[The following guest post is contributed by Niharika Choudhary, who is a 4th year student at the National Law University, Jodhpur] Introduction Trade in financial derivatives has led to an enormous growth of the Indian financial system. New instruments have proliferated and trading volume has exploded. The use of financial derivatives has transformed the way financial institutions deal with risk...
Protection of Financial Consumers under the Indian Financial Code
[The following guest post is contributed by Sharada Krishnamurthy, LLM student, National University of Singapore and Gokul Ashok Thampi, final year BSL LLB student, ILS Law College, Pune] Introduction Existing financial regulation in India has been amended multiple times resulting in inconsistencies, regulatory gaps and overlaps. There are several regulators with overlapping domains, thereby...
Margin Requirements for Non-Centrally Cleared OTC Derivatives
[The following guest post is contributed by Rishi A., who is a 5th year law student at HNLU, Raipur] Introduction At the end of 2008, the world, especially the United States, witnessed one of the worst financial crises. The tipping point in this crisis was not the bad credit quality of the household mortgages that were losing their value because of a number of reasons including the growing...
How Independent Are Our Financial Regulators?
[The following guest post is contributed by Bhargavi Zaveri, who is at the National Institute of Public Finance and Policy (NIPFP), New Delhi. Views are personal. An abbreviated version of this post appeared in the Business Standard] A sequence of recent incidents has rekindled the public discourse on the independence of our financial sector regulators from the Government. Critics of the draft...
Call for Papers: CRMD Journal on Economic and Financial Crisis
[The following call for papers is posted on behalf of the Centre of Risk Management and Derivatives at NLU Jodhpur] The Centre of Risk Management and Derivatives (CRMD) at NLUJ works on macroeconomic and development issues and problems in capital and money markets that lead to collapse of economic and financial systems in the form of crisis contagion. The CRMD proposes to launch the ‘CRMD...
The Indian Financial Code Draft II: Catalyzing “Too Big to Fail” In India?
[The following post is contributed by Mandar Kagade, who is a Policy Analyst at the Bharti Institute of Public Policy, Indian School of Business] The Indian Financial Code has proposed to constitute the Financial Stability & Development Council (“FSDC”) pursuant to Chapter 76 of the Code with the objective of fostering the stability and resilience of the financial system by identifying and...
Participatory Notes
[The following guest post is contributed by Rishi A, a fourth year student of Hidayatullah National Law University] Introduction The Supreme Court appointed Special Investigations Team (“SIT”), in its report on how best to curb black money, made a number of recommendations. One of these was to check the misuse of participatory notes (“p-notes”). When the markets opened on the following...
GIFT City: A New Chapter in the Indian Financial Sector: Part 2
[The following guest post is contributed by Surbhi Jaiswal of Vinod Kothari & Co. The author can be contacted at [email protected]. This is a continuation from the first part, which is available here] Slew of Regulations 1. Foreign Exchange Management (International Financial Service Centre ) Regulations, 2015 To operationalize the IFSC, a notification under the Foreign Exchange...
GIFT City: A New Chapter in the Indian Financial Sector: Part 1
[The following guest post is contributed by Surbhi Jaiswal of Vinod Kothari & Co. The author can be contacted at [email protected].] The International Financial Service Centre (IFSC) is a hub of financial services within a country, which has laws and regulations that are different from the rest of the country. Usually these centres have low tax rates and flexible regulations for...
SEBI Board Decisions
SEBI announced a slew of decisions taken at its board meeting yesterday, which are excpected to have an impact on the capital markets, both primary and secondary. International Financial Services Centres (IFSCs) SEBI’s board has approved the SEBI (International Financial Services Centres) Guidelines, 2015, which will help establish IFSCs such as the proposed Gujarat International Finance Tec-City...
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