INTRODUCTION‌

T

he market of an economy where funds are transacted between the fund- surplus and fund-scarce individuals and groups is known as the financial market (definition).1 The basis of transaction is either interest or dividend.

This market might have its organised (institutionalised) as well as non- organised (unregulated/non-institutionalised) segments in an economy.

Financial markets in every economy are having two separate segments today, one catering to the requirements of short-term funds and the other to the requirements of long-term funds.2 The short-term financial market is known as the money market, while the long-term financial market is known as the capital market. The money market fulfils the requirements of funds for the period upto 364 days (i.e., short term) while the capital market does the same for the period above 364 days (i.e., long term).3 A brief discussion on the Indian financial market is given below.‌