...I suppose owners of this fund used to be investors who wanted to own Indian companies.
Once liquidation was bandied about, another type of short term investor came, one who was interested in making the difference between the net asset value and the discount to net asset value that the fund traded at. As these two groups change hands and short term traders who bought a month ago change places with even more short term traders, volume picks up.
...Again, I'm just supposin'.