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slmult0 \fs20\cf0\f0\charscalex100\i {Tactful Management Research Journal}\i0 \p
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scalex100 {Impact Factor : 0.1}\fs24\cf0\f0\charscalex100 {19}{ }\fs20\cf0\f0\ch
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\slmult0 \fs28\cf0\f0\charscalex100\b {\uc1\u8220XINDIAN CAPIT}\b0 \fs28\cf0\f0\
charscalex100\b {AL MARKET AND IMPACT OF SEBI\uc1\u8221X}\b0 \par\pard\li7346\ri
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0\par\pard\li7346\ri0\sl-346\slmult0 \fs20\cf0\f0\charscalex100\b {SHALLU}\b0 \p
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fs20\cf0\f0\charscalex100 {Assistant professor}\fs20\cf0\f0\charscalex100 {, Del
hi College of Arts & Commerce, University of Delhi}\par\pard\li7280\ri0\sl-213\s
lmult0 \fs20\cf0\f0\charscalex100 {Delhi, India}\par\pard\li4333\ri0\sl-213\slmu
lt0 \fs18\cf0\par\pard\li4333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4333\ri0\s
l-213\slmult0 \fs18\cf0\par\pard\li4333\ri0\sl-213\slmult0 \fs20\cf0\f0\charscal
ex100\b {Abstract:}\b0 \par\pard\li5053\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li
5053\ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex100\i {Pr}\i0 \fs18\cf0\f0\charsc
alex100\i {esent study mainly aims to gain insight into the Indian capital marke

ts and}\i0 \par\pard\li4333\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100\i {the

}\i0 \fs18\cf0\f0\charscalex100\i {roles and responsibilities of a capital mark
et regulator. This study also focuses on}\i0 \par\pard\li4333\ri0\sl-226\slmult0
\fs18\cf0\f0\charscalex100\i {identifying }\i0 \fs18\cf0\f0\charscalex100\i {th
e loopholes in the Indian financial system. This study consists of role of}\i0 \
par\pard\li4333\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100\i {SEBI }\i0 \fs18
\cf0\f0\charscalex100\i {in Indian stock market. SEBI is the regulator for the s
ecurities market in India. It}\i0 \par\pard\li4333\ri0\sl-226\slmult0 \fs18\cf0\
f0\charscalex100\i {was }\i0 \fs18\cf0\f0\charscalex100\i {formed officially by
the Government of India}\i0 \par\pard\li5053\ri0\sl-226\slmult0 \fs20\cf0\f0\cha
rscalex100\i {Being }\i0 \fs20\cf0\f0\charscalex100\i {the study descriptive in
nature, findings have been made through}\i0 \par\pard\li4333\ri0\sl-213\slmult0
\fs18\cf0\f0\charscalex100\i {theor}\i0 \fs18\cf0\f0\charscalex100\i {etical ana
lysis in order to know the impact of SEBI on Indian capital market and to}\i0 \p
ar\pard\li4333\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100\i {pr}\i0 \fs18\cf0
\f0\charscalex100\i {ovide in-depth analysis of the Indian stock market. It has
been found that SEBI has}\i0 \par\pard\li4333\ri0\sl-213\slmult0 \fs18\cf0\f0\ch
arscalex100\i {done }\i0 \fs18\cf0\f0\charscalex100\i {a lot of work for the dev
elopment of the Indian capital market.}\i0 \par\pard\li3586\ri0\sl-213\slmult0 \
fs18\cf0\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100\b {KEYWOR
DS:}\b0 \par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-240
\slmult0 \fs20\cf0\f0\charscalex100 {SEBI, }\fs20\cf0\f0\charscalex100 {Capital
market, Indian capital market, shares, capital market reforms.}\par\pard\li3586\
ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\cha
rscalex100\b {INTRODUCTION}\b0 \par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par
\pard\li4306\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {The }\fs20\cf0\f0\ch
arscalex100 {capital market plays a very important role in promoting economic gr
owth through the}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100
{mobilization }\fs18\cf0\f0\charscalex100 {of long-term savings and the savings
