This paper sets out initial results from a new modeling exercise for Defined Contribution (DC) pensions. It develops a package called penCalc based on the open source software language R, which is popular in the academic and modeling communities. All the coding is made freely available. The tool...

We evaluate a major Indian investor protection reform that attempted to reduce commissions tied to mutual fund sales by banning the distribution fees that mutual funds had previously earmarked for commissions. We identify the policy impact by comparing funds charging high versus low distribution...

In December 2019, the Insolvency and Bankruptcy Board of India (IBBI) notified provisions for insolvencies of personal guarantors to corporate debtors under that country's Insolvency and Bankruptcy Code, thereby putting those provisions into force. The IBBI has released regulations for cases...

Commissions-motivated agents have historically helped the development of many markets, but research suggests brokers motivated by commissions sometimes steer consumers towards inappropriate products. This issue is particularly important in household financial markets where consumers may be...

We present results from a first ever representative phone survey that measures consumer grievances in Indian retail financial markets. We find that for every com- plaint on banking and payments that makes it to the regulatory system, there are 60 grievances that do not get voiced. In insurance...

In this paper, we study the theory of disgorgement and its application by the Securities and Exchange Board of India (SEBI), the Indian securities regulator. We find that the SEBI justification for the use of disgorgement is grounded on the basis of the ‘equitable’ and ‘remedial’ power...