Ijbamv7n1spl 05

International Journal of Business Administration and Management.
ISSN 2278-3660 Volume 7, Number 1 (2017),

© Research India Publications http://www.ripublication.com
Evolution and Contribution of Security Market in
Economic Development of India
Mandeep K our Bansal

Ph.D Scholar (Management)
(2014-2017)
K alinga University, Raipu r, C.G.
En r ol l me n t No. 1 5 0 8 9 4 9 0 ( 5 3PH D6 6 4 0 0 2 )
Abstract
A secu rity is a t radable financial as set . The t er m co mmo nly refer s t o any for m
of financia l inst rument , but it s legal definit io n var ies by jur isdict io n. I n so me
jur isdict io ns t he t er m specifically excludes financial inst rument s ot her t han
equit ies and fixed inco me inst rument s. In so me jur isdi ct io ns it inc ludes so me
inst rument s t hat are close t o equit ies and fixed inco me, e.g. equit y warrant s. I n
so me count r ies and/or languages t he t erm "secur it y" is co mmo nly used in day -
to-day par lance t o mean any for m o f financia l inst rument , even t hough t he
under lying legal and regulat or y regime ma y not have such a broad definit io n.
This paper is an at t empt t o explor e t he evo lut io n and st ruct ure of secur it y
market in Ind ia.
1. Introduction
A financia l syst em consist s o f inst it ut ional unit s 1 and market s t hat int eract ,
t ypically in a co mp lex manner, for the purpose o f mo biliz ing funds for
1
An institutional unit is an entity such as a household, a corporation, or government agency that is
capable in its own rights of owing assets incurring liabilities, and engaging in economic activities and
transactions with other entities.
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International Journal of Business Administration and Management. ISSN 2278-3660 Volume 7, Number 1 (2017),
invest ment and provid ing facilit ies, including pa yment syst ems, for t he
financing o f co mmerc ial act ivit y. T he role o f financia l inst it ut ions wit hin t he
syst em is pr imar ily t o int er mediat e bet ween t hose t hat provide funds and t hose
t hat need funds, and t ypically invo lves t ransfor ming and managing r isk.
Part icular ly for a deposit t aker, t his r isk ar ises fro m it s ro le in mat ur it y
t ransfor mat io n, wher e liabilit ies ar e t ypically sho rt t er m ( for example, demand
deposit s), while it s asset s have a lo nger mat ur it y and are o ft en illiquid ( for
example, lo ans). Financial market s pro - vide a forum wit hin which financial
claims can be t raded under est ablished rules o f co nduct and can facilit a t e t he
management and t ransfor mat io n of r is k. Financial s yst ems are o f crucial
significance to capit al for mat ion. T he adequat e capit al for mat io n is
indispensible t o a speedy econo mic development is univer sally r ecognized in
academic lit er at ure. The main fu nct ion of financial syst em is t he co llect io n o f
savings and t heir dist r ibut ion for indust rial invest ment , t hereby st imu lat ing t he
capit al for mat io n and, t o t hat ext ent , accelerat ing t he process o f econo mic
growt h. The process o f capit al for mat io n invo lves t hree dist inct , alt hough int er -
relat ed act ivit ies:
i. Savings: The abilit y by which claims t o resources are set aside and
beco me available for ot her purposes.
ii. Finance: The act ivit ies by which cla ims t o resources are eit her
assembled fro m t hose released by do mest ic savings, obt ained fro m
abroad, or specially creat ed usually as bank deposit s or not es and
t hen placed in t he hands o f t he invest ors.
iii. Invest ment s: The act ivit y by which resources are act uall y
co mmit t ed to product ion.
The vo lume o f capit al for mat io n de pends upon t he int ensit y and efficiency wit h
which t hese act ivit ies are carr ied on. T he effect ive mo bilizat ion o f savings, t he
efficiency o f t he financial organizat io n/syst ems and t he channelizat io n of t hese
savings int o t he most desirable and product ive f or ms o f invest ment are all int er -
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connect ed and have a gr eat bear ing on t he cont r ibut ion o f capit al for mat io n t o
econo mic development .
A secu rity is a t radable financial asset . The t er m co mmo nly refer s t o any for m
of financia l inst rument , but it s legal definit io n var ies by jur isdict io n. I n so me
jur isdict io ns t he t er m specifically exclu des financial inst rument s ot her t han
equit ies and fixed inco me inst rument s. In so me jur isdict io ns it inc ludes so me
inst rument s t hat are close t o equit ies and fixed inco me, e.g. equit y warrant s. I n
so me count r ies and/or languages t he t erm "secur it y" is co mmo nly used in day-
to -day par lance t o mean any for m o f financia l inst rument , even t hough t he
under lying legal and regulat or y regime may not have such a broad definit io n.
Secur it ies market is a co mpo nent of t he wider financial market wher e secur it ies
can be bought and so ld bet ween subject s of t he econo my, on t he bas is o f demand
and supply. S ecur it ies market s enco mpasses equit y mar ket s, bo nd market s and
der ivat ives market s where pr ices can be det er mined and part icipant s bot h
professio nal and non professio nals can meet .
2 Objectives and Research Methodology
Objectives of study:
1. To explore t he evo lut io n of Secur it y Market in I ndia.

