India's ban on Jane Street raises concerns over regulator role
The tax evasion charge comes on the heels of market regulator, the Securities and Exchange Board of India (SEBI), seizing 48.43 billion rupees ($570m) and banning four Jane Street-related entities from operating in the market for alleged price manipulation in the National Stock Exchange (NSE).
SEBI's order has roiled the Indian markets, raising questions about regulator surveillance and investor protection in the world's largest options trading market. Trading in India's weekly equity index options has slumped by a third on the ban on Jane Street, the Reuters news agency reported on Thursday.
Trading of equity options lets investors buy or sell a stock at a predetermined price and date. As the Indian market rapidly grew to handle more than half of all global options trades, retail investors entered the market too.
Questions of price manipulation have dogged this rapid rise but remained vacuous until a New York court case in April 2024, where Jane Street alleged that its rival, Millennium Partners, had stolen its algorithms that helped it make in the Indian options market. A whistleblower, Mayank Bansal, then made presentations to SEBI showing Jane Street's trading patterns. Bansal had agreed to speak to Al Jazeera about his interaction with SEBI on the matter, but then backtracked.
On July 3, in a detailed interim order, the regulator said that 'by preponderance of probability, there is no economic rationale that can account for this sudden burst of large and aggressive activity … other than the intent to manipulate the price of securities and index benchmark'.
SEBI has alleged that Jane Street accumulated large long positions in stocks that are a part of the NSE's Bank Index and built large short positions in index options at the start of trade. Around market closing time, it would reverse its trades in the cash and futures segments, pushing down the index and earning large profits in the options segment.
This activity was blurred by its offshore entities making some of these trades.
'Lawyers [can] push back with SEBI on jurisdiction-related issues, but when underlying [Indian] securities are issued, SEBI can take action,' Joby Mathew, managing partner at the law firm Joby Mathew and Associates and a former legal officer at SEBI, told Al Jazeera.
Jane Street has disputed SEBI's findings and has hired lawyers to represent it before SEBI in the case. It has deposited the 48.43 billion rupees ($563m) of allegedly ill-gotten gains in an account pending the investigation and final report.
'Such processes typically take eight to 24 months,' especially in 'complex manipulation cases', Sumit Agarwal, a former SEBI officer and cofounder of Regstreet Law Advisors, told Al Jazeera in an emailed response.
But the investigation can only be part of a broader questioning of Jane Street and the regulator's role in identifying and curbing such trades sooner and protecting retail investors.
'Highly speculative and volatile'
As India's options market grew, retail investors were drawn to it, enticed by the growing volumes, the prospect of quick gains and less fettered trades than the equities market, where a rapidly rising stock could hit circuit breakers, leading to a halt in trading to prevent manipulation.
Mathew says his clients from the options trading segment range from students to award-winning cardiologists who may not have a refined knowledge of the market but were sold on the idea by traders or social media influencers. Most ended up losing money.
Deven Choksey, managing director at the Mumbai-based stock brokerage KR Choksey Shares and Securities, says retail investors form nearly half the Indian options market, while Jane Street and other sophisticated institutions form a little more. 'It's like a bullock cart facing a race car. Their meeting is bound to cause accidents.'
If Jane Street is found to have manipulated the market, its earnings would have come through losses for retail investors.
Bhargavi Zaveri, a financial regulations researcher formerly at the National Institute of Public Finance and Policy and currently a doctoral researcher at the National University of Singapore, says retail investors have made losses in the options segment, but the total amount is not clear.
Identifying and compensating investors can be hard in such cases. So even if the final order goes against Jane Street and the 48.43 billion rupees fine goes into an investor protection fund, it may be hard to distribute it onwards to retail investors who incurred losses. The best protection may be to stem irregular trades early, experts say.
'SEBI has a surveillance system and they can well monitor the markets in a timely way.,' says Choksey.
SEBI's interim order is based on trades made by Jane Street between January 1, 2023 and March 31, 2025, a period in which retail investors may have incurred substantial losses, going by SEBI's estimates.
Regstreet's Agarwal says, 'SEBI's own 2024 consultations flagged expiry day options as highly speculative and volatile.'
India has fortnightly expiry dates for options, which is when they have to be settled. That is when Jane Street allegedly manipulated prices.
In a February 6 letter, SEBI told Jane Street, 'The above trading activity prima facie appears to be fraudulent and manipulative.' But it did not issue its order curbing Jane Street until July 3.
