Bhargavi
@bhargavizaveri
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Finance | Food | Philosophy (in no particular order). Also, all-things-tech.
Mumbai/Singapore
Joined July 2013
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Pinned Tweet
Do court vacations reduce court productivity? Not really, not much at all.
@PavithraM_
, Tushar & I analyze case lifecycle data of about 4K commercial cases over a 7 yr period at the Bom. HC. We find that the 'vacation effect' is marginal & temporary.
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Excited to share that I will be pursuing a PhD at the National University of Singapore beginning Aug'21.
Will be chasing some esoteric & not-so-esoteric Qs on central banks, bankruptcy &
#finreg
in EMs & continue empirical legal work on India. Or at least, that's the plan🙂
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Worse design possible. The carrot of a lockdown relaxation post April 20 is linked to positive cases. This will create extremely perverse incentives. Communities will be disincentivised to report positive cases and ostracise the infected.
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Very happy to share that Devendra Damle & I have been awarded SEBI's annual development research grant for our empirical work on enforcement patterns in the Indian securities markets. Hope to make the most of it & do some good legal empirical work in this space.
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"Of the 73 farmer organisations representing more than 3.83 crore farmers that engaged with us, 61 (representing 3.3 crore farmers), fully supported the farm laws." Member of the SC constituted committee on farm laws.
“I’m making public the Supreme Court panel report on farm laws. India needs to know the truth'’
Anil Ghanwat, president of Swatantra Bharat Party and senior leader of Shetkari Sangathana, writes
#ThePrintOpinion
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Thrilled to share that
@aggarwa_nidhi
,
@surbhaai
& I have been awarded the 2019 NSE-NYU Stern Research Grant. From over 35 applicants from all over India, 6 were selected. Hoping to do some neat and impactful empirical-legal work on Indian securities mkts with this opportunity.
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#Mumbai
is reputed to be apolitical, even in desperate times. Resisted the rationalist Hegel-ian urge & participated in
#MumbaiUniversity
protests today. Protests were apolitical, peaceful &
@MumbaiPolice
was great. Two most satisfying hours on a Monday afternoon.
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RBI shouldn't venture into *yet another* infotech business, I recently wrote in
@bsindia
arguing against the RBI's proposal to build cloud servers for financial intermediaries. All infotech businesses are not 'digital public goods', an over used expression in Indian public policy
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There's a reason why the avg retail shareholder doesn't participate or vote in shareholder meetings in India. This notice of a meeting has the message in the 28th line of the first para. There's no better way to make sure that the small investor doesn't read or respond to this.
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Co-authored an article on why India's decision to suspend its bankruptcy law in its entirety will harm the very firms that it seeks to protect. We suggest 3 key measures to make bankruptcy law work to our advantage in a pandemic. 1/n
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Horrifying to see so many measures in the Finance Act being pushed through a money bill! They have nothing to do with receipts into and expenditures from, the consolidated fund of India. Completely undermines a bicameral legislature.
@nit_set
@MandarKagade
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Public contracts in India are litigation-prone. Using data of about 2 lac cases filed in Delhi High Court, we estimate the government's propensity to litigate, and the time, costs & capacity consumed in litigation relating to public contracts:1/n
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Over the next few months, I will be speaking to civil servants, researchers & the people on land rights, in
@TheQuint
's podcast, put together by
@prrc_india
.We cover issues ranging from rent control to transgenders' inheritance rights in India. A teaser:
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Our paper that measures the responsiveness of four Indian regulators - RBI, SEBI, TRAI & AERA - was published in an international peer-reviewed policy journal. It took 3 years, but was worth the wait to give this theme a global academic platform.
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@passivefool
I got one more. If Lincoln were a fund manager, he would probably say -ask not what the fund generates for you, but what you generate for the fund.
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Thrilled to share that our team won the
@Agami_In
's
#Data4Justice
challenge. The idea (& hope) is to build an open access data-set on company-litigation in India, using NCLT data as the source. A small step towards furthering empirical legal work in India. 1/2
The
#Data4Justice
jury also selected
@Igidr_Mumbai
’s datasets from causelists of the NCLT & the MCA database to generate insights on
#company
-level
#litigation
in India and fill the gap
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A silver lining of
#COVID19
is that it has accelerated (rather obvious) reforms.
Maharashtra cabinet decides to allow online registration of property.
