure seemed not to be paramount because it seemed to decide what was right for the market