SEBI's recent measures limiting weekly expiries, tightening spreads and higher margins 'reflect a push for greater protection' for retail investors, Agarwal says.
But the best way to protect retail investors would be to have them trade separately from proprietary trading firms in the options segment, Choksey points out.
'India is unique … and in no market will you see so many retail investors. So, SEBI must create product differentiation by customer segment.' to protect retail investors Chiksey says.
Challenges in proving manipulation
In an internal email, Jane Street reportedly told employees it was using 'basic index arbitrage trading' and called SEBI's allegations 'extremely inflammatory'. It has hired Mumbai-based law firm, Khaitan and Co, to represent it before SEBI.
Proving price manipulation involves showing intent, which can be hard, and experts are divided on whether a SEBI investigation will be able to demonstrate that. 'Trading to incur losses makes no sense, and so it indicates manipulation,' says Mathew, the former legal officer.
But NUS's Zaveri says it is not so clear. 'I think three problems are being conflated here. One, the size of the options segment being manifold the underlying cash segment. Two, that retail investors have made losses on the options segment, which I'm not sure have been quantified. Three, Jane Street arbitraged between an illiquid cash and highly liquid options segment.'
According to her, the three occurrences may not prove the intent to manipulate.
Under Indian law, proving manipulation is challenging and 'Jane Street can argue its expiry day trades were legitimate index arbitrage recognised by regulators, making a manipulation finding difficult without clear intent evidence,' Regstreet's Agarwal says.
Any action by SEBI could affect Jane Street's reputation. Last month, an investigation by Bloomberg found that Jane Street cofounder Robert Granieri was duped into funding weapons for an attempted coup to overthrow the government in South Sudan.
If SEBI's final order lays out any action against Jane Street, 'they may well have to disclose it in their filings, which will affect them elsewhere in the world', says Mathew.
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Al Jazeera
a day ago
- Al Jazeera
How an Indian temple town is at the centre of hundreds of alleged murders
New Delhi, India – After spending three decades racked with guilt, scared on sleepless nights, and often changing cities, a 48-year-old Dalit man appeared in Karnataka with information about one of the most horrific alleged crimes in India. Emerging from hiding after 12 years, the man, who once worked as a sanitation worker at the much-revered Dharmasthala temple, told police on July 3 that he was coming forward with 'an extremely heavy heart and to recover from an insurmountable sense of guilt'. As a court-protected witness, the man's identity cannot be revealed under the law. 'I can no longer bear the burden of memories of the murders I witnessed, the continuous death threats to bury the corpses I received,' he said in his statement, reviewed by Al Jazeera, 'and the pain of beatings – that if I did not bury those corpses, I would be buried alongside them'. Now, the whistleblower wants to help in the exhumation of 'hundreds of dead bodies' he buried between 1995 and 2014 – many of them women and girls, allegedly murdered after sexual assaults, but also destitute men whose murders he claims to have witnessed. After days of sustained pressure from activists and public outcry, the Karnataka government – ruled by the opposition Congress party – has created a Special Investigation Team (SIT) to probe the allegations of assault and murder. So, what did the protected witness reveal in his complaint? Does the temple town have a history of rape and murder? Are more victims coming forward now? Men serve food to pilgrims at the Dharmasthala temple [] 'Hundreds of bodies': What's in the complaint? Situated on the scenic lower slopes of the Western Ghats, Dharmasthala, an 800-year-old pilgrimage village, is located on the banks of the Nethravathi River in the Belthangady area of the Dakshina Kannada district in Karnataka state, where nearly 2,000 devotees visit daily. On July 11, the man, fully draped in black clothing with only a transparent strip covering his eyes, appeared at a local court in Belthangady to record his statement. The complainant, who belongs to the Dalit community – the least privileged and often persecuted group in India's complex caste hierarchy – joined the temple in 1995 as a sanitation worker. At the beginning of his employment, he said in the complaint, he noticed dead bodies appearing near the river. 'Many female corpses were found without clothes or undergarments. Some corpses showed clear signs of sexual assault and violence; injuries or strangulation marks indicating violence were visible on those bodies,' he noted. However, instead of reporting this to authorities at the time, the man said he was forced to 'dispose of these bodies' after his supervisors beat him up and threatened him, saying, 'We will cut you into pieces; we will sacrifice all your family members.' The supervisors, he claimed, would call him to specific locations where there were dead bodies. 