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#icymi
I was on The Seen and The Unseen this week with
@amitvarma
. Chatted about the accidental origins of the modern regulatory state, women's confidence levels, importance of detachment when working on ideas, the works!
Give it a listen and tell me what you think.
The world is complex.
The state is primitive.
Regulation is where they meet.
@bhargavizaveri
joins me in episode 389 of The Seen and The Unseen to deliver a masterclass on The Regulatory State, at the wild frontier where law & economics come together:
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Indian cities are increasingly hitting public debt mkts. Muni-bonds are becoming a part of household portfolios.
Co-authored an article in
@IBBIlive
's annual journal on why this is a good thing, why a municipal bankruptcy law is vital & key challenges:
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Lawyers, litigants & judges normalize adjournments & matter 'not reaching'. But, can we estimate the probabilities of getting an actual hearing once a case is filed, using case data?
@PavithraM_
,
@karthikssays
, Susan T & I give this a shot 🧵 1/n
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Co-authored an op-ed on why fiscal support should target interim finance to distressed firms that formally restructure their debt. We define what the governance structure, commencement & end of such a fund, might look like.1/n
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Java, Indonesia where the locals mistook me for Madhuri Dixit from India, and I didn't bother correcting them. One of my greatest personal highs ;-)
Oh, behind us is Borobodur temple, the largest Buddhist temple in the world. Circa 9th century. Underrated
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I daresay we must now normalize
#COVID
to the extent of not beginning every email with the I-hope-you-and-your-family-are-keeping-safe-in-these-tough-times line.
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Conducted a 2.5 hrs online-class on first-principles of bankruptcy & contextualising some recent developments, for a batch of 50 aspiring insolvency professionals from all over India. Was more interactive than I had expected it to be. I daresay that we all could get used to this.
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This is fantastic. A noble policy agenda in land would be to repeal the laws that restrict farmers from selling and leasing out agricultural land.
Re-upping an old blogpost on this:
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#Scam1992TheHarshadMehtaStory
>
#BadBoyBillionaires
@NetflixIndia
this is a missed opportunity.
We need more *real* finance stories on TV &
#OTT
& their impact on daily lives. India has so many of them: the UTI blow-up, Satyam, PMC, ILFS. The list is endless.
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@sandeepssrin
The RBI loves doing business. It competed with telcos when it set up the INFINET in the early 2000s, it competed with exchanges when it set up NDS OM.
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Great to see people revolting against a monopoly by transitioning to
@MastodonProject
. Also, great to see Twitter not taking down tweets promoting the revolt. That's a true test passed.
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Some predictions:
1. We will see a spike in SARFAESI filings.
2. We might see a spike in compromise & arrangements.
3. An overall increase in secured debt.
4. Small suppliers of goods & services will suffer disproportionately.
And general bewilderment at why banks won't lend.
Reupping some sharp pieces written earlier on why a blanket suspension is not such a great idea...
This one by
@bhargavizaveri
and Harsh Vardhan
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How is misconduct in the Indian securities mkt sanctioned? Is similar misconduct similarly sanctioned? Wht's the conviction rate & time involved? In a new paper, Devendra Damle & I analyse >8K SEBI orders to answer these Qs. Data release & key findings:
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Payment delays are endemic in govt.contracts. But, how large are they? Who's the least disciplined, what's the avg.delay & who suffers the most? We use a novel data-set to ascertain the size of the payment delays problem in Indian public procurement.👇🏾
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"If..resources are plentiful, we tend to express a liberal outlook. If we imagine our condition to be one of..scarcity, we express a conservative..outlook."
Nice Sunday read on how the co-existence of liberals and conservatives is a public good:
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Summitted 17100 ft at Kongmaru La pass connecting the Markha & Indus river valleys. Walked 3 days to reach this spot at the summit base of 15,800 ft. As Gen Z would put it, zenned out & vibed with nature.
Humbled & happy 🙏🏼❤️
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Freewheeling chat with
@srinathraghava3
abt debt recovery & re-organisation. We discuss 2 policy tools in vogue these days: debt moratoriums & bankruptcy law. And wonder what could Indian policymakers have done differently to help people deal with COVID-related financial distress
🎧 On this episode of
#InterpretingIndia
,
@srinathraghava3
speaks to
@bhargavizaveri
as they unpack India's Insolvency & Bankruptcy Code (IBC). They examine how India's existing regulatory framework might fare for bankruptcies during COVID-19.
