RBI’s Sharma laments failure of derivatives markets in India

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India's tightly regulated financial markets served the country well as the global financial crisis hit. The operations of Lehman Brothers were effectively ring-fenced from the failed security dealer's global operations and Indian investors had relatively little exposure to complex investment products, such as synthetic collateralised debt obligations.

But the country's cautious stance on regulation appears to have come at a cost, with even basic hedging markets failing to develop in the South As

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