2. To find t he st ruct ure of Ind ian secur it y Market .
3. To analyze t he cont r ibut io n of Secur it y Market t owards t he Economic.
Research Methodology
It is always import ant t o be cr it ical o f t he infor mat ion present ed in sources,

especially since t he mat er ial might have been gat hered t o address a different
problem area. Moreover, many secondar y sources do not clear ly descr ibe issues
such as t he purpose o f a st udy, how t he dat a has been gat hered, analysed and
int erpret ed making it difficult for t he researcher t o assess t heir usefulness. I n
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order to address t his problem I have t r ied t o t riangulat e t he secondar y dat a by

using numerous independent sources.
The infor mat ion about t he proble m is co llect ed fro m t he Research

Journals, Trade Magazines, Annual Report s of Banks and t he I nt ernet . For
evaluat ing „E vo lut io n and St ruct ure of secur it y Market in I ndia‟ , we have
focused on as recent mat er ial as possible. In ord er to get access t o t he la t est
development s in t his ar ea we have used a number o f art icles published i n
academic jour nals and t rade magaz ines. We have also used secondar y
infor mat io n fro m I nt ernet based discussio n forums.
3. Evolution of Securities Market in India:
The secur it ies market s in I ndia have wit nessed several po licy init iat ives, which
has refined t he market micro -st ruct ure, moder nised operat io ns and broadened
invest ment cho ices for t he invest ors. The irregular it ies in t he secur it ies
t ransact ions in t he last quart er of 2000 -01, hast ened t he int roduct ion and
imple ment at ion of sever al refor ms. While a Jo int Par liament ar y Co mmit t ee was
const it ut ed t o go int o t he irregular it ies and manipulat io ns in all t heir
ramificat ions in all t ransact io ns relat ing to secur it ies, decis io ns were t aken t o
co mplet e t he process o f demut ualisat io n and corporat isat ion o f st ock exchanges
to separat e ownership, management and t rading r ight s o n st ock exchanges and t o
effect legislat ive changes for invest or prot ect io n, and to en hance t he
effect iveness o f SEBI as t he capit al market regulat or. Rolling set t lement on T+5
basis was int roduced in r espect of mo st act ive 251 secur it ies fro m July 2, 2001
and in respect of balance secur it ies fro m 31st December 2001. Ro lling
set t le ment on T +3 basis co mmenced for all list ed secur it ies fro m Apr il 1, 2002
and subsequent ly on T+2 basis fro m Apr il 1, 2003. All deferral product s such as
carr y forward were banned fro m July 2, 2002.
At t he end o f March 2008, t her e were 1,381 co mpanies list ed at NS E and 1,236
co mpanies were ava ilable for t rading. The Capit al Market segment o f NSE
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report ed a t rading vo lume o f Rs.35,51,038 crore dur ing 2007 -08 and at t he end
of March 2008, t he NSE Market Capit alis at io n was Rs.48,58,122 crore.
Secu rities market is a co mponent of t he wider financia l market where secur it ies
can be bought and so ld be t ween subject s of t he econo my, on t he bas is o f demand
and supply. S ecur it ies market s enco mpasses equit y mar ket s, bo nd market s and
der ivat ives market s where pr ices can be det er mined and part icipant s bot h
professio nal and non professio nals can meet .
Secur it ies market s can be split int o t wo levels. Pr imar y market s, where new
secur it ies are issued and seco ndar y mar ket s wher e exist ing secur it ies can be
bought and so ld. Secondar y market s can furt her be split int o organised
exchanges, such st ock exchanges and over-t he-count er wher e individual part ies
co me t oget her and buy or sell secur it ies direct ly. For secur it ies ho lders knowing
t hat a secondar y market exist s in which t heir secur it ies may be so ld and
convert ed int o cash increases t he willingness of people t o hold st ocks and bonds
and t hus incr eases t he abilit y o f fir ms t o issue secur it ies.
There are a number o f pro fessio nal part icipant s of a secur it ies market and t hese
inc lude; brokerages, broker-dealers, market maker s, invest ment manager s,
speculat ors as well as t hose providing t he infrast ruct ure, such as clear ing houses
and secur it ies deposit or ies.
A secur it ies market is used in an economy t o att ract new capit al, t ransfer rea l
asset s in financial asset s, det er mine pr ice which will balance dema nd and suppl y
and provide a means t o invest money bot h short and lo ng t er m.
4. Structure of Security Market in India
The st ruct ure of Indian secur it y market can be explained proper ly wit h t he help
of a diagr am.
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Source: ht t p://www.econo micsdiscussio n. net / india/ secur it ies - market /st ruct ure-
o f-secur it ies- market - in- india- wit h-diagr am/11069
4.1 Indust rial Secu rity Market: T he indust r ial secur it y market refers t o t he
market for shar e and bonds o f t he exist ing co mpanies, as well as t hose of new
co mpanies. T his market is furt her divided int o New Issue Market (NIM) and
Secondar y Market . The NIM is also ca lled Pr imar y Market . Likew ise, secondar y
market is also t er med as st ock exchange.
However, it is import ant to emphasize t hat t he New Issue Market and Stock
exchange are int er - linked and work in conjunct ion wit h each ot her. Alt houg h
t hey differ fro m each ot her in t he sense t hat t he New Issue Market only deals
wit h issuance o f new secur it ies or we can say t hat t he secur it y are int roduced in
t he market called new issue or pr imar y market and st ock exchange deals wit h
t hose secur it ies which have already been issued for t he public or pr iv at e.
i- Pri mary Market: Stocks available for t he fir st t ime are o ffered
t hrough new issue market . The issuer may be a new co mpany or
an exist ing co mpany. T he pr imar y market is concer ned wit h t he
float at ion o f new shares or bonds. The merchant banking
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divis io n o f co mmer cial banks are asked by t he co mpany t o

advise on t he viabilit y o f float at io n o f an issue befor e an issue is
act ually flo at ed in t he market .
The st ock issuing co mpanies also approaches t he inst it ut io nal

underwr it er s like LIC, UTI, IDBI, and ICICI t o ensure t he
market abilit y o f an issue. T he under wr it er like LIC and UTI
purchase secur it ies fro m t he new issue market to ho ld t hese in
t heir own asset port fo lio.
In I ndian capit a l mar ket t here are t wo main ways for float ing t he
new issue.
(a) Public purchase, and

