Once a staunch supporter of badla, Securities and Exchange Board of India (Sebi) board member J R Varma has in the recent past been a strong proponent of replacing the product with derivatives. Two days after the capital market watchdog rang the death knell for badla and ushered in derivatives trading in a big way, a relaxed Varma justified his stand to Janaki Krishnan and Tamal Bandopadhyay.