Listen:
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What is the probability that a resolution of a given firm will be completed within 180 days? Using judicial data, we estimate this probability in this article:
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Wow! Flattered to be in the company of these stellar women.
Many thanks
@kadambari_shah
&
@shreyas_nl
for writing this. You have no idea how much this validation matters for people who didn't pick traditional paths :-)
...
@AditiBhowmick18
is helping enable a data revolution.
@bhargavizaveri
&
@pritika13
, though not traditional economists, are very much in the field. These are merely a handful of emerging names. 14/n
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In world cuisine, Mumbai > Delhi.
In five words or less, start a food fight without mentioning biriyani.
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Family, friends & neighbours wanted to understand what's going on with bankrupt firms in India & why are the 'fraudsters' getting away. Did a talk bankruptcy for the non-finance folks, live streamed here:
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Conferring constitutional status on regulators is a bad idea. My opinion piece in
@bsindia
today
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Summit-ted 14,100 ft. to Hampta pass that connects Kullu to Spiti valley in Himachal Pradesh. Both humbled & thrilled beyond words!
Picture is enroute the Summit at approx 13K ft.above sea level. B'coz the old cliche - journey being better than the destination -is true.
#nofilter
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On a 20-lane highway in Naypyidaw, the empty capital of Myanmar that the then military govt. built under fear of popular uprisings in Yangon, which was the capital then. Highway was built to allow planes to land & take off in case an overnight escape is necessary.
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Since it’s that time of the year: :-)
Roses are red,
Violets are blue,
By keeping STT and bringing back LTCG,
You want to have the cake and eat it too!
#TaxValentines
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A Rupee note issued by Govt.of India before India had a central bank, spotted at the Royal Spanish Mint in Madrid.
Interesting that while the Bank of England issued notes for Great Britain, the crown guaranteed convertibility for notes issued in her colonies.
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How did courts prioritise & de-prioritise cases in the lockdown when working with extremely constrained capacity? We answer this question for India's largest commercial tribunal - the NCLT - using data from daily causelists. Thread on key findings. 1/n
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What a line to begin the day by the inimitable
@matt_levine
:
"If the allocation of capital ever became perfectly, permanently correct, a lot of people would be out of jobs."
Great way to find meaning in a day's work. :-)
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PayPal was recently fined Rs.90 mn under India's money laundering law. In appeal, Delhi High Court set up yet another committee to effectively decide the case. We should care more abt separation of powers than abt RBI-Fin.Min. disagreements, I argue here👇
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Those celebrating Re.1 fine as a victory should be careful what they wish for. We're better off with a court that stands by its judgements than one that bows to public pressure. Contempt law needs reform. Equally, namesake fines to satisfy one's conscience is hardly rule of law.
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@akshayalladi
As is Mexican cuisine.
It's a puzzle why the only global cuisine that scaled in India (and most other developing countries) is Italian.
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In this episode of
@thequint
's podcast by
@prrc_india
, I chat with Leah Varghese on land acquisition cases. We talk abt executive v. court discretion in compensation cases for land, tangibility bias, sovereign debt default (!) & local land lawyers:
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NCLT's refusal to admit insolvency cases b'coz debtor had 'good previous financial networth' is not a good thing.
I argue that this practice endows judges with discretion to review debtor’s balance sheets, something they are not trained to do, here👇🏽
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3 concerns have been raised on IBC's potential to deal with post
#COVID19
distress: vanilla debt restructuring, creditor-in-possession & NCLT capacity.
Wrote a piece addressing these concerns & making a case to un-knot the law to make it work.
1/n
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Was it fair to write off Yes Bank's AT1 bonds without writing down its equity shares? Last week, Bom HC set aside this decision for procedural lapses. On
@IndiaCorpLaw
, we argue that the Court erred by not questioning the fairness of this write off:
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So good to see an ecosystem coming up for policy wonks in the unlikeliest of places in India - Mumbai.
Thanks to
@Artha__Global
for doing this.
The best discussions happen over ☕
Women in Econ/Policy
@weconpol
and
@Artha__Global
co-hosted a
#ChaiMixer
for women working in the economics and policy space at our Mumbai office. It was a fun evening, where participants got to meet and interact over games and snacks.
