In the Percy Mistry report
, there are some striking examples of the inability of the Indian policy process to deliver change at a reasonable pace. See: Box 9.2, page 127 (index futures); Box 9.3, page 128 (CDO); Box 9.4, page 128 (Gold ETF), Box 9.5, page 129 (interest rate futures in the US). See a similar chronology for currency futures
Here is another example:
What's disappointing about the Indian policy process is that many of us in India will think "a 22 month delay - not bad!".