(b) Right issue
(a) Public Purchase: T he mo st popular met hod for float ing

secur it ies in New issue mar ket is t hrough legal document
called “Prospect us”. It is an open invit at io n t o t he public t o
subscr ibe t o t he issue at par or at premium.
(b) Right Issue: T his met hod o f t he sale of t he st ock is nor mally
used by exist ing co mpanies whose shares are already list ed in
st ock exchanges. Right issue represent s an invit at ion t o t he
exist ing shareho lders t o subscr ibe t o a part or t he who le o f
t he new issue in a fixed prop ort ion t o t heir shareho lding.
ii. Secondary Market: T he mar ket for lo ng t erm secur it ies like
bonds. Equit y st ocks and preferred st ocks is divided int o
pr imar y and secondar y market . The pr imar y mar ket deals
wit h t he new issues o f secur it ies whereas out st anding
secur it ies ar e t raded in t he secondar y market , which is
co mmo nly known as st ock market or stock exchange. In
t he seco ndar y market , invest ors can sell or purchase
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secur it ies. St ock market predo minant ly deals in t he equ it y

market . The secondar y market deals wit h t he exist ing
secur it ies. T his market provides both liquidit y and
market abilit y t o such secur it ies.
The seco ndar y market of secur it ies in I ndia funct ions t hrough fo llowing it s t wo
segment s:
(a) Stock Exchange

(b) Over-t he-Count er market
(a) Stock Exchange: Stock exchange is an organized mar ket for

