Economic Liberalisation Parantap Basil Matthew R Morey In 1984, the Rajiv Gandhi administration began a number of reforms that signified the beginning of India's prolonged movement towards market-oriented, liberalised, economic policies. In this article, we examine if and how these economic reforms have affected the behaviour of Indian stock prices. To address this issue we employ recently developed non-parametric variance ratio tests spanning a sample period of July 1957 to October 1996. Our study shows that from the mid-1980s, aggregate equity prices in India behaved like a random walk suggesting that Indian stock prices obeyed Fama's efficient market hypothesis after the beginning of the economic reforms. We also find that, to some extent, this progress towards efficiency was thwarted after the infamous scam of September