Rexit: What do industry and market experts think?

With the Reserve Bank of India Governor Raghuram Rajan deciding to exit after his tenure ends in September, market and industry experts have poured in with their views. Here are a few:Ramesh Damani, Member, BSEWe were all worried about the Brexit vote this week, but I think now we are going to grapple with 'Rexit'. I think Rajan going out of course will not be taken well by the market. The initial reaction will obviously be down for the market. It speaks solely about the independence of our financial and regulatory institutions, that the RBI Governor of such high esteem across the world is being shunted out of the Govt, even though he sort of resigned himself. So, I think we are going to start off with a very tough week. Of course what will happen is he will say to calm down. Slowly the market will latch onto that, but I think the first reaction, the first cuts in the market will be probably one of deep disappointment.Nirmal Jain of IIFLMarket will be a bit disappointed for sure because the market was expecting him to continue. Infact he had a good term of 3 years and many structural reforms are required in a longer time period and continuity. But having said that, I don't see that there will be a panic reaction to this, maybe market will look for cues on who is coming in next and whether there is a person of similar caliber who can make sure that the institution is autonomous and the reforms and restructuring process for banks continues, then markets will be ok.Keki Mistry, Vice Chairman and CEO, HDFC Dr Rajan was obviously very popular, particularly with foreign institution investors. There will be some degree of disappointment. I guess we will have a little bit of a fall in the market or some pressure on the Rupee. But, I am sure the government will look at replacing him with someone who is equally worthy and who will also be well recognised or well accepted by foreigners.Arvind Sanger, Managing Partner, Geosphere Capital Mgmtanaging I think it is clearly a modest negative; there is no doubt about it. I think Indian investors are mixed, Indian businessmen are probably more happy than sad to see the back of Raghuram Rajan and I suspect that many in the political establishment are happy, but I can tell you that global investors are definitely going to be disappointed and it will have a modest negative reaction.