Stock Market in India : Working and Reforms

Contents About the book Authors profile Preface List of abbreviations 1 Stock market theoretical framework 2 Review of theoretical and empirical studies on stock market 3 Indian stock market reforms and refinements 4 Secondary securities market recent reforms 5 Secondary securities market recent trends 6 Evidence of weak level efficiency 7 Volatility and its implications for efficiency 8 Conclusions explanations and implications Appendix I Frequently asked questions on dematerializations A Stock or share market deals mainly in corporate securities The securities are chiefly in the form of equity shares and debentures The function of the stock market is two fold a to arrange for the raising of new capital primary market function and b to provide liquidity of existing securities secondary market function There are 24 recognized stock exchanges in India including the Over The Counter Exchange of India OTCEI for small and new companies the old established Bombay Stock Exchange BSE and the National Stock Exchange NSE that was set up as a model exchange to provide nation wide services to investors As at end March 2010 4977 companies were listed on the BSE which is the largest exchange in the country The number of securities available for trading under the equities segment at NSE as on April 30 2010 was 1872Associated with the NSE are the National Securities Depository Ltd NSDL and the National Securities Clearing Corporation Ltd NSCCL The NSDL acts as a registrar for dematerialized securities and the NSCCL as a clearing house This book provides a comprehensive account of the working of stock market in India focusing on reforms introduced during the post liberalisation 1991 onwards period Besides it traces recent trends in the secondary market and offers empirical evidence of level of efficiency and degree of volatility in the Indian stock market jacket 320 pp.…