'Many times, these bodies were of minor girls. The absence of undergarments, torn clothes, and injuries to their private parts indicated brutal sexual assault on them,' he said. 'Some bodies also had acid burn marks.' The man has told the police and the court that he is ready to undergo any tests, including brain-mapping and a polygraph, and is willing to identify the spots of mass burials. Some sites are likely to be exhumed in the coming days. In the nearly 20 years he worked at the temple, the man said he 'buried dead bodies in several locations throughout the Dharmasthala area'. Sometimes, as instructed, he burned dead bodies using diesel. 'They would instruct me to burn them completely so that no trace would be found. The dead bodies disposed of in this manner numbered in the hundreds,' he said. Why did he go into hiding? By 2014, having worked there for 20 years, he said, 'The mental torture I was experiencing had become unbearable.' Then, a girl from his own family was sexually harassed by a person connected to the supervisors at the temple, leading to a realisation that the family needed 'to escape from there immediately'. In December 2014, he fled Dharmasthala with his family and informed no one of his whereabouts. Since then, the family has been living in hiding in a neighbouring state, and changing residences, he said. 'However, I am still living under the burden of guilt that does not subside,' he said. 'But my conscience no longer allows me to continue this silence.' To back his claims, the man recently visited a burial site and exhumed a skeleton; he submitted the skeleton and its photograph during exhumation to the police and the court via his lawyers. Today, the actual number of dead bodies is not what matters to the former sanitation worker, a person closely associated with the case told Al Jazeera. They requested anonymity to speak. 'Even if it was just two or three women, and not hundreds, their lives matter,' they said, reflecting on why the whistleblower came forward. 'If there is a chance at justice, their bodies getting proper rituals, we want to take it.' A pilgrim stands near an elephant at the Dharmasthala temple [] Did he identify the victims? No, he did not identify them by name. However, he detailed some of the burials in his statement to the police. He recalled that in 2010 he was sent to a location about 500 metres (1,640ft) from a petrol pump in Kalleri, nearly 30 kilometres (19 miles) from Dharmasthala. There, he found the body of a teenage girl. 'Her age could be estimated between 12 to 15 years. She was wearing a school uniform shirt. However, her skirt and undergarments were missing. Her body showed clear signs of sexual assault. There were strangulation marks on her neck,' he noted in his statement. 'They instructed me to dig a pit and bury her along with her school bag. That scene remains disturbing to this day.' He detailed another 'disturbing incident' of burying a woman's body in her 20s. 'Her face had been burned with acid. That body was covered with a newspaper. Instead of burying her body, the supervisors instructed me to collect her footwear and all her belongings and burn them with her,' he recalled. Yes. There have been repeated protests over the years regarding the discovery of bodies of rape-and-murder victims in and around Dharmasthala, dating back to the 1980s. These protests have been sporadic but persistent, often led by local groups, families and political organisations. In 1987, marches were organised in the town to protest the rape and murder of 17-year-old Padmalata. The demonstrations exposed alleged cover-ups by influential figures but were reportedly quashed through intimidation and legal pressure. The town saw protests flare again in 2012 with the 'Justice for Sowjanya' movement, after another teenager was raped and murdered. That case remains unsolved. Over the decades, families and local political groups have held demonstrations and submitted memorandums to authorities, linking cases such as the 2003 disappearance of medical student Ananya Bhat to larger allegations of mass graves and unnatural deaths. S Balan, a senior lawyer in the Karnataka High Court and a human rights activist, told Al Jazeera that the killings and mysterious disappearances in Dharmasthala date back to 1979. 'The souls of young girls are crying for justice; hundreds of girls who disappeared were abducted, were raped, and were killed,' Balan told Al Jazeera. 'India has never seen this gravity of offence in its republic after independence.' Balan also met the Karnataka Chief Minister Siddaramaiah last Wednesday with a delegation of lawyers, urging him to form the SIT to probe the alleged mass rapes and murders. 