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1
Pour the olive oil into a large saute pan. Add the shallots. Turn the heat to medium. (It's nice to start shallots cold, as they will be more mellow when cooked slowly.) Cook the shallots, stirring occasionally, for about 8 minutes, or until the shallots are very soft and translucent (be careful not to brown them, if medium heat is too much, bring it down a notch). Add 1/2 cup of water and continue to cook, stirring often, until water evaporates and shallots are meltingly soft.
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2
Add the rice. Stir well to coat the rice with oil. Cook, stirring constantly, until the grains are translucent around the edges, about 5 minutes.
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3
Add 3/4 cup of broth to the rice. Add lemon and lime juices, and lemon and lime zest. Cook, stirring constantly. Continue to add broth in 3/4-cup increments, stirring constantly and allowing liquid to absorb fully before adding more. Cook until rice is al dente and surrounded by fluid, not-too-thick creamy suspension, for about 25-30 minutes. (You may not have to use all of the broth.) The finished texture of the risotto should be more of a liquid than a solid. Start checking the rice after about 18 minutes; the grains should be tender but not mushy, with a slight bite to them.
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4
Remove the risotto from the heat and add the basil and the mascarpone. Mix well. Season with salt and pepper. Pour the risotto into individual plates, garnish with basil leaves, sprinkle with pepper and parmesan (if using) and serve.
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5
In a medium stock pot, over medium heat, bring the broth to simmer. Reduce heat to low and keep the broth at bare simmer.
