From the ordinary tensile string we derive a geometric action for the
tensionless (T = 0) string and discuss its symmetries and field equati
ons. The Weyl symmetry of the usual string is shown to be replaced by
a global space-time conformal symmetry in the T --> 0 limit. We presen
t the explicit expressions for the generators of this group in the lig
ht-cone gauge. Using these, we quantize the theory in an operator form
and require the conformal symmetry to remain a symmetry of the quantu
m theory. Modulo details concerning zero-modes that are discussed in t
he paper, this leads to the stringent restriction that the physical st
ates should be singlets under space-time diffeomorphisms, hinting at a
topological theory. We present the details of the calculation that le
ads to this conclusion.