sale and purchase o f second hand list ed indust r ial and
financial secur it ies. List ed secur it ies are t hose secur it ies
which appear on t he appro ved list o f a st ock exchange. Onl y
list ed secur it ies are t raded on t he floor of t he st ock exchange.
It is t o be not ed t hat an organized st ock exchange is a n
„auct ion‟ t ype o f st ock market , where t he pr ice o f t raded
secur it ies ar e set t led by open bids and o ffer s on t he floor of
t he exchange.
(b) Over The Counter Market: T he OT C E xchange Of I ndia was
founded in 1990 under t he Co mpanies Act 1956 and was
recognized by t he Secur it ies Cont ract s Regulat io n Act , 1956
as a st ock exchange but it st art ed in 1992 aft er t he
est ablishment of NAS DAQ (Nat io nal Associat io n of
Secur it ies Dealer s Aut omat ed Quot at ion) and JASDAQ
(Japanese Associat io n of Secur it ies Dealer s Aut o mat ed
Quot at ion). T he OT CEI was st art ed wit h t he object ive o f
providing a market for t he sma ller co mpanies t hat could not
afford t he list ing fees o f t he large exchanges and did not
fulfill t he minimu m capit al requirement for list ing.
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4.2 Govern ment S ecu rity Market: The t er m „Gilt edged‟ means t he best
qualit y. S ince gover nment secur it ies ar e of best qualit ies in t he sense o f
liquid it y and zero degree o f r isk o f default , so t hes e ar e called gilt -edged
secur it ies. I n t he gilt -edged market , t he secur it ies o f Gover nment of I ndia and o f
t he St at e Government are t raded in; t he secur it ies guar ant eed by t he gover nment
are also t raded in t he market .
The import ance o f Gover nment secur it ie s market , i.e., Gilt - edged market , as a
segment o f capit al market , emanat es from t he fact t hat t his mar ket provides a
mechanis m for t he management o f public debt and open market operat ions t o t he
Reser ve Bank o f India. It is t herefore, imperat ive t o emphas ize t hat t his market
has a st rong bear ing on t he for mulat io n of fisca l po lic y o f t he Gover nment o f
India and t he mo net ar y po lic y o f t he RBI.
Growth of the Cent ral’ s Government Secu rities: The growt h of secur it y
market is an int egr al part of t he process of econo mic growt h in a free market
econo my. Of lat e, t he RBI and Gover nment o f India have pursued cert ain
measures t o refor m t he secur it y market . These refor ms have been int roduced in
bot h t he New issue market and t he seco ndar y market of indust r ial secur it ie s and
gover nment secur it ies.
Produ cts, Particip ants and Fun ctions: Transfer o f resources fro m t hose wit h
idle resources to ot hers who have a product ive need for t hem is per haps mo st
efficient ly achieved t hrough t he secur it ies market s. St at ed for mally, secu r it ie s
market s provide channels for reallo cat io n o f savings t o invest ment s and
ent repreneurship and t her eby decouple t hese t wo act ivit ies. As a result , t he
saver s and invest ors are not const rained by t he ir individual abilit ies, but by t he
econo my‟s abilit ies t o invest and save respect ively, which inevit ably enhances
savings and invest ment in t he econo my.
Savings are linked t o invest ment s by a var iet y o f int er mediar ies t hrough a range
of co mplex financial product s called “secur it ies” which is defined in t h e
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Secur it ies Co nt ract s (Regulat io n) Act , 1956 t o include: (1) shares, scr ips,
st ocks, bonds, debent ures, debent ure st ock or ot her market able secur it ies o f a
like nat ure in or of any incorporat ed co mpany or body corporat e; (a)
der ivat ives; ( b) unit s o f a ny ot her inst rument issued by any co llect ive
invest ment scheme t o t he invest ors in such schemes; (c) secur it y receipt as
defined in clause (zg) o f sect ion 2 of t he Secur it izat io n and Reconst ruct io n o f
Financia l Asset s and Enforcement of S ecur it y Int ere st Act , 2002; (d) unit s or
any ot her such inst rument issued t o t he invest ors under any mut ual fund scheme ;