'The chief minister was serious about it. He told us that he will talk to the police and do [what's needed],' said Balan. The administration of the Dharmasthala temple has long been controlled by the powerful Heggade family, with Veerendra Heggade serving as the 21st Dharmadhikari, or hereditary head, since 1968. Heggade, a recipient of the Padma Vibhushan, India's second-highest civilian award, is a member of the parliament's upper house. He was nominated by Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) in 2022. His family wields significant influence in the region, overseeing a wide network of institutions. In 2012, the family came under public scrutiny following the rape and murder of 17-year-old Sowjanya, a resident of Dharmasthala. Her body was discovered in a wooded area bearing signs of sexual assault and brutal violence. Sowjanya's family has consistently alleged that the perpetrators had ties to the temple's leadership. In a statement shared on Sunday, July 20, the temple authorities expressed support for a 'fair and transparent' investigation and expressed hope that the investigation would uncover the truth. K Parshwanath Jain, the official spokesperson for Sri Kshetra Dharmasthala, said the whistleblower's complaint has 'triggered widespread public debate and confusion across the country'. 'In light of public demand for accountability, we understand that the state government has handed over the case to a Special Investigation Team,' he said. 'Truth and belief form the foundation of a society's ethics and values. We sincerely hope and strongly urge the SIT to conduct a thorough and impartial investigation and bring the true facts to light.' Veerendra Heggade, head of the Dharmasthala temple, stands with Indian Prime Minister Narendra Modi in New Delhi on August 31, 2016 [Handout, Prime Minister's office] Have the families of missing people come forward? Yes. Sujatha Bhat, the mother of Ananya Bhat, who disappeared in 2003, has responded publicly to the whistleblower's shocking revelations about alleged mass burials in Dharmasthala. The 60-year-old retired CBI stenographer said she has lived in fear for more than two decades but was motivated by media reports of the worker's testimony and the discovery of skeletal remains. She filed a new complaint with the police last Tuesday. Bhat said she believes her daughter may have been among the many women who faced abuse and met a violent end, only to be buried without a trace. She recalled that she was discouraged from pursuing the case further. 'They told us to stop asking questions,' she reportedly said, emphasising the climate of fear and silence that surrounded Dharmasthala for decades. Speaking with reporters after filing the complaint, Bhat appealed: 'Please find my daughter's skeletal remains and allow me to perform the funeral rites with honour.' She said she wants to 'give peace to Ananya's soul, and let me spend my final days in peace'. Source: Al Jazeera
Al Jazeera
a day ago
- Al Jazeera
Why is India investigating alleged mass killings of sexual assault victims?
New Delhi, India – After spending three decades racked with guilt, scared on sleepless nights, and often changing cities, a 48-year-old Dalit man appeared in Karnataka with information about one of the most horrific alleged crimes in India. Emerging from hiding after 12 years, the man, who once worked as a sanitation worker at the much-revered Dharmasthala temple, told police on July 3 that he was coming forward with 'an extremely heavy heart and to recover from an insurmountable sense of guilt'. As a court-protected witness, the man's identity cannot be revealed under the law. 'I can no longer bear the burden of memories of the murders I witnessed, the continuous death threats to bury the corpses I received,' he said in his statement, reviewed by Al Jazeera, 'and the pain of beatings – that if I did not bury those corpses, I would be buried alongside them'. Now, the whistleblower wants to help in the exhumation of 'hundreds of dead bodies' he buried between 1995 and 2014 – many of them women and girls, allegedly murdered after sexual assaults, but also destitute men whose murders he claims to have witnessed. After days of sustained pressure from activists and public outcry, the Karnataka government – ruled by the opposition Congress party – has created a Special Investigation Team (SIT) to probe the allegations of assault and murder. So, what did the protected witness reveal in his complaint? Does the temple town have a history of rape and murder? Are more victims coming forward now? 'Hundreds of bodies': What's in the complaint? Situated on the scenic lower slopes of the Western Ghats, Dharmasthala, an 800-year-old pilgrimage village, is located on the banks of the Nethravathi River in the Belthangady area of the Dakshina Kannada district in Karnataka state, where nearly 2,000 devotees visit daily. On July 11, the man, fully draped in black clothing with only a transparent strip covering his eyes, appeared at a local court in Belthangady to record his statement. The complainant, who belongs to the Dalit community – the least privileged and often persecuted group in India's complex caste hierarchy – joined the temple in 1995 as a sanitation worker. At the beginning of his employment, he said in the complaint, he noticed dead bodies appearing near the river. 'Many female corpses were found without clothes or undergarments. Some corpses showed clear signs of sexual assault and violence; injuries or strangulation marks indicating violence were visible on those bodies,' he noted. However, instead of reporting this to authorities at the time, the man said he was forced to 'dispose of these bodies' after his supervisors beat him up and threatened him, saying, 'We will cut you into pieces; we will sacrifice all your family members.' The supervisors, he claimed, would call him to specific locations where there were dead bodies. 