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While the regulator’s interim order alleges massive irregularities, the long arc of unfinished probes, hearings and appeals makes closure distant.

The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
As growth in equities cools, asset managers are looking to embed themselves in payrolls, payments, and credit. This raises their influence, but also the stakes.
With competition in the segment intensifying, the chief business development officer of India’s largest exchange unpacks the bourse’s strategy going forward.