(e) any cert ificat e or inst rument (by what ever name called), issued t o an
invest or by any issuer being a special purpose dist inct ent it y which posses ses
any debt or receivable, including mort gage debt , assigned t o such ent it y, and
acknowledging benefic ial int erest of such invest or in such debt or receivable,
inc luding mort gage debt , as t he case may be; (2) government secur it ies, (a)
such ot her inst rument s as may be declared by t he Cent ral Gover nment t o be
secur it ies; and (3) right s or int erest in secur it ies.
There ar e a set of eco no mic unit s who demand secur it ies in lieu o f funds and
ot hers who supply secur it ies for funds. These demand for and supply o f
secur it ies and funds det er mine, under compet it ive market condit io ns in bot h
goods and secur it ies market , t he pr ices of secur it ies which reflect t he present
value o f fut ure prospect s o f t he issuer, adjust ed for r isks and also pr ices o f
funds.
It is not t hat t he user s and supplier s o f funds meet each ot her and exchange
funds for secur it ies. It is difficult t o acco mplish such double co incidence o f
want s. The amount o f funds supplied by t he supplier may not be t he amount
needed by t he user. S imilar ly, t he r isk, liquidit y and mat ur it y charact er ist ics o f
t he secur it ies issued by t he issuer may not mat ch preference of t he supplier. I n
such cases, t hey incur subst ant ial search cost s to find each ot her. Search cost s
are minimised by t he int er mediar ies who mat ch and br ing t he supp liers and
user s of funds t oget her. These int er mediar ies ma y act as agent s t o mat ch t he
needs of user s and supplier s o f funds for a co mmissio n, help suppliers and users
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in creat io n and sale o f secur it ies for a fee or buy t he secu r it ies issued by user s
and in t urn, sell t heir own secur it ies t o supplier s t o book profit . It is, t hus, a
misno mer t hat secur it ies market disint er mediat es by est ablishing a direct
relat ionship bet ween t he saver s and t he user s o f funds. The market does not
work in a vacuum; it requir es ser vices o f a large var iet y o f int er mediar ies. T he
disint er mediat io n in t he secur it ies market is in fact an int er mediat io n wit h a
difference; it is a r isk - less int er mediat io n, where t he ult imat e r isks ar e borne b y
t he savers and not t he int er med iar ies.
The secur it ies mar ket , t hus, has essent ially t hree cat egories o f part icipant s,
namely t he issuers o f secur it ies, invest ors in secur it ies and t he int er mediar ies.
The issuer s and invest ors are t he consumer s o f ser vices r endered by t he
int er mediar ies while t he invest ors are consumer s (t hey subscr ibe for and t rade in
secur it ies) o f secur it ies issued by issuer s. In pursuit o f providing a product to
meet t he needs o f each invest or and issuer, t he int er mediar ies chur n out more
and more co mplicat ed product s. They educat e and guide t hem in t heir dealings
and br ing t hem t oget her. Those who receive funds in exchange for secur it ies and
t hose who receive secur it ies in exchange for funds o ft en need t he reassurance
t hat it is safe t o do so. This reassurance is provided by t he law and by cust om,
oft en enforced by t he regulat or. The regulat or develops fair market pract ices
and regu lat es t he co nduct o f issuers o f secur it ies and t he int er mediar ies so as t o
prot ect t he int erest s o f supplier s of funds. The regulat or ensur es a high st andard
of ser vice fro m int er med iar ies and supply o f qua lit y secur it ies and non -
manipulat ed demand for t hem in t he market .
5. Contribution of Security Market in Economic Development
Three ma in set s o f ent it ies depend o n s ecur it ies mar ket . While t he corporat e
and go ver nment s raise resources fro m t he secur it ies market t o meet t heir
obligat ions, t he househo lds invest t heir savings in t he secur it ies.
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Corporat e Sector: T he 1990s wit nessed emergence of t he secur it ies market a s a