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Never a bad time to ask if those who clamour for income support for workers affected by
#COVID2019
, would support a similar relief package for those who lost their livelihoods in the
#KashmirLockdown
.
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Why do some structural reforms (IBC) go through & others don't (FRDI Bill)? What might be some common patterns across successful & unsuccessful reforms? Presented some early stage work on the political economy of bankruptcy laws in India at a
@UChicagoLaw
workshop last month.
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Will be discussing Stablecoins, use of central bank money in settlement & implications of Stablecoin arrangements (as the BIS calls it) on financial stability, on this panel tomorrow:
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Ambani "Che" Guevara 😂
Courtesy: believe it or not, Facebook.
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A line that'll resonate with most legal academics on my TL:
"An attorney who treats a client like a hypothesis would be disbarred; a Ph.D. who advocates a hypothesis like a client would be ignored."
Epstein & Gary King, The Rules of Inference, 69 U. CHI. L. REV. 1, 114–33 (2002)
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Will be moderating an expert panel on land title insurance tomorrow. Hope to discuss state of readiness of land records infra., costs & product features, risk management, expected bottlenecks, etc. If you're interested in land, finance or land & access to finance, do join 👇
The Way Ahead: Land Title Insurance in India
Join us and
@nipfp_org_in
tomorrow for a panel discussion on land title insurance in
#India
with Joel S. Peck, S. Chockalingam, Pramod Rao, Yegna Priya Bharath,
@bhargavizaveri
, &
@AnirudhBurman
.
Register:
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Gave a talk on fairness in bankruptcy, why limited liability corporations are critical to risk-taking & why all debt default is not malfeasance, at ICSI today. Great fun talking first principles to insolvency practitioners who eat, breathe and live the law in all its finery.
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3
20
Co-authored an article with
@diya_uday
summarising key takeaways of our field work on Telangana govt's
#rythubhandhu
scheme, which gives farmers an annual support of Rs.10k per acre of land held. A thread on what worked & didn't work.
1/n
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How will the FM's proposal of a Digital Rupee help the average Indian household & business? I argue that there are 2 use cases of a Digital Rupee for the avg.Indian depositor, here👇🏽
Use Cases of a Digital Rupee to the Average Household and Business in India
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Had Ethiopian food at the only Ethiopian cafe (only because
@ZomatoIN
says so :)) in
#Mumbai
. Totally appealed to my Indian taste buds (a burst of spices). Healthy, and
#WaitForIt
, all of it was
#vegetarian
.
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Gave a talk on debt recovery & resolution in India post COVID19 to a bunch of ppl, & realised that due to the large overlap btwn the RBI moratorium on term loans & suspension of the bankruptcy law, everything depends on *when* the default was committed. Quite the maze here:
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Looking forward to discuss the RBI ban on storage of card data on the internet, & how it fits in the ultimate convenience v. security trade-off, on this panel today.
You have likely heard the views of the industry & merchants on this. Do join to hear the consumer's view here👇🏽
CUTS is pleased to announce a Webinar on “Evaluating Consumer Welfare in Digital Payments” being conducted on 21st September 2021 at 4:00 PM (IST).
Register at:
@MontekSinghPC
@Psm_cuts
@DrArunaSharma6
@AA_speaks
@bhargavizaveri
@amol_kulkarni1
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People love dissing
@LinkedIn
for its lack of intellectual-ism & what not. But it's proved itself as a fab scalable platform to connect the avg.job candidate to the avg.employer.
There's clarity of purpose: it doesn't want to be Twitter, it's a workforce & sales enabler.
LinkedIn may be the nerdiest social network — but its strategy is working | opinion
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Good morning, world! Will be presenting data on workload and performance of the NCLT *to members of the NCLT* at their colloquium in Chandigarh today. Too excited! 😊
#whenresearchpays
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What's the 'right level' of the Rupee? Couldn't resist sharing this excerpt from The Story of the Reserve Bank of India by
@RahulBajoria_
on how this was decided in the 1960s
Hat-tip:
@niravstoons
After allowing Indian banks to deal in the NDF segment in 2020 following much debate, the RBI is now realising the downside of that move.
Reuters reports that local banks have been asked to stop building positions in the NDF segment.
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Formal education in financial regulation in India is woefully inadequate. NMIMS School of Law is launching a new LLM program in financial regulation. inter-disciplinary & first of its kind. Happy to have designed it with the
@LawNmims
team and
@The_RichaRoy
.