get invested in the economy for productive purpose. The}\par\pard\li3586\ri0\sl213\slmult0 \fs18\cf0\f0\charscalex100 {capital }\fs18\cf0\f0\charscalex100 {mar
ket in India is a well-integrated structure and its components include stock exc
hanges,}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {develope
d }\fs18\cf0\f0\charscalex100 {banks investment trusts, insurance corporations a
nd provident fund organization. It caters to the}\par\pard\li3586\ri0\sl-213\slm
ult0 \fs18\cf0\f0\charscalex100 {varied }\fs18\cf0\f0\charscalex100 {needs for c
apital of agriculture, industrial and trading sectors of the economy. There are
two}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {important }\
fs18\cf0\f0\charscalex100 {operations carried on in these markets. The raising t
he new capital and Trading in the securities}\par\pard\li3586\ri0\sl-226\slmult0
\fs18\cf0\f0\charscalex100 {already }\fs18\cf0\f0\charscalex100 {issued by the
companies. The capital market deals with capital. Capital Market is generally}\p
ar\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {understood }\fs18\
cf0\f0\charscalex100 {as a market for long term funds and investments in long te
rm instruments available in this}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f
0\charscalex100 {market. }\fs18\cf0\f0\charscalex100 {Capital markets mean the m
arket for all the financial instruments, short term and long term as so}\par\par
d\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {commercial }\fs20\cf0\f0
\charscalex100 {industrial and government paper.}\par\pard\li4306\ri0\sl-213\slm
ult0 \fs18\cf0\f0\charscalex100 {The }\fs18\cf0\f0\charscalex100 {capital market
is a market where borrowing and lending of long term funds takes place.}\par\pa
rd\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {Capital }\fs18\cf0\f0\c
harscalex100 {market deals in both, debt and equity. In these markets productive
capital is raised and made}\par\pard\li3586\ri0\sl-213\slmult0 \fs16\cf0\f0\cha
rscalex100 {available }\fs16\cf0\f0\charscalex100 {to the corporate. The governm
ents both central and state raise money in the capital market through}\par\pard\
li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {the }\fs18\cf0\f0\charscal
ex100 {issue of government securities. Capital market refers to all the institut
es and mechanisms of raising}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\ch
arscalex100 {medium }\fs20\cf0\f0\charscalex100 {and long-term funds, through va

rious instruments available like shares, debentures, bonds etc.}\par\pard\li4306

\ri0\sl-213\slmult0 \fs16\cf0\f0\charscalex100 {W}\fs16\cf0\f0\charscalex100 {it
h the pace of economic reforms followed in India, the importance of capital mark
ets has grown}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {in
}\fs18\cf0\f0\charscalex100 {the last ten years. Corporate both in the private
sector as well as in the public sector raise thousands of}\par\pard\li3586\ri0\s
l-213\slmult0 \fs18\cf0\f0\charscalex100 {crores of }\fs18\cf0\f0\charscalex100
{rupees in these markets. The governments, through Reserve Bank of India, as wel
l as financial}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {i
nstitutes }\fs18\cf0\f0\charscalex100 {also raise a lot of money from these mark
ets. The capital market serves a very useful purpose by}\par\pard\li3586\ri0\sl226\slmult0 \fs18\cf0\f0\charscalex100 {pooling the savings. }\fs18\cf0\f0\chars
calex100 {The capital markets encourage capital formation in the country. The ca
pital markets}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {mo
bilize }\fs18\cf0\f0\charscalex100 {savings of the households and of the industr
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ult0 \fs18\cf0\f0\charscalex100 {productive }\fs18\cf0\f0\charscalex100 {purpose
