Will Give My Best, Says RBI Deputy Governor Viral Acharya

He would look after the Monetary Policy and Research cluster and would fill the post that became vacant after Urjit Patel was made RBI governor.Javhd
Press Trust of India | Last Updated: December 29, 2016 23:25 (IST)


Viral Acharya has been appointed as RBI deputy governor for a term of three years.
New Delhi: The Reserve Bank of India's newly appointed Deputy Governor Viral Acharya on Thursday said he will give his best in the new role.

"I am honoured at being offered the opportunity and hope to give it my best," Mr Acharya, a noted economist, told PTI a day after being named deputy governor at the RBI.

Mr Acharya, who has been appointed for a term of three years, would take charge on January 20, the Reserve Bank of India (RBI) said in a late evening statement on Wednesday.


He would look after the Monetary Policy and Research cluster and would fill the post that became vacant after Urjit Patel was made RBI governor.

The existing three deputy governors are S S Mundra, N S Vishwanathan and R Gandhi.

Currently, Mr Acharya is serving as C V Starr Professor of Economics, Department of Finance at the New York University-Stern School of Business. He holds a PhD in Finance from the Stern School of Business, NYU.Jav HotMr Acharya is known for his research in theoretical and empirical analysis of systemic risks of the financial sector, its regulation and genesis in government-induced distortions, according to the profile on the NYU website.

Among others, he is a Member of the Advisory Council of the RBI Academy.

Like former RBI governor Raghuram Rajan, Mr Acharya comes from an academic background and has also co-authored at least three papers with him.

Mr Acharya has often praised Mr Rajan for his work, and once said: "Raghu has been a great source of inspiration for me."

While delivering the Deutsche Bank Prize in Financial Economics plenary lecture in 2013, Mr Acharya had narrated an incident when someone asked him on a flight whether he was Raghuram Rajan, after seeing him, an Indian, with papers on banking and crises.

He quipped that was the day when he realised that if he had Mr Rajan as a "role model" and could get even 5-10 per cent of him, he could have easily passed off as "poor man's Raghuram Rajan" on flights.

Just like Mr Rajan, Mr Acharya has also been a strong votary of the independence of central banks and favoured them being "democratically accountable, yet be operationally independent from political influence".christmas sexy

NSE's Public Offer Under Cloud, But Unlikely To Be Derailed

NSE said an external panel had found potential instances of some traders having preferential access to its network through co-location facilities - where private servers are placed at exchanges to speed up algorithmic trading. Jav online
Thomson Reuters | Last Updated: December 29, 2016 23:34 (IST)


The National Stock Exchange or NSE's IPO could raise as much as $1 billion next year, bankers estimate.
Mumbai: The disclosure by the National Stock Exchange that some high-frequency trading brokers may have been provided unfair access to its servers is unlikely to derail the bourse operator's IPO plans, a senior regulatory source and investors said on Thursday.

In its draft initial public offering prospectus, India's biggest exchange said an external panel had found potential instances of some traders having preferential access to its network through co-location facilities - where private servers are placed at exchanges to speed up algorithmic trading.

The NSE said the agency found certain employees may have been involved in providing that access, though it could not determine whether there was any collusion.


The Securities Exchange Board of India (Sebi) is studying the potential violations, but an official at the capital market regulator said, for now, it would be hard to justify steep penalties against the NSE.

"The IPO is totally a disclosure based regime. The NSE has already made adequate disclosures, and they can go ahead," the Sebi official said, asking not to be named as he was not authorised to talk to the media - though he added that no final decision had been made.

The NSE's IPO could raise as much as $1 billion next year, bankers have estimated, making it India's largest in six years.

An NSE spokesman said the disclosure in the IPO prospectus pertained to "legacy issues", adding the exchange operator had submitted the full report to the Sebi.

One NSE shareholder, who is among the 27 investors planning to sell shares during the IPO, said the company will have to fix its problems and make sure they don't recur.

A senior NSE official said the exchange was reviewing its trading systems, and looking to standardise procedures.christmas porn

Tougher HFT rules?


The suspected trading violations have been a concern for the Sebi for some months, and come as the NSE has grappled with governance issues.

Earlier this year, the exchange operator appointed Ashok Chawla, a former anti-competition commissioner, as chairman, and reconstituted its board. Several people said then that he had been brought in to help shore up the company's corporate governance standards.

The NSE is also scouting for a new CEO after Chitra Ramkrishna resigned last month, citing personal reasons.

Sebi had ordered the NSE to appoint an external agency probe after a committee appointed by the regulator found sufficient grounds for further investigation.

The issue could also spur the SEBI to tighten rules on brokers' access to increasingly prevalent algorithmic and high-frequency trading.

The NSE said on Wednesday it had set aside all revenue generated by co-location facilities over the past two and a half years. That came to Rs 1,310 crore ($192.5 million), or close to 30 per cent of its revenue during that period.

The Sebi official said the market regulator was unlikely to force the NSE to give up that revenue unless it could prove the potential trading violations cited in the report.Jav Studens