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My colleague
@gausia_
presented our empirical work on the Bankruptcy Code at
@IGLP_HarvardLaw
. Gratifying, given that India-specific research on financial regulation does not generally have much of a global audience:
@surbhaai
@varunmarwah7
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This. More lawyers need to study central banks, now more than ever before.
And, more econs need to study courts, not just the aggregate pendency stats that emerge from them
Public lawyers (including myself) have wasted far too much time worrying about the legitimacy of judicial review and not enough time focusing on stronger, anti-democratic forces like central banks that make serious politicised decisions framed as technocratic exercises.
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I know I'm Instagram-ing on Twitter, but when you see a symphony stage in a lotus pond *every evening* on your way back home from campus, it's hard to resist.
#SorryNotSorry
#nofilterpicture
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Spent 2 days teaching a super enthusiastic batch of budding insolvency professionals at the Graduate Insolvency Program of IICA. Themes of the 2 day class: financial regulatory architecture, the rule of law in finance & how the IBC applies to financial mkt intermediaries.
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2
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Spent 3 super fun days learning abt urban land records, land revenue & planning from govt.officials of 19 states in
#Mussoorie
.
Can vouch for
#lbsnaa
as *the* most inspiring place to learn the who, what & why of public administration in India. Also, an incredibly pretty campus👇🏼
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@passivefool
The ads with Ranveer Singh are sheer cringe - they convince you to not get into crypto! just the opposite of inspiring confidence in a financial asset. Looks like these guys are really struggling for liquidity
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Thanks
@pritika13
! Most women must fight hard to be taken seriously, let alone lead. Here're some I know:
@menakadoshi
@iconohclast
@resanering
@SmritiParsheera
@surbhaai
@Radhikaskp
@srajagopalan
@rupasubramanya
@The_RichaRoy
@diya_uday
Here's to hoping we use this rage well
Thanks Anu!
@vandanagoyal01
@Vandana_Trivedi
@VaidehiTandel
@pranjulb
@bhargavizaveri
@kadambari_shah
@Bhairavi_Jani
@AvantiDurani
@theidlethinker
@AnnaWarrington
Gursimran, Radha, Ivette, Selva
@SonaldeDesai
& so many more.
Amplify the voices of 10 women leaders & keep it going.
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Things are so bad that even a Member of Parliament is writing about regulatory opacity in matters ranging from licensing to enforcement:
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To put it a bit differently, if financial intermediation requires social capital, financial regulation is clearly broken.
Without efficient financial intermediation at scale, surplus gets invested into land and gold. Efficient financial intermediation requires social capital. Social capital depends on trust. Trust between communities has been weak.
Ergo, without social trust, India cannot prosper.
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30% of civil cases in India's courts are land disputes, many of them against govt. If courts are broken, why do people litigate enthusiastically over land? And that too against the state, a relentless litigator? I spoke to Leah Varghese to unpack this puzzle. A teaser here 👇🏽
Tune in to Episode 2 of 'Land of a Billion' Season 2, where Bhargavi Zaveri talks to Leah Varghese, a researcher who has been studying land-related disputes for a long time. Listen to the full
#podcast
, produced in association with
@prrc_india
, here:
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Will conducting a 1.5 hour session on the basics and 1st principles of bankruptcy today. The Law School has been kind enough to open weblink for joining the class to everyone. Great to be back to basics. 👇
We’re pleased to announce that the speaker for our next webinar is Ms. Bhargavi Zaveri, Finance Research Group. She will discuss ‘The Resolution & Recovery Process for Companies under IBC’.
Visit to register:
#NMIMS
#KPMSOL
#SchoolofLaw
#LawSchool
#LLB
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Beautifully restored legislature hall of
@mybmc
. Here, 270 odd corporators debate(!) & decide the city's future.
Highly recommend the BMC walking tour by
@Khaki_Tours
who walk you through the history of India's financial, commercial & entertainment capital
#UrbsPrima
#Mumbai
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Was waiting for this chart. Super useful to convince neighbourhood uncles and aunties to stop investing in real estate & gold
Our year-end quilt is out! With 18% Nifty return and 43-45% mid & small cap rise, 2023 was big year for stocks. But look back to just 2022 to see a different story. Asset classes rotate, and a good portfolio is spread across them. Story by
@jashkriplani
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219
1K
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Skyline of
#Florence
, which housed the largest 15th century banking conglomerate, the
#Medici
bank. Bankers to the Pope & several European rulers, it ultimately failed due to non-payment of dues by rulers. Great stories make great places.
