New Delhi, May 13 -- The Indian government's decision to raise import duties on gold and silver to 15% triggered a sharp reaction in bullion markets, but according to Zerodha co-founder Nithin Kamath, what stood out most was not the policy move itself, but the absence of suspicious trading activity before the announcement.

In a detailed post on social media, Kamath pointed out that there were no unusual movements in open interest, prices or trading volumes in gold and silver contracts in the hours leading up to the late-night announcement. The observation, he suggested, reflected positively on Indian markets at a time when concerns around insider trading and privileged access to policy decisions have become increasingly common globally....