Contents

1. Introduction 66

1.1. Primary Markets 66

1.2. Secondary Markets 66

2. Capital Markets vis-a-vis Commercial Banks 66

3. Characteristics of Capital Markets 66

4. Significance of Capital Markets 67

5. Capital Market Participants 67

6. Capital Market Instruments 68

7. Indian Capital Market 68

8. SEBI and Regulations of the Capital Market 69

9. Challenges in Regulation of Capital Market 70

10. Performance of Indian Capital Markets – Recent Scenario 70

10.1. Recent Measures undertaken by the SEBI 71

11. Outlook For 2019 72

12. Way Forward 72

13. Miscellaneous 72

13.1. Exchanges in India 72

13.1.1. Bombay Stock Exchange (BSE) 73

13.1.2. National Stock Exchange (NSE) 73

13.1.3. The Over The Counter Exchange of India (OTCEI) 73

13.1.4. Regional Stock Exchanges 73

14. Depository Receipt 73

14.1. American Depository Receipt (ADR) 74

14.2. Global Depository receipts (GDRs) 74

14.3. Indian Depository Receipts (IDRs) 74

14.4. Difference between IDRs, ADRs and GDRs 75

15. Derivatives 75

16. Mutual Funds (MFs) 76

17. Exchange Traded Fund (ETF) 78

18. Corporate Bonds 79

19. Commercial Papers 79

20. Participatory-Notes 80

21. Previous Years GS Mains Questions 81