'Many times, these bodies were of minor girls. The absence of undergarments, torn clothes, and injuries to their private parts indicated brutal sexual assault on them,' he said. 'Some bodies also had acid burn marks.' The man has told the police and the court that he is ready to undergo any tests, including brain-mapping and a polygraph, and is willing to identify the spots of mass burials. Some sites are likely to be exhumed in the coming days. In the nearly 20 years he worked at the temple, the man said he 'buried dead bodies in several locations throughout the Dharmasthala area'. Sometimes, as instructed, he burned dead bodies using diesel. 'They would instruct me to burn them completely so that no trace would be found. The dead bodies disposed of in this manner numbered in the hundreds,' he said. Why did he go into hiding? By 2014, having worked there for 20 years, he said, 'The mental torture I was experiencing had become unbearable.' Then, a girl from his own family was sexually harassed by a person connected to the supervisors at the temple, leading to a realisation that the family needed 'to escape from there immediately'. In December 2014, he fled Dharmasthala with his family and informed no one of his whereabouts. Since then, the family has been living in hiding in a neighbouring state, and changing residences, he said. 'However, I am still living under the burden of guilt that does not subside,' he said. 'But my conscience no longer allows me to continue this silence.' To back his claims, the man recently visited a burial site and exhumed a skeleton; he submitted the skeleton and its photograph during exhumation to the police and the court via his lawyers. Today, the actual number of dead bodies is not what matters to the former sanitation worker, a person closely associated with the case told Al Jazeera. They requested anonymity to speak. 'Even if it was just two or three women, and not hundreds, their lives matter,' they said, reflecting on why the whistleblower came forward. 'If there is a chance at justice, their bodies getting proper rituals, we want to take it.' Did he identify the victims? No, he did not identify them by name. However, he detailed some of the burials in his statement to the police. He recalled that in 2010 he was sent to a location about 500 metres (1,640ft) from a petrol pump in Kalleri, nearly 30 kilometres (19 miles) from Dharmasthala. There, he found the body of a teenage girl. 'Her age could be estimated between 12 to 15 years. She was wearing a school uniform shirt. However, her skirt and undergarments were missing. Her body showed clear signs of sexual assault. There were strangulation marks on her neck,' he noted in his statement. 'They instructed me to dig a pit and bury her along with her school bag. That scene remains disturbing to this day.' He detailed another 'disturbing incident' of burying a woman's body in her 20s. 'Her face had been burned with acid. That body was covered with a newspaper. Instead of burying her body, the supervisors instructed me to collect her footwear and all her belongings and burn them with her,' he recalled. Have similar crimes been linked to Dharmasthala in the past? Yes. There have been repeated protests over the years regarding the discovery of bodies of rape-and-murder victims in and around Dharmasthala, dating back to the 1980s. These protests have been sporadic but persistent, often led by local groups, families and political organisations. In 1987, marches were organised in the town to protest the rape and murder of 17-year-old Padmalata. The demonstrations exposed alleged cover-ups by influential figures but were reportedly quashed through intimidation and legal pressure. The town saw protests flare again in 2012 with the 'Justice for Sowjanya' movement, after another teenager was raped and murdered. That case remains unsolved. Over the decades, families and local political groups have held demonstrations and submitted memorandums to authorities, linking cases such as the 2003 disappearance of medical student Ananya Bhat to larger allegations of mass graves and unnatural deaths. S Balan, a senior lawyer in the Karnataka High Court and a human rights activist, told Al Jazeera that the killings and mysterious disappearances in Dharmasthala date back to 1979. 'The souls of young girls are crying for justice; hundreds of girls who disappeared were abducted, were raped, and were killed,' Balan told Al Jazeera. 'India has never seen this gravity of offence in its republic after independence.' Balan also met the Karnataka Chief Minister Siddaramaiah last Wednesday with a delegation of lawyers, urging him to form the SIT to probe the alleged mass rapes and murders. 