NSE Settlement and the Arithmetic of Absurdity The proposed settlement between the National Stock Exchange of India (NSE) and the Securities and Exchange Board of India (SEBI) is being presented as closure. In formal terms, it fits within a consent-based enforcement architecture. In economic terms, however, it raises a sharper question: Has a multi-year structural distortion of market fairness been reduced to a financially efficient exit? A tighter reading—through the lenses

Between Narrative and Numbers Razorpay has, over the past decade, positioned itself as one of India’s most successful fintech platforms—riding the wave of digital payments, SME enablement, and API-led financial infrastructure. With investors including marquee global funds and a last reported valuation in the ~$7–8 billion range (2021–22), expectations around its eventual IPO valuation have steadily crept into the $10–15 billion territory in market conversations. At face value

There is a tendency to associate wisdom with education, status, or institutional authority. But these encounters challenge that assumption. They suggest that clarity often emerges from necessity, that discipline is forged through constraint, and that values are best understood when they are tested daily. The rickshaw driver navigating Mumbai’s chaotic streets is not just transporting passengers—he is, in his own way, navigating life with a framework that many would benefit fr

Iran’s move to demand cryptocurrency tolls in the Strait of Hormuz exposes crypto’s darker reality. What was designed to bypass control is now enabling it—allowing states to evade sanctions, obscure flows, and exert coercion. Crypto isn’t dismantling power; it’s quietly becoming a more opaque instrument of it.

India’s IPO market is undergoing a sharp reset. In FY 2024–25, most large IPOs were dominated by investor exits, with little capital flowing into the business—resulting in weak post-listing performance. The March 2026 pipeline signals a shift back to growth-focused listings, where fresh capital and alignment, not liquidity, will determine success.

War exposed crypto’s core weakness. When fear peaked, users fled to dollars, not decentralization. Exchanges—not protocols—held the system together. Assets were frozen, prices swung, and sovereignty failed under pressure. Crypto promised independence from the system; in crisis, it proved it still depends on it.

MODIFIED FOR TRAVEL The Evolution of Indian Regional Aviation: Learning from the Sky For nearly a decade, the Ude Desh ka Aam Naagrik (UDAN) scheme has served as the centerpiece of India’s aviation narrative, aiming to fulfill the middle-class dream of affordable air travel. However, by early 2026, a stark reality had set in: nearly half of the routes launched under the original 2016 framework had collapsed once government subsidies expired. The recently approved Modified UD

Reclaims Indian Democracy from Foreign Influence The Foreign Contribution (Regulation) Amendment (FCRA) of 2020, and the subsequent 2026 Bill, represent a fundamental shift in India’s approach to national sovereignty and internal security. For decades, the "voluntary sector" operated with minimal oversight, allowing foreign-funded entities to bypass the democratic mandate of the Indian electorate. By tightening the strings, these amendments are empowering a "right set of idea

Board Brief: India’s New Labour Codes Reshape Cost Structures, Compress Margins, Expand Social Security, and Demand Strategic Workforce Reconfiguration to Balance Compliance Efficiency with Long-Term Financial Sustainability

Reimagining India’s ₹20,000 Crore Credit Guarantee Scheme for Microfinance: From Liquidity Patch to Structural Reform The Government of India’s ₹20,000 crore Credit Guarantee Scheme for Microfinance Institutions (CGSMFI-2.0) is a timely intervention. It addresses an immediate liquidity squeeze in the microfinance ecosystem by incentivizing banks to resume lending to NBFC-MFIs through sovereign-backed risk cover. In doing so, it helps prevent a contraction in credit flow to lo

3 years back i was involved in a marquee program supported by SIDBI - Svavalambam India. The idea was to provide about 3 months free residential program for first generation entreprenuer from cross section of non metro residents of maharashtra. i met a extraordinary bunch of budding individuals with interesting set of business ideas. i also formed personal bond with many of them. however after nearly three years of the culmination of the program, i am yet to see any of the co

The Supreme Court’s recent observation that income should not be the sole determinant in identifying the “creamy layer” within Other Backward Classes (OBCs) has reopened a fundamental question: what exactly are reservations meant to achieve? At first glance, the Court’s reasoning appears sympathetic to the idea that social discrimination can persist even among economically prosperous individuals. But this argument risks blurring the original logic of India’s reservation frame

beyond symbolism to genuine accountability and vigilance When Reserve Bank of India (RBI) Deputy Governor Swaminathan Janakiraman recently cautioned that governance lapses often lie at the root of financial failures, his warning echoed a pattern that India’s financial sector has witnessed repeatedly over the past decade. From infrastructure finance giants collapsing under opaque debt structures to banks failing due to concentrated lending and weak oversight, the common threa

The Reserve Bank of India (RBI) has recently tightened regulations governing how Non-Banking Financial Companies (NBFCs) lend to borrowers who have already defaulted on existing loans. The regulatory move aims to prevent the practice of extending fresh credit to stressed borrowers without adequate safeguards—a practice that can mask underlying asset quality issues and deepen systemic risk. While the intent of the RBI’s action is sound and necessary, the intervention arguably

Censorship resistance is one of the most powerful philosophical pillars of cryptocurrency. At its core, the idea holds that no authority—state, corporation, or intermediary—should be able to block, reverse, or selectively permit transactions. Money, in this view, should be neutral infrastructure: as indifferent to identity, politics, or geography as the internet protocol itself. This principle animated early crypto communities and remains central to how decentralization is mo

True financial inclusion is slow, institutional, and often unglamorous. It requires legal identity, consumer protection, financial education, and integration with the real economy. Crypto can complement these efforts, but it cannot substitute for them. When promoters portray crypto as a standalone emancipatory tool, they conflate access with empowerment and technology with trust.

Cryptocurrency emerged from a deeply philosophical conviction: that money should be decentralized, insulated from political discretion, and freed from the control of governments and banks. At its core, this belief reflects a distrust of centralized authority—born from repeated historical episodes of inflation, capital controls, financial repression, and crisis-driven bailouts. Crypto promised an alternative monetary order: rule-based rather than discretionary, global rather t

“Cryptocurrency is driven by the belief that money should be  decentralized , not controlled by governments or banks. It champions  financial sovereignty , giving individuals absolute ownership of their assets. The movement favors  code over institutions , replacing intermediaries with transparent, trustless systems. Promoters see it as a pathway to  universal financial access , beyond geography or status. At its core lies a conviction in  economic freedom and censorship resi

trends in Padma awardees Over the last three decades, the announcement of Padma Awards has quietly evolved into more than a ceremonial recognition of individual achievement. In my view, it has become a mirror reflecting India’s changing ideological and philosophical self-understanding. While officially apolitical, the pattern of Padma Award recipients reveals how the Indian state’s conception of merit, contribution, and national identity has shifted over time. In the mid-1990

Finance bill 2026 and its tax proposals on stock market transactions Focus: Securities Transaction Tax (STT) and Taxation of Share Buybacks The Finance Bill 2026 introduces two targeted but high-impact tax changes affecting capital markets: an increase in Securities Transaction Tax (STT) on equity derivatives, and a shift in the tax treatment of corporate share buybacks. While narrow in scope, both measures have meaningful implications for market liquidity, investor behaviour