s. Capital markets also facilitate the growth of the industrial sector, as well
as the other}\par\pard\li3586\ri0\sl-226\slmult0 \fs16\cf0\f0\charscalex100 {sec
tors }\fs16\cf0\f0\charscalex100 {of the economy. The capital markets provide fu
nds for the projects in backward areas. Thus, Capital}\par\pard\li3586\ri0\sl-21
3\slmult0 \fs20\cf0\f0\charscalex100 {markets }\fs20\cf0\f0\charscalex100 {gener
ate employment in the country.}\par\pard\sect\sectd\sbknone\cols3\colno1\colw608
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\b0 \par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-360\slm
ult0 \fs20\cf0\f0\charscalex100 {They }\fs20\cf0\f0\charscalex100 {also facilita
te the development of stock markets. Due to capital markets, the public has alte
rnative}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {sources
of investment. }\fs18\cf0\f0\charscalex100 {The public can invest not only in ba
nk deposits, but also in shares and debentures}\par\pard\li3586\ri0\sl-226\slmul
t0 \fs18\cf0\f0\charscalex100 {issued by public companies. The commercial banks
and FIs provide timely financial assistance }\fs18\cf0\f0\charscalex100 {to viab
le}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {sick }\fs18\c
f0\f0\charscalex100 {units to overcome their industrial sickness. The banks and
FIs may also write off a part of loan, or they}\par\pard\li3586\ri0\sl-213\slmul

t0 \fs18\cf0\f0\charscalex100 {re-schedule }\fs18\cf0\f0\charscalex100 {the loan

, so as to offer payment flexibility to the weak units, which in turn helps the
weak units}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {to }\
fs20\cf0\f0\charscalex100 {overcome financial crisis.}\par\pard\li3586\ri0\sl-21
3\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex10
0\b { }\b0 \fs20\cf0\f0\charscalex100\b {OBJECTIVES }\b0 \par\pard\li3586\ri0\s
l-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-240\slmult0 \fs20\cf0\f0\charscal
ex100 {T}\fs20\cf0\f0\charscalex100 {o gain insight into the capital markets in
India.}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {T}\fs20\c
f0\f0\charscalex100 {o examine the roles and responsibilities of a capital marke
t regulator.}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {T}\
fs18\cf0\f0\charscalex100 {o Understand the capital market reforms initiated by
a regulatory authority and their benefits to the retail}\par\pard\li3586\ri0\sl226\slmult0 \fs20\cf0\f0\charscalex100 {investors}\par\pard\li3586\ri0\sl-226\sl
mult0 \fs18\cf0\f0\charscalex100 {T}\fs18\cf0\f0\charscalex100 {o identify the l
oopholes in the financial system that allows capital market scams to happen and
suggest a}\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {suitab
le }\fs20\cf0\f0\charscalex100 {course of action to avoid them.}\par\pard\li3586
\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\ch
arscalex100\b {LITERA}\b0 \fs20\cf0\f0\charscalex100\b {TURE REVIEW}\b0 \par\par
d\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-240\slmult0 \fs20\c
f0\f0\charscalex100 {L.M.Bhole- }\fs20\cf0\f0\charscalex100 {\uc1\u8220XFinancia
l institutions and markets: structure, growth and innovations\uc1\u8221X}\par\pa
rd\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {Dealing }\fs18\cf0\f0\c
harscalex100 {on many key areas of Indian capital market, capital issue legislat
ions, public issue management}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\c
harscalex100 {and }\fs18\cf0\f0\charscalex100 {investor guidance. Capital Market
Reforms Led to Improvement in Transparency, Reliability and}\par\pard\li3586\ri
0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {Fairness }\fs18\cf0\f0\charscalex10
0 {of Transactions Since 1992, when SEBI became a statutory body, a number of re
forms have}\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {stren
