K P Krishnan

Why discretionary bank rescues are not a substitute for systemic order

The 2020 intervention stopped contagion, but its ad hoc approach and breach of loss hierarchy underline the need for a predictable, rule-based system for failing financial firms

India's pharma regulatory failures point to a deeper structural flaw

These are not independent, random occurrences. They are all pointers to a larger, more fundamental issue

Arm's-length regulators need protection from executive interference

The notion that "democratic accountability" justifies conferring such unfettered power on Executive is not just incorrect, but also shows inadequate understanding of modern structures of governance

A revolving door for leadership in India's financial sector regulators

With the financial sector maturing, the door to regulatory agencies needs to be opened to a more diverse talent pool

Jane Street is a wakeup call for India's financial market reforms

The revelations in this recent case should lead to a reassessment of the foundations of India's financial markets

For the sake of air safety, DGCA's institutional design needs an overhaul

From first principles, we know that there are market failures that motivate state intervention. There may be a problem of market power in a small oligopoly of airlines

Do expert committees matter? A discarded draft law reveals their influence

SRAs are a major author of law in India today. They have been given the power to legislate - that is, to write legal instruments that demand certain behaviour of private persons

Reforming corporate regulatory agencies under MCA to boost governance

Regulators under the Ministry of Corporate Affairs need reform to match the empowerment and autonomy of financial sector regulators

A Ministry of Finance for 21st century: Restructuring for future challenges

Finance ministries worldwide drive economic reforms. It's time to restructure India's to meet the challenges of tomorrow

Making Budget 2025 reforms work: The road to effective implementation

The FM has proposed some interesting regulatory reforms. The announcements need to be nuanced before implementation

The architect of India's financial markets: Dr Singh's legacy of reforms

Of the many reforms that Dr Singh led as FM and PM, the transformation of India's securities markets stands out

RBI's many roles hinder core monetary policy mandate, resolution is crucial

Most central banks (CB) are narrowly focused on monetary policy. The RBI has a sprawling mandate. The trouble is these roles contain many inherent conflicts

Union-state power imbalance grows as regulatory bodies erode federalism

The exercise of legislative power by statutory regulatory authorities undermines federalism and needs to be corrected

Why exchange rate volatility is essential for economic flexibility

While some people view exchange rate fluctuation as detrimental to the economy, it is, in fact, a crucial element of economic flexibility

Checks and balances challenge: How to strengthen regulators' accountability

Parliament's oversight of statutory regulatory authorities is weak, and strengthening it is both necessary and desirable

Guarding the guardians: How to manage regulator appointments and removal

Parliament needs to institute oversight mechanisms for regulators, who oversee markets, without compromising their autonomy

Electricity: A strategic view

Heavy lifting is now required in electricity and financial reforms

Throwing the baby out with the bathwater

Policy on derivatives needs to be informed by the evolution of these markets in India and the benefits of risk management

Agenda for regulatory reform

Improving the governance of omnipotent regulators who currently dominate the economy and the lives of Indian citizens should be at the top of the new government's priorities

Regulatory fee or unjust enrichment?

Regulators are empowered to levy fees for services rendered, not to impose tax-like levies to create surpluses for themselves