Short dated options; Why FRBM doesn't work; episodes

Short dated options

Many in India want the government to ban private voluntary trading in short-dated options. Urvish Bidkar and I wrote a column in the Business Standard, on 15 September, arguing that such a ban would be unwise, suggesting that short-dated options perform a valuable role in the financial markets system.

Why FRBM doesn’t work

The Parliament enacted the Fiscal Responsibility and Budget Management Act (FRBM Act) in 2003. In most of the following years, union public finance has deviated from the strictures of the law. Was it poor drafting of the statutory escape clause in the FRBM Act, 2003 that led to these deviations? We show that this is not the correct diagnosis. The escape clause that flows from the Constitution of India - the special procedure for money bills - gives the union government the ability to get around shackles placed under Parliamentary legislation. If fiscal rules are sought to be implemented through laws, the legal strategy needs to take this constitutional framework into account.

This idea is Understanding deviations from the fiscal responsibility law in India, Pratik Datta, Radhika Pandey, Ila Patnaik, Ajay Shah. Indian Law Review Volume 9, 1–19, September 2025. https://doi.org/10.1080/24730580.2025.2554470

Episodes

Everything is Everything with Amit Varma, has episodes:

116 The nighttime lights of Russia, which is based on Shedding light on the Russia-Ukraine War, Rounak Hande, Ayush Patnaik, Ajay Shah, Susan Thomas, XKDR Forum Working Paper 40, August 2025.