gthened }\fs20\cf0\f0\charscalex100 {SEBI, reinforced its autonomy.}\par\pard\li
3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f
0\charscalex100 {Ashima }\fs20\cf0\f0\charscalex100 {Goyal- \uc1\u8220XRegulatio
n and De-regulation of the Stock Market in India\uc1\u8221X}\par\pard\li3586\ri0
\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {13th }\fs18\cf0\f0\charscalex100 {Ju
ne, 2004 said that liberalization requires de- and re-regulation, since with int
ernationalization}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100
{government }\fs18\cf0\f0\charscalex100 {controls become ineffective, and with
the use of new technologies the old self-regulation and}\par\pard\li3586\ri0\sl213\slmult0 \fs18\cf0\f0\charscalex100 {governance }\fs18\cf0\f0\charscalex100 {
structures break down. The functioning of the reformed Indian regulatory structu
re is}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {examined }
\fs18\cf0\f0\charscalex100 {in the context of the basic principles of regulation
, the special regulatory requirements of capital}\par\pard\li3586\ri0\sl-213\slm
ult0 \fs18\cf0\f0\charscalex100 {markets, }\fs18\cf0\f0\charscalex100 {and the f
eatures of Indian markets.}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\par
d\li3586\ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex100 {N.Goplasamy-\uc1\u8220XC
apital }\fs18\cf0\f0\charscalex100 {issues and SEBI guidelines: including projec
t management & project finance\uc1\u8221X This}\par\pard\li3586\ri0\sl-213\slmul
t0 \fs18\cf0\f0\charscalex100 {circular }\fs18\cf0\f0\charscalex100 {is issued i
n exercise of powers conferred under Section 1 1 [1] of the Securities and Excha
nge}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {Board }\fs18
\cf0\f0\charscalex100 {of India Act, 1992, read with the provisions of regulatio
n 77 of SEBI [Mutual Funds] Regulations,}\par\pard\li3586\ri0\sl-226\slmult0 \fs
20\cf0\f0\charscalex100 {1996, }\fs20\cf0\f0\charscalex100 {to protect the inves
tors.}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-213\s
lmult0 \fs20\cf0\f0\charscalex100\b {RESEARCH }\b0 \fs20\cf0\f0\charscalex100\b
{METHODOLOGY}\b0 \par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\r
i0\sl-226\slmult0 \fs18\cf0\f0\charscalex100\b {Resear}\b0 \fs18\cf0\f0\charscal

ex100\b {ch methodology of this study consists of following procedures:}\b0 \par

\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-240\slmult0 \fs
18\cf0\f0\charscalex100\b {Resear}\b0 \fs18\cf0\f0\charscalex100\b {ch Design:}\
b0 \fs20\cf0\f0\charscalex100 { Being the study descriptive in nature, it will g
o through theoretical data collection, and}\par\pard\li3586\ri0\sl-226\slmult0 \
fs20\cf0\f0\charscalex100 {its }\fs20\cf0\f0\charscalex100 {analysis.}\par\pard\
li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0
\f0\charscalex100\b {Sour}\b0 \fs20\cf0\f0\charscalex100\b {ce of Data:}\b0 { }\
fs20\cf0\f0\charscalex100 { This study is mainly based on secondary data has als
o been gathered from various}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\ch
arscalex100 {newspapers, }\fs18\cf0\f0\charscalex100 {journals, magazines and we
bsites for this purpose to know insights about the Indian capital}\par\pard\li35
86\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {market }\fs18\cf0\f0\charscale
x100 {and the Impact of SEBI on Indian capital market.}\par\pard\li3586\ri0\sl-2
13\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex1
00\b {Resear}\b0 \fs18\cf0\f0\charscalex100\b {ch Method:}\b0 { }\fs20\cf0\f0\ch
arscalex100 {Study is based on sampling not the census method which limits its u
niversality.}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\s
