FCO-IGIDR roundtable on "Building a BCD Nexus for India"

27th June, 2019
Venue: Konkan, Taj Lands End, Bandra West, Mumbai

The development of the bond market has been a long-standing stated policy objective and has been studied by several committees, set up from 2005 on wards. A key idea, that the Bond-Currency-Derivatives (BCD) markets are linked by arbitrage and that successful bond market reforms require each of these elements to be in place and to function effectively, was first put forward by the High Powered Expert Committee on Making Mumbai an International Financial Centre (Percy Mistry Committee) in 2007. While there has been progress on developing some of the elements of the BCD nexus, India has a long way to go before the bond market achieves its desired status as a credible source of finance for firms in the country. The Foreign & Commonwealth Office of the UK government has partnered with researchers at the Indira Gandhi Institute of Development Research to develop a note on:

  • The key elements of building a BCD nexus for India,
  • A review of the recommendations made by various committees in this regard and the status of implementation of these recommendations,
  • The way forward for policy thinking in this area, that is the recommendations that remain to be implemented, and an attempt to prioritise them.
In this roundtable, we present these findings for feedback from the relevant academic, practitioner and policy community.


09:30 - 10:00 Registration, Coffee and Tea
10:00 - 10:15 Welcome address
Rahul Ahluwalia, FCO
10:15 - 10:30 Opening remarks
10:30 - 11:30 Pressentation of the report
Anjali Sharma and Susan Thomas, IGIDR, FRG
11:30 - 11:45 Tea break
11:45 - 12:30 Panel Discussion I: BCD nexus as an optimal reform framework
Saugata Bhattacharya, Axis BanK
Sanjiv Shah, Fintech Enterpreneur
Moderator: Susan Thomas, IGIDR
12:30 - 13:15 Panel Discussion II: The way forward on bond market development
Manoj Joshi, Kerala Government
Jayesh Mehta, BAML
Ananth Narayan, S P Jain
Moderator: Ajay Shah, NIPFP
13:15 - 13:30 Closing remarks
13:30 - 14:30 Lunch

Note: Persons whose names are marked in boldface have confirmed their participation