- What we read in 2015. Mint’s editors, writers and columnists pick the best book they read in the year gone by. 31 December 2015.
- The National Pension System needs a big push. Unsigned edit. 31 march, 2015.
- Amartya Sen on the smugness of cynicism that nothing can be done. Amartya Sen speaks about the key arguments in his new book co-authored with Jean Dreze. 23 July 2013.
- Tinkering with insurance. The government is yet to understand the role of insurance from the consumer’s point of view. Unsigned edit. 14 January, 2013.
- Financial Redressal Agency to be set up to deal with complaints. Unified Financial Agency on cards. 1 October, 2012.
- Housekeeping changes at Sebi. Sebi should keep an ear open to hear the criticisms of the reform measures announced last week. Unsigned edit. 19 August, 2012.
- PFRDA uses a supply-side hammer on a demand-side issue. Fund managers can synchronize actions with sales point, making NPS like other products in the market. 1 August 2012.
- A man for all seasons. India’s worst FM? Quick Edit. 20 June, 2012.
- Protecting bank customers. Half clab for RBI Governor Subbarao. Unsigned edit. 19 August, 2012.
Troubling times at LIC. Can IRDA allow LIC to own more of a company than the Act allows? Unsigned edit. 28 March, 2012.
Government as a microlender. The AP government killed a market in its quest to get the micro finance business. Unsigned edit. 24 June, 2011.
A dubious marketing idea. MLMs in finance are bad news. Unsigned edit. 29 May, 2011.
Consumer focus in finance. Product recalls are not possible in finance, need better ex-ante regulation. Unsigned edit. 15 May, 2011.
A failure of self-regulation. Indian investors got nothing from the Satyam scam. Unsigned edit. 5 May, 2011.
Mis-selling, once again. IRDA must abandon plans to sell micro insurance through business correspondents. Unsigned edit. 11 April, 2011.
Old challenges, new Sebi chief. UK Sinha takes over from CB Bhave. Unsigned edit. 17 February, 2011.
The taming of a regulator. Unsigned edit. 30 June, 2010.
A reform continuum. Unsigned edit. 2 June, 2010.
Regulatory turf battles. An ugly fight between regulators is bad news for the market. Unsigned edit. 22 February, 2010.
Are Indian stocks in bubble territory? An interview given by Uday Kotak to The Indian Express (you can read it here) asks this question. Kotak is making valid points when he says that there is a wall of money coming at the market which does not have enough stocks to absorb the cash. A strong institutional flow is bringing Indian household money to the stock market through mutual funds, unit-linked insurance plans (Ulips), National Pension System (NPS) and the Employees’ Provident Fund Organisation (EPFO). This money is going into a few hundred stocks because the Indian market lacks depth. The market cap of the top stock is Rs6 trillion and that of the 100th stock is just Rs32,000 crore. The market looks overvalued on metrics of the current price-to-earnings (PE) ratio, which is much higher than the 10-year average. Valuations can go back down in two ways—markets can crash, bringing prices down or the earnings can grow; both bring the PE down. The wait for earnings has kept the market buoyant in the past few years and the wait is still on. Which will come first, the market crash or the earnings bump? As retail investors, we have no option but to give our money an equity exposure; see Table 1. But we will never have the relevant insight to time the market. We also know that markets go up and down, get overvalued, crash and then recover. See Table 2. So, is there a way in which we can ride out the bubble, if indeed there is one?
- Sebi’s 3rd consultation paper is work-in-progress
- What we read in 2017
- Your money in 2018
- Why there is a bad smell about life insurance in India
- FRDI Bill’s bail-in clause: Two options for the government
- FRDI Bill is not going to hike the risk to your deposits
- FRDI bill: Your deposits are safe and banks cannot use them without your consent
- Move over NPS, ETFs will eat your lunch
- Demonetisation, one year later. Success or failure?