#holiday2019
1/2
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A good conference involves rigour, relationship building, fun & food. A great conference is one that manages to inspire & stay with you. The econ-law focused Emerging Markets Conference did all these.
Huge shout out to
@XkdrF
for putting this together for the 14th year straight.
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A functional securitisation market is critical for re-cycling capital in the economy. The Finance Research Group has organised a webinar on RBI's recent proposals to revise critical regulations on securitisation in India. Pre-registration required:
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VI claims that bankruptcy law won't work to save them. May be it won't, but to claim that the bankruptcy-law doesn't-work-hence-bail me-out is disingenuous. Bail-out can happen even in bankruptcy. Ex.MTNL/BSNL can bail out (read buy) the firm in bankruptcy.
@The_RichaRoy
@neetishikha
@bhargavizaveri
@BankruptBrekkie
@resanering
@MathewTopsy
@MenakaGuruswamy
@arundhatikatju
@dugalira
@PayaswiniLLB
@menakadoshi
@sanjaypugalia
@agurreamartinez
@smuSGRI
@ShereenBhan
The biggest drawback of the current regime is looking at bankruptcy as a major failure and an opportunity to blame, rather than a genuine case of financial distress.
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Just did a re-run of
#thematrix
& now watching
#westworld
. A hell of a deadly combo to watch under a
#lockdown
.
Causing a serious existential crisis. But then, I remind myself: I tweet, therefore I am.
#lockdownblues
#lockdownthoughts
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An abridged version of our work on the impact of the lockdown on court functioning published here. Even as large parts of the economy had resumed functioning in June, the
#NCLT
had not reverted to even 20% of its effective output in the pre-lockdown period .👇
#ICYMI
How did the COVID-19 lockdown affect the functioning of the NCLT? A quantitative analysis
#NCLT
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Happy holidays, folks! I went swimming with the whale sharks and lived to tell the tale. Much to be grateful for in life :-)
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Met 3 random folks frm Russia, Wales & Colombia at a Barcelona bar. Turns out all of them work for Tech Mahindra. Many things wrong with India, but many good things going for her too!
PS: their views on the Indian work ethic (read competitive nature) after 2 drinks were amusing
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More than 60% of the cases pending for 10 years+ are concentrated in lower courts in just 10% of India's districts, suggesting that 'long pendency' is a lower court problem in *some* districts.
Some very good stuff here 👇🏽
If courts are as inefficient as widely claimed, we should see a drop in such litigation. Anecdotally, we don't.
This means demand for courts is inelastic or claims of inefficient courts are overstated or the process is faster/ smoother for some class of litigants or cases.
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A nice lucid overview of Indian digital lending space here: ~157 lending apps in India.
Some Qs:
1. Are borrowers largely those rejected by banks? If yes, an adverse selection problem here?
2. Would app ratings be good source to proxy borrower profile & purpose?
On Apr 22nd & 23rd, Dvara Research &
@CGAP
convened a roundtable on ‘Emerging Customer Risks in Digital Lending’ with FSPs, academics, researchers, industry & consumer associations based in India. Here is the proceedings of the roundtable:
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UPI-PayNow connectivity shld make cross-border payments as easy & cheap as local payments. However, it requires the 'invisible infrastructure' of *full* current account convertibility to make it a reality for the avg. consumer, I co-argued here:
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Taught a course on admin law & finance
@LawNmims
, this semester. Themes covered: regulatory state; goals & techniques of financial regulation; who regulates what & why; presenting a case to a fin.regulator. Thanks to
@SomasekharS
for believing in a new idea & co-teaching it. 1/2
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In countries where there's less trust in financial mkts, people make the sub-optimal call of "investing" in real estate. This will take some time to unlearn. Fantastic thread on why our (& our parents' obsession) with 'real-estate-for-investment' is irrational & even harmful 👇
Thread.
As you watched the Sensex soar 765.04 points today to close at 56,889.76, you were either getting a big dose of FOMO or were grinning, pleased with your equity allocation strategy being right.
1/n
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