Built to last?

India Risk - Cover story

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Extortionate margins, opaque term sheets, risky products sold to gauche corporate treasurers - India's derivatives market has all the ingredients necessary for a major mis-selling scandal, says AV Rajwade, a Mumbai-based independent consultant. The problem has been masked because dealers are habitually selling transactions to corporates and then using Indian state banks as intermediaries to get the deal done, booking it as institutional business to reduce credit risk and avoid the scrutiny t

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