l-226\slmult0 \fs18\cf0\f0\charscalex100\b {T}\b0 \fs18\cf0\f0\charscalex100\b {
ypes of Stock Market in India}\b0 \par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\
par\pard\li4306\ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex100 {India's }\fs18\cf
0\f0\charscalex100 {economy, although still considered developing, is becoming o
ne of the biggest in the}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charsc
alex100 {world. }\fs18\cf0\f0\charscalex100 {This is due largely to the country'
s technical prowess and attractiveness to overseas countries}\par\pard\li3586\ri
0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {looking }\fs18\cf0\f0\charscalex100
{to outsource. The country has a number of stock exchanges on which investors w
ho wish to}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {capit
alize }\fs20\cf0\f0\charscalex100 {on India's growth story can invest their mone
y.}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-213\slmu
lt0 \fs18\cf0\f0\charscalex100\b {1.BOMBA}\b0 \fs18\cf0\f0\charscalex100\b {Y ST
OCK EXCHANGE }\b0 \par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306
\ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex100 {The }\fs18\cf0\f0\charscalex100
{Bombay/Mumbai Stock Exchange is India's oldest. Commonly called the BSE, it was
}\par\pard\li11813\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li11813\ri0\sl-253\slmu
lt0 \fs22\cf0\f0\charscalex100 {2}\par\pard\li3573\ri0\sl-146\slmult0 \fs16\cf0\
f0\charscalex100 {T}\fs16\cf0\f0\charscalex100 {actful Management Research Journ
al \uc1\u8226X Volume 2 Issue 4 \uc1\u8226X Jan 2014}\par\pard\sect\sec
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\b0 \par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-360\slm
ult0 \fs20\cf0\f0\charscalex100 {established }\fs20\cf0\f0\charscalex100 {in 187
5 and includes more than 6,000 stocks. The BSE is the largest stock exchange in
South}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {Asia }\fs1

8\cf0\f0\charscalex100 {and is rapidly becoming one of the biggest in the world

due to India's economic growth. The most}\par\pard\li3586\ri0\sl-226\slmult0 \fs
20\cf0\f0\charscalex100 {commonly }\fs20\cf0\f0\charscalex100 {watched BSE index
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ar\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-240\slmult0 \
fs18\cf0\f0\charscalex100 {The }\fs18\cf0\f0\charscalex100 {National Stock Excha
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3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {market along }\fs20\cf0\f0\c
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me in India. The NSE's best-known index is the S&P CNX}\par\pard\li3586\ri0\sl-2
13\slmult0 \fs20\cf0\f0\charscalex100 {Nifty}\fs20\cf0\f0\charscalex100 {, which
comprises the stocks of 50 large companies.}\par\pard\li3586\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100\b {3.OT
HER }\b0 \fs18\cf0\f0\charscalex100\b {STOCK EXCHANGE}\b0 \par\pard\li4306\ri0\s
l-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-240\slmult0 \fs16\cf0\f0\charscal
ex100 {Although }\fs16\cf0\f0\charscalex100 {the NSE and BSE are the two largest
stock markets in India, there are a total of 22 stock}\par\pard\li3586\ri0\sl-2
13\slmult0 \fs18\cf0\f0\charscalex100 {exchanges in the country}\fs18\cf0\f0\cha
rscalex100 {. They are located in other large Indian cities including Ahmedabad,
Bangalore,}\par\pard\li3586\ri0\sl-226\slmult0 \fs16\cf0\f0\charscalex100 {Calc
utta, }\fs16\cf0\f0\charscalex100 {Chennai and Delhi. There is also an over-thecounter stock exchange in India that is used to invest}\par\pard\li3586\ri0\sl-2
13\slmult0 \fs20\cf0\f0\charscalex100 {in }\fs20\cf0\f0\charscalex100 {smaller c