'The chief minister was serious about it. He told us that he will talk to the police and do [what's needed],' said Balan. How have the temple authorities reacted? The administration of the Dharmasthala temple has long been controlled by the powerful Heggade family, with Veerendra Heggade serving as the 21st Dharmadhikari, or hereditary head, since 1968. Heggade, a recipient of the Padma Vibhushan, India's second-highest civilian award, is a member of the parliament's upper house. He was nominated by Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) in 2022. His family wields significant influence in the region, overseeing a wide network of institutions. In 2012, the family came under public scrutiny following the rape and murder of 17-year-old Sowjanya, a resident of Dharmasthala. Her body was discovered in a wooded area bearing signs of sexual assault and brutal violence. Sowjanya's family has consistently alleged that the perpetrators had ties to the temple's leadership. In a statement shared on Sunday, July 20, the temple authorities expressed support for a 'fair and transparent' investigation and expressed hope that the investigation would uncover the truth. K Parshwanath Jain, the official spokesperson for Sri Kshetra Dharmasthala, said the whistleblower's complaint has 'triggered widespread public debate and confusion across the country'. 'In light of public demand for accountability, we understand that the state government has handed over the case to a Special Investigation Team,' he said. 'Truth and belief form the foundation of a society's ethics and values. We sincerely hope and strongly urge the SIT to conduct a thorough and impartial investigation and bring the true facts to light.' Have the families of missing people come forward? Yes. Sujatha Bhat, the mother of Ananya Bhat, who disappeared in 2003, has responded publicly to the whistleblower's shocking revelations about alleged mass burials in Dharmasthala. The 60-year-old retired CBI stenographer said she has lived in fear for more than two decades but was motivated by media reports of the worker's testimony and the discovery of skeletal remains. She filed a new complaint with the police last Tuesday. Bhat said she believes her daughter may have been among the many women who faced abuse and met a violent end, only to be buried without a trace. She recalled that she was discouraged from pursuing the case further. 'They told us to stop asking questions,' she reportedly said, emphasising the climate of fear and silence that surrounded Dharmasthala for decades. Speaking with reporters after filing the complaint, Bhat appealed: 'Please find my daughter's skeletal remains and allow me to perform the funeral rites with honour.' She said she wants to 'give peace to Ananya's soul, and let me spend my final days in peace'.
Al Jazeera
2 days ago
- Al Jazeera
IMF says Gita Gopinath leaving at end of August to return to Harvard
Gita Gopinath, the No. 2 official at the International Monetary Fund (IMF), will leave her post at the end of August to return to Harvard University, the IMF has said. IMF Managing Director Kristalina Georgieva will name a successor to Gopinath in 'due course', the financial institution said in a statement on Monday. Gopinath joined the fund in 2019 as chief economist, the first woman to serve in that role, and was promoted to first deputy managing director in January 2022. No comment was immediately available from the United States Department of the Treasury, which manages the dominant US shareholding in the IMF. While European countries have traditionally chosen the IMF's managing director, the US Treasury has traditionally recommended candidates for the first deputy managing director role. Gopinath is an Indian-born US citizen. The timing of the move caught some IMF insiders by surprise, and appears to have been initiated by Gopinath. Gopinath, who had left Harvard to join the IMF, will return to the university as a professor of economics. Her departure will offer the US Treasury a chance to recommend a successor at a time when President Donald Trump is seeking to restructure the global economy and end longstanding US trade deficits with high tariffs on imports from nearly all countries. She will return to a university that has been in the Trump administration's crosshairs after the school rejected demands to change its governance, hiring and admissions practices. Georgieva said Gopinath joined the IMF as a highly respected academic and proved to be an 'exceptional intellectual leader' during her time, which included the pandemic and global shocks caused by Russia's invasion of Ukraine. 'Gita steered the Fund's analytical and policy work with clarity, striving for the highest standards of rigorous analysis at a complex time of high uncertainty and rapidly changing global economic environment,' Georgieva said. Gopinath has also overseen the fund's multilateral surveillance and analytical work on fiscal and monetary policy, debt and international trade. Gopinath said she was grateful for a 'once in a lifetime opportunity' to work at the IMF, thanking both Georgieva and the previous IMF chief, Christine Lagarde, who appointed her as chief economist. 'I now return to my roots in academia, where I look forward to continuing to push the research frontier in international finance and macroeconomics to address global challenges, and to training the next generation of economists,' she said in a statement.
