Sanjay Mansabdar

Sanjay Mansabdar

Sanjay Mansabdar brings over 30 years of global experience in derivatives trading and product design, including senior roles at J.P. Morgan, Bank of America, and ICICI Securities.

Normal Bond Yields, Abnormal Debt

Bond yields may be returning to old levels, but far higher debt burdens give governments powerful reasons to keep real returns suppressed.

Sanjay Mansabdar

October 2, 2026 at 3:53 AM IST

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A Tale of Two (Debt) Burdens

India and the US have both built up unsustainable debt. In India, the cost of the debt is the issue, while in the US the problem is that of the size of the debt.

Sanjay Mansabdar

September 25, 2026 at 6:43 AM IST

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Are Interest Rates in India Too Low?

Indian bond yields may be running below levels implied by growth and inflation, fuelling leverage, asset-price excesses, capital outflows and pressure on the rupee.

Sanjay Mansabdar

September 18, 2026 at 12:24 PM IST

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Trump Wants Lower Rates, but US Borrowing and Inflation Stand in the Way

Trump wants rate cuts; the Treasury wants lower yields. Heavy borrowing and persistent inflation are pulling US policy in the opposite direction.

Sanjay Mansabdar

September 10, 2026 at 8:32 AM IST

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The White House / Wiki Commons

The Message from Speculative Excess

India’s speculative boom may be shifting from options to leveraged small-cap investing, raising deeper questions about jobs, financialisation and the real economy.

Sanjay Mansabdar

September 4, 2026 at 11:50 AM IST

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Bessent, Druckenmiller Face Off Over Treasury Yield Intervention

Scott Bessent and Stanley Druckenmiller, once allies in the pound trade, now face off over the US Treasury’s bid to force long-term yields lower.

Sanjay Mansabdar

August 28, 2026 at 4:16 AM IST

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The Japanification of AI

The US AI boom carries echoes of Japan’s asset bubble, with easy money, opaque leverage and an investment surge whose returns remain uncertain.

Sanjay Mansabdar

August 24, 2026 at 4:05 AM IST

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Markets Are Paying a Growing Price for Their Retreat From Transparency

Private credit, AI financing and weaker disclosure rules are creating exposures that markets cannot see, price or contain with confidence.

Sanjay Mansabdar

August 17, 2026 at 5:36 AM IST

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CAS(H)ing out of Market Development

It is now a week since CAS was introduced in Indian Equity Markets. While this marks progress, there are lessons to be drawn for a future implementation glide paths for such major changes.

Sanjay Mansabdar

August 10, 2026 at 7:16 AM IST

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Yen Intervention Raises Spectre of a Plaza Accord Remake

Coordinated yen intervention may check Japan’s currency slide, but a carry-trade unwind could amplify volatility across stretched global markets.

Sanjay Mansabdar

August 3, 2026 at 4:22 AM IST

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Private Credit: Echoes of 2008?

Explosive growth, opaque loans and rising leverage are drawing uncomfortable parallels with the pre-2008 credit boom, raising questions about risks lurking in the private credit market.

Sanjay Mansabdar

March 11, 2026 at 4:54 AM IST

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STT as Sin Tax, and the Quiet Cost to India’s Markets

Budget 2026

The STT hike reads like a sin tax on trading, raising costs, discouraging access, and risking damage to liquidity

Sanjay Mansabdar

February 5, 2026 at 6:16 AM IST

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Bring Back the Mini NIFTY Futures

A smaller, simpler futures contract could save retail traders from the complexity, capital and cost traps of the options market.

Sanjay Mansabdar

November 3, 2025 at 6:03 AM IST

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Air India 171: Why a Flawed Probe Risks Burying the Real Story

Opinion

Three months after 260 lives were lost, India’s crash probe raises more doubts than answers. Truth and data must surface before trust collapses.

Sanjay Mansabdar

September 25, 2025 at 6:29 AM IST

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Crushed Volatility: How SEBI’s Clampdown Risks Killing the Options Game

SEBI’s clampdown on arbitrageurs has exposed retail traders’ habits, crushed implied volatility, and raised a sobering question.

Sanjay Mansabdar

September 17, 2025 at 6:09 AM IST

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NCDEX’s Equities Foray May Diversify Markets but Imperils Agri-Futures

SEBI’s nod for NCDEX to enter equities aims to dilute the NSE-BSE duopoly. But it may also quietly kill India’s agricultural commodity derivatives market.

Sanjay Mansabdar

September 11, 2025 at 8:55 AM IST

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Via WikiCommons

Regulatory Zeal Risks Choking India’s Market Engine

SEBI’s flurry of rule changes, meant to shield retail investors, is edging into overreach that could sap liquidity and market efficiency.

Sanjay Mansabdar

September 4, 2025 at 5:19 PM IST

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Expiry Day Turmoil Shows Jane Street Was Never the Only Problem

Volatility on July 31 mirrored the infamous Jane Street episode, raising deeper questions about India’s options market design.

Sanjay Mansabdar

August 1, 2025 at 3:47 AM IST

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SEBI, Jane Street, And The Arbitrageur’s Edge

SEBI’s case against Jane Street hinges less on illegality and more on scale. Was it manipulation or simply market muscle on an expiry day? 

Sanjay Mansabdar

July 10, 2025 at 5:22 AM IST

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Is India’s Demographic Dividend Turning Into A Liability? 

India’s demographic edge could become an economic burden without urgent policy coherence, private sector trust, and focus on real job creation.

Sanjay Mansabdar

June 21, 2025 at 5:39 AM IST

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The Bureau

Is the RBI Behind the Curve?
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In Search of the Lesser Florican
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Maneet Pal Singh