Writing in Mint, Mobis Philipose ponders the role of exchange traded derivatives : for credit derivatives, in the difficulties with the RBI/SEBI plans for curency futures, and in the legal mess on OTC currency derivatives. LIFFE just announced that their clearinghouse would do counterparty credit risk management for OTC credit default swaps. While this is halfway to an exchange-traded structure, I do believe it's possible to do exchange-trading also. On this subject, the Mistry report has argued (page 152-153) that there is a case for a policy bias in favour of exchange-traded over the OTC market.
And, Indian Express has an editorial on a new whiff of hope in economic reforms.