‘Excessive F&O intervention could have unintended consequences’

Ananth Narayan, former whole time member at Sebi who retired last month, led the probe into Jane Street, besides making important contributions in various market regulations. In his first interview after retirement, he tells Ananya Grover and Mahesh Nayak about Sebi’s focus areas, including addressing the supply-demand gap for paper, enabling FPI inflows and maintaining investor trust. Excerpts:

- ANANTH NARAYAN, FORMER WHOLE TIME MEMBER, SEBI

What was Sebi’s intention behind multiple regulations in the derivatives market?