major source of finance for t rade and indust r y. A growing number of co mpanie s
are accessing t he secur it ies market rat her t han depending on loans fro m
FIs/ banks. T he corporat e sect or is incr easingly depending on ext ernal sources
for meet ing it s funding requ ir ement s. There appears t o be growing prefer ence
for direct financing (equ it y and debt ) to indir ect financing ( bank lo an) wit hin
t he ext erna l sources.
The list ing agr eement s have been amended recent ly requir ing t he co mpanies t o
disclo se shareho lding pat t ern on a quart erly basis. As per t he shar eho lding
pat t ern of co mpanies list ed o n NSE at end o f March 2008, it is o bserved t hat on
an average t he pro mot ers ho ld about 56.12% of t ot al shares. T hough t he non -
promot er holding is about 41.91%, Individuals held only 13.07% and t he
inst it ut io nal ho ld ing ( FIIs, MFs, VCFs -Indian and Foreign) account ed for
19.37%.
Govern ment s: Alo ng wit h incr ease in fiscal defic it s of t he gover nment s, t he
dependence on market borrowings t o finance fiscal defic it s has incr ease d over
t he years. Dur ing t he year 1990 -91, t he st at e gover nment s and t he cent ral
gover nment financed near ly 14% and 18% respect ively o f t he ir fiscal deficit by
market borrowing. In percent age t er ms, dependence of t he st at e gover nment s o n
market borrowing d id not increase much dur ing t he decade 1991 -2001. However,
t heir dependence on market borrowing has been incr easing s ince t hen t o reach
38% dur ing 2003-04. I n case o f cent ral gover nment , it increased t o 73% by
2007-08, The cent ral go ver nment and t he st at e government s now-a-days finance
about t hree fourt h and one fourt h o f t heir fiscal deficit s respect ively t hrough
borrowings fro m t he secur it ies market .
Household s: According t o RBI dat a, househo ld sect or account ed for 84.8% o f

