Catching up on markets – the last three years
( Speaking notes for an address at the Forex Association of India (FAI) Education Seminar – Mumbai, November 15, 2025) Good morning, friends. It is wonderful to be back with the Forex Association of India (FAI), at your education seminar. I must begin with an honest confession. After three years at SEBI, I am thoroughly out of touch with currency and macro markets. Regulation, enforcement, adjudication, board notes, and circulars tend to relegate currency markets far into the background. So, you can imagine how daunting it is for me to speak to a room full of macro market experts. Nevertheless, when FAI invited me, I accepted immediately. It certainly was not because I had discovered any new macroeconomic wisdom hidden inside a SEBI file. I accepted because this is the perfect opportunity for me to catch up on the world I have missed for three years. Once a dealer, always a dealer. Let me briefly outline what I will speak about this morning. First, I will recapitulate...