Foreign portfolio investors seeking unlimited access to the bond market has lost one of its supporters- noted foreign exchange consultant A V Rajwade.

Even as the committee on fuller capital account convertibility headed by former deputy governor SS Tarapore, recommended a progressively increasing ceiling on the investment in the rupee bond market, Mr Rajwade who was member of the committee has voiced his dissent. " In my view, investments in the rupee bond market, both G-sec and corporate bonds, should be freely allowed" Rajwade had written in a dissent note then ( in 2006) with his detailed justification for the same. In the same report, he has also disagreed with the committee's suggestion of ban on participatory note

But Mr Rajwade known not to mince his words was known to have a clear insight of the macro as well as micro aspects of forex business and has advised and was respected by both policy makers as well as the market. "In my view, we have lost a public intellectual" said former RBI governor Y V Reddy who has written forward comments for books Rajwade published.

"RBI as an institution has drawn heavily from his wise counsel" said Reddy of Rajwade whom even Tarapore respected. "His contribution to the policy on capital account management has been immense"

Central bankers acknowledge his comprehensive understanding of major issues confronting the economy and had in particular the external sector and clearly explain macro as well as micro impact of a policy measure

Starting his career as a probationary officer at the State Bank of India, Rajwade was among the early ones even in the pre liberalisation era to quit the public sector and still managed to run a successful forex advisory and consultancy business. journalists covering the forex markets will miss his expertise and insights in the nuances of forex markets to whom he readily helped.