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The government has been keen to rein in the monopoly of the leading power exchange. Its latest salvo has rattled the stock. Separately, Zee’s Punit Goenka is in SEBI’s cross hairs.

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