How to clean up the rating mess in India

Create a junk bond market to ease pressure on rating agencies for giving higher ratings. Let the investors price in risk for exposures to lesser rated papers

A king loved walking on the streets but didn’t want his feet to get dirty. So, a hefty award was announced for the person who could solve his problem. The first aspirant came with thousands of brooms; the cloud of dust, formed over the kingdom, made the king sick. The second one killed millions of sheep but still couldn’t cover half of the roads with their skin. Finally, a cobbler entered the royal court; measured the king’s feet and stitched a pair of sandals to cover them. The king could walk on the streets without getting his feet dirty.

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