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Anand Kalyanaraman

Finance Editor • India Edition

A Chartered Accountant, Anand chose to pack the power of numbers with words when he left a career of seven years in accounting, putting together MIS reports, and investment research to enter journalism. Before joining The Ken, Anand was Deputy Editor at The Hindu BusinessLine, a newspaper he worked at for 11 years.

58 Articles published

Top Comments by Anand Kalyanaraman

How the NSE turned a bad year for India’s stock market into a great one for itself

Hi Parag, NSE's near-monopoly in options trading enabled it to benefit from policy changes and other factors, and turn a bad year for India's stock market into a great one for itself. The story title is elaborated in the story details. The story predicts that risks lurk for options trading volumes and, by extension, for the NSE; the reasons are explained in the story. As to whether NSE's monopoly can and should be broken, this was written about in an earlier story in April 2021 'How India's National Stock Exchange turned from solution to problem'. The link to the April 2021 story has been put in the recent story which also says that "With plans to start new stock exchanges to increase competition going nowhere, the NSE domination continues. Except, the BSE is now putting on a brave face in the new battleground that is derivatives trading."

Anand Kalyanaraman

A Sebi shake-up triggers chaos among those who manage money for the rich

Noted. We think the story line is clear. It is about the regulatory squeeze on PMS, motivations and implications. To elaborate, it's about the tighter new rules, reasons behind the regulatory squeeze (high growth despite underperformance, sneaky tactics of some players, etc), the angst among PMS players (due to rising costs and unrepresentative benchmarks prescribed by the industry body), the fears of entry barriers, of PMS attractiveness getting diluted, and of PMS with a small corpus becoming unviable.

Anand Kalyanaraman

The rise and fall of Axis Mutual Fund’s star trader Viresh Joshi, aka ‘V-Power’

Hi Muhammad, the focus of the story was the scandal's alleged mastermind Viresh Joshi - how he rose, what pulled him down, and the implications. The modus operandi of the front-running by Joshi has been detailed in the Sebi report, and in other news reports too. While we have referenced some key aspects of the modus operandi in the story and have given a link to the Sebi report, we didn't want to repeat the details in the story.

Anand Kalyanaraman

Once dragged down by cigarettes, ITC is now propped up by them

Thanks, Ateesh. True, cigarettes is a big revenue generator for the government and also a big employment generator - so, bans are unlikely. Also, tax rise has been modest in recent years - the government seems cognisant (or convinced) of the impact on tax and employment from legal cigarette volumes ceding ground to illegal cigarettes that are much cheaper due to tax evasion. But there is no certainty that this modest tax policy will continue; that's a key risk. Agree with you that ITC is much better run than many other businesses.

Anand Kalyanaraman

Stories by Anand Kalyanaraman