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fs18\cf0\f0\charscalex100 {in India used to be harder to come by, but the countr
y has recently opened}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscale
x100 {things }\fs18\cf0\f0\charscalex100 {up. India, along with China, is believ
ed to have ample economic growth potential. As a result, a}\par\pard\li3586\ri0\
sl-213\slmult0 \fs18\cf0\f0\charscalex100 {number }\fs18\cf0\f0\charscalex100 {o
f U.S.-based mutual funds and exchange traded funds have now been created that a
llow investors}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {t
o }\fs20\cf0\f0\charscalex100 {participate in India's stock market.}\par\pard\li
3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f
0\charscalex100\b {5.REGULA}\b0 \fs18\cf0\f0\charscalex100\b {TORY BODY}\b0 \par
\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-240\slmult0 \fs
18\cf0\f0\charscalex100 {Funds }\fs18\cf0\f0\charscalex100 {that invest in India
must register with the Securities and Exchange Board of India (SEBI),}\par\pard
\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {which }\fs18\cf0\f0\chars
calex100 {is India's answer to the U.S. Securities and Exchange Commission. The
SEBI is located in Bombay,}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\char
scalex100 {the }\fs18\cf0\f0\charscalex100 {site of the country's major stock ex
changes. It was founded in 1992 with a mission to "protect the}\par\pard\li3586\
ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {interests }\fs18\cf0\f0\charscale
x100 {of investors in securities and to promote the development of, and to regul
ate the securities market}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\chars
calex100 {and }\fs20\cf0\f0\charscalex100 {for matters connected therewith or in
cidental thereto.\uc1\u8221X}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\p
ard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100\b {Role }\b0 \fs18\cf0\
f0\charscalex100\b {of capital markets in an economy}\b0 \par\pard\li3586\ri0\sl
-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-240\slmult0 \fs18\cf0\f0\charscale
x100 {Provides }\fs18\cf0\f0\charscalex100 {an important alternative source of l
ong-term finance for long-term productive investments. This}\par\pard\li3586\ri0
\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {helps }\fs18\cf0\f0\charscalex100 {i

n diffusing stresses on the banking system by matching long-term investments wit

h long-term}\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {capi
tal.}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {Provides }\
fs18\cf0\f0\charscalex100 {equity capital and infrastructure development capital
that has strong socio-economic benefits -}\par\pard\li3586\ri0\sl-226\slmult0 \
fs18\cf0\f0\charscalex100 {roads, }\fs18\cf0\f0\charscalex100 {water and sewer s
ystems, housing, energy, telecommunications, public transport, etc. - ideal for}
\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {financing }\fs20
\cf0\f0\charscalex100 {through capital markets via long dated bonds and asset ba
cked securities.}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100
{Provides }\fs18\cf0\f0\charscalex100 {avenues for investment opportunities that
encourage a thrift culture critical in increasing domestic}\par\pard\li3586\ri0
\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {savings }\fs20\cf0\f0\charscalex100
{and investment ratios that are essential for rapid industrialization.}\par\pard
\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {Encourages }\fs18\cf0\f0\
charscalex100 {broader ownership of productive assets by small savers to enable
them benefit from India's}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\chars
calex100 {economic }\fs18\cf0\f0\charscalex100 {growth and wealth distribution.
