New Delhi, Sept. 15 -- Seventeen years ago, on September 15, 2008, investment banking giant Lehman Brothers filed for Chapter 11 bankruptcy protection. This bank, founded in 1850, was one of the most respected financial institutions of the time. Further, this particular event triggered serious panic across global equity markets. It marked the largest bankruptcy in history, with more than $600 billion in assets.

The consequential immediate impact was severe, with over $10 billion in initial investor losses and a 4.4% plunge in the Dow Jones Industrial Average in a single day. It further deepened the fears of a worldwide economic meltdown.

The collapse sent shock waves through regulators, investors, and governments. It revealed deep flaws...