gross do mest ic savings in Fix ed I nco me Invest ment inst rument s dur ing 2006 -07.
They invest ed 55.7% of financia l savings in deposit s, 24.2 % in
insurance/provident funds, and 6.5% in secur it ies mar ket including go ver nment
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secur it ies, unit s o f mut ual funds and ot her secur it ies (out of w hich invest ment
in Gilt s has been 0.2%).
Though t her e was a ma jor shift in t he saving pat t ern o f t he househo ld sect or
fro m physical asset s t o financia l asset s and wit hin financial asset s, fro m bank
deposit s t o secur it ies, t he t rend got rever sed in t he rec ent past due t o high rea l
int erest rat es, pro longed subdued condit ions in t he secondar y market , lack o f
confidence by t he issuers in t he success of issue process as well as o f invest ors
in t he credibilit y o f t he issuers and t he syst ems and poor per for mance o f mut ua l
funds. The port fo lio of househo ld sect or remains heavily weight ed in favour o f
phys ical asset s and fixed inco me bear ing inst rument s.
6. Conclusion
Wit h refer ence t o t he above st udy we may conclude t hat A secu rity is a t radable
financial asset . The t erm co mmo nly refer s to any for m o f financia l inst rument ,
but it s legal definit io n var ies by jur isdict io n. In so me jur isdict io ns t he t er m
spec ifically excludes financia l inst rument s ot her t han equit ies and fixed inco me
inst rument s. T his paper has und ert ook var ious st udies and ma y co nclude t hat
secur it y mar ket has st rengt hened and cont r ibut ed a lot towards t he eco no mic
growt h of I ndia.
7 . References
1. Arun,T.G,Turner,J. D (2002) “Financial Sect or Refor ms in

Develo ping Count ries: T he I ndian E xper ience” ; Wor ld Econo my;
(March 2002, Vo l. 25 Issue 3), (Pg 429 -435)
58
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International Journal of Business Administration and Management.

ISSN 2278-3660 Volume 7, Number 1 (2017),

Evolution and Contribution of Security Market in

Economic Development of India

Mandeep K our Bansal

2 Objectives and Research Methodology

1. To explore t he evo lut io n of Secur it y Market in I ndia.

It is always import ant t o be cr it ical o f t he infor mat ion present ed in sources,

order to address t his problem I have t r ied t o t riangulat e t he secondar y dat a by

The infor mat ion about t he proble m is co llect ed fro m t he Research

3. Evolution of Securities Market in India:

4. Structure of Security Market in India

divis io n o f co mmer cial banks are asked by t he co mpany t o

The st ock issuing co mpanies also approaches t he inst it ut io nal

(a) Public purchase, and

(a) Public Purchase: T he mo st popular met hod for float ing

secur it ies. St ock market predo minant ly deals in t he equ it y

(a) Stock Exchange

(a) Stock Exchange: Stock exchange is an organized mar ket for

5. Contribution of Security Market in Economic Development

Corporat e Sector: T he 1990s wit nessed emergence of t he secur it ies market a s a

Household s: According t o RBI dat a, househo ld sect or account ed for 84.8% o f

1. Arun,T.G,Turner,J. D (2002) “Financial Sect or Refor ms in

4. Bar man R. B. and Samant a G. P “Banking Ser vices Pr ice I ndex: An

5. Bhadur y Prof. S ubrat o (2007) conduct ed st udy on “Co mmercia l

6. Chakrabart i Rajesh and Chawla Gaurav (2005) “Bank E ffic iency in

7. Deo lalkar G.H “T he I ndian Banking Sect or On t he road t o progress”

9. Demirgüç- Kunt Asli and Det ragiache Enr ica (1998 ) “T he

10.Handa, Jagdish S hubha Rahman Khan (2008 ) ”F inancial

Applied Financ ial Eco no mics; ( Jul2008, Vo l. 18 Issue 13),

13.Janakiraman Usha (2007) “I ssues and Challenges in Management o f

14.Jham,ViI i I.,Khan, Kaleem Mohd ( 2008) “Det er minant s of

15.Sayur i S hirai (2001) “Assessment o f India‟s Banking Sect or

16.Toby, Ado lphus J. (2006) “Met hodo logical Approach t o t he St ud y

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