Books
Books and chapters in edited volumes, newest first. Older material is on the Finance Research Group website.
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2026
Abstract
IT systems procurement in government is no longer a back-office support function, but a critical requirement of modern state capacity. Traditional public procurement frameworks are ill-equipped for digital infrastructure. Rapid technological evolution creates an "incomplete contract" problem, rendering perfect ex-ante requirements impossible and leading to frequent change requests that trigger costly lifecycle disruptions. The continuous need for system iteration blurs the "make-or-buy" boundary, because robust internal technical expertise is needed even when development is outsourced. Building on three case-studies of public IT procurement in India, this article argues for a paradigm shift in how governments plan, procure, and maintain IT systems. It outlines an responsive framework centered on flexible contracting, early concept verification, expert-led dispute resolution, and strategic investments in state HR capabilities to successfully navigate the digital marketplace.
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2023
Abstract
A framework to determine the optimal strength of the National Company Law Tribunal (NCLT) is important, given it's central role as an adjudicator under the Companies Act, the Insolvency and Bankruptcy Code, and the Competition Commission of India. The ability to collect standardised, comprehensive and consistent data from the NCLT, is critical for this. Such data systems support the development of models to estimate the optimal strength of each bench of such a tribunal. In this paper, we explore the use of the weighted caseload method to estimate the capacity requirements of the NCLT, on a recurrent basis given the presence of data.
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Abstract
The widely accepted view that finance is important to improve the lives of individuals has led to a tenacious policy support for financial inclusion. The term itself has evolved with time, and along with it, the approaches to measure financial inclusion. This paper in the 17th edition of the Inclusive Finance India Report (http://inclusivefinanceindia.org/inclusive-finance-india/) describes the evolution of financial inclusion in India and the various strategies used to quantify so far. The paper presents new thinking on measuring financial inclusion, including the latest Findex measure from the World Bank and the holistic input-output-outcome approach by Dvara Research and XKDR Forum. While both approaches depend upon household surveys, the paper identifies gaps between the measurement focus of the Findex, which continues to focus on bank accounts and payment systems, and the Dvara-XKDR approach which incorporates a greater coverage of what the household holds as financial instruments, how they are used and the perceived well-being of households that are more financially included. The evidence presented suggests that the input-output-outcome can be more useful to both policy makers and financial service providers in identifying households that are financially less included.
- 2022
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2020
New thinking on resolution of small firms
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2017
Evolution of the insolvency framework for non-financial firms in India
Abstract
The current Indian framework for corporate insolvency resolution, is fraught with deficiencies in the laws, their procedures, their implementation as well as in the capacity of the institutions supporting them. The absence of a coherent and effective mechanism for resolving corporate insolvency has resulted in poor economic outcomes. The origin of the complex framework characterised by multiple, fragmented laws, can be traced back to the history of its evolution. In this paper, we describe the evolution of the corporate insolvency resolution framework, with the objective of linking it back to the policy directive of the time. We conclude that when policy adopts a piecemeal approach focusing on solving only a part of the complex problem, one at a time, it most often leads to inefficient outcomes on the overall objective. We end with a brief description of the Insolvency and Bankruptcy Code (IBC), 2016 which is most recent policy initiative in this field. The IBC is a clean, modern law that offers a simple, coherent answer to the insolvency resolution problems under current Indian conditions. Once implemented, the law will potentially change not only the manner in which insolvency is resolved in India but also the entire credit landscape of the country.
- 2012
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2010
Derivatives Markets
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2008
India's Financial Markets: An Insider's Guide to How the Markets Work
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2007
Stock market indexes
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2005
Encyclopedia of India
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Commodity Markets
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Debt Markets
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How the financial sector in India was reformed
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2003
Equity derivatives in India: The state of the art
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The jaggery futures market at Muzaffarnagar: Status and policy recommendations
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Securities market efficiency
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Policy issues in Indian securities markets
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Institutional mechanisms in pension fund management: Lessons from three Indian case studies
Abstract
Retirement income plans in India face one or more of three common problems: poor funding, inadequate diversification, and weak governance. This paper discusses policy issues raised by these problems in the context of three case studies - the Indian Railways Pension Fund, the Employees Provident Fund, and the Seamen's Provident Fund. It examines means to reform these pension funds, drawing upon both Indian and international evidence and experience. Using these case studies as a basis, it offers general recommendations for pension reform in India.
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Derivatives markets in India 2003
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Rethinking pension provision for India 2003
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2002
Interest rates and their markets
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2000
Policy issues in India's capital markets in 2000
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1999
Rethinking prudential regulation
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Risk and the Indian economy
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Developing the Indian capital market
- 1998
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Derivatives markets in India 1998
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Fund management in India 1998
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1997
Securities Markets