Why derivatives are a Pyrrhic triumph for our equity markets

The expansion in equity market volumes is driven by retail speculators indulging in heavy trading of complex derivatives that are economically unproductive...

Indian Elections: Why Waves Don’t Matter

Amidst the current shrill, acrimonious rhetoric from political parties over a national “Modi wave”, its alleged mythical existence...

How crony is crony capitalism?

Our forex reserves may be growing rapidly, but our moral reserves are at 1991 lows," someone said during lunch at a prestigious policy think tank event...