In this second part of the Market Makers conversation, former RBI Executive Director G. Mahalingam revisits two pivotal crises: – 2008 Derivatives Debacle – How speculative bets and miss‑selling led to litigation and forced RBI to roll out suitability norms and market‑conduct reforms. - 2001 WTC Attack Shock – The first time RBI intervened aggressively in bond markets, using open‑market operations to restore confidence after global turmoil. Mahalingam explains how these experiences shaped RBI’s crisis playbook and laid the groundwork for later consultative policymaking.
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