Equitable distribution of wealth is a key indicator of poverty}\par\pard\li3586\
ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {reduction.}\par\pard\li3586\ri0\s
l-226\slmult0 \fs18\cf0\f0\charscalex100 {Promotes }\fs18\cf0\f0\charscalex100 {
public-private sector partnerships to encourage participation of private sector
in productive}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {in
vestments. }\fs18\cf0\f0\charscalex100 {Pursuit of economic efficiency shifting
driving force of economic development from public to}\par\pard\li3586\ri0\sl-226
\slmult0 \fs20\cf0\f0\charscalex100 {private }\fs20\cf0\f0\charscalex100 {sector
to enhance economic productivity has become inevitable as resources continue to
diminish.}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {Assis
ts }\fs18\cf0\f0\charscalex100 {the Government to close resource gap, and comple
ment its effort in financing essential socio-}\par\pard\li3586\ri0\sl-213\slmult
0 \fs20\cf0\f0\charscalex100 {economic }\fs20\cf0\f0\charscalex100 {development,
through raising long-term project based capital.}\par\pard\li3586\ri0\sl-226\sl
mult0 \fs18\cf0\f0\charscalex100 {Improves }\fs18\cf0\f0\charscalex100 {the effi
ciency of capital allocation through competitive pricing mechanism for better ut
ilization}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {of }\f
s18\cf0\f0\charscalex100 {scarce resources for increased economic growth.}\par\p
ard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {Provides }\fs18\cf0\f0
\charscalex100 {a gateway to India for global and foreign portfolio investors, w
hich is critical in supplementing the}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\
cf0\f0\charscalex100 {low }\fs20\cf0\f0\charscalex100 {domestic saving ratio}\pa
r\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-213\slmult0 \f
s18\cf0\f0\charscalex100\b {Securities }\b0 \fs18\cf0\f0\charscalex100\b {and Ex
change Board of India (SEBI)}\b0 \par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\p
ar\pard\li4306\ri0\sl-240\slmult0 \fs16\cf0\f0\charscalex100 {SEBI }\fs16\cf0\f0
\charscalex100 {is the regulator for the securities market in India. It was form
ed officially by the Government}\par\pard\li11813\ri0\sl-213\slmult0 \fs18\cf0\p
ar\pard\li11813\ri0\sl-306\slmult0 \fs22\cf0\f0\charscalex100 {3}\par\pard\sect\
sectd\sbknone\pgwsxn16826\pghsxn23800\marglsxn666\margrsxn133\pard\li3573\ri0\sl
-146\slmult0 \fs16\cf0\f0\charscalex100 {T}\fs16\cf0\f0\charscalex100 {actful Ma
nagement Research Journal \uc1\u8226X Volume 2 Issue 4 \uc1\u8226X Jan
2014}\par\pard\sect\sectd\sbknone\pgwsxn16826\pghsxn23800\marglsxn666\margrsxn13
3\pard\sect\sectd\sbkpage
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\pard\li3600\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100\b {\uc1\u8220XINDIAN
CAPIT}\b0 \fs16\cf0\f0\charscalex100\b {AL MARKET AND IMPACT OF SEBI\uc1\u8221X}
\b0 \par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-360\slm
ult0 \fs18\cf0\f0\charscalex100 {of }\fs18\cf0\f0\charscalex100 {India in 1992 w
ith being passed by the Indian Parliament. Chaired by C B Bhave, SEBI is headqu
artered}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {in }\fs1
8\cf0\f0\charscalex100 {the popular business district of Bandra-Kurla complex in
Mumbai, and has Northern, Eastern, Southern}\par\pard\li3586\ri0\sl-226\slmult0
\fs18\cf0\f0\charscalex100 {and }\fs18\cf0\f0\charscalex100 {Western regional o
ffices in New Delhi, Kolkata, Chennai and Ahmedabad.}\par\pard\li3586\ri0\sl-213
\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100
\b {SEBI }\b0 \fs18\cf0\f0\charscalex100\b {has to be responsive to the needs of
three groups, which constitute the market:}\b0 \par\pard\li3586\ri0\sl-213\slmu
lt0 \fs18\cf0\par\pard\li3586\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {the
}\fs20\cf0\f0\charscalex100 {issuers of securities}\par\pard\li3586\ri0\sl-226\
slmult0 \fs20\cf0\f0\charscalex100 {the }\fs20\cf0\f0\charscalex100 {investors}\
par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {the }\fs20\cf0\f0
\charscalex100 {market intermediaries.}\par\pard\li4306\ri0\sl-213\slmult0 \fs18
\cf0\par\pard\li4306\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {SEBI }\fs18\
cf0\f0\charscalex100 {has three functions rolled into one body quasi-legislative
, quasi-judicial and quasi-}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\cha
rscalex100 {executive. }\fs18\cf0\f0\charscalex100 {It drafts regulations in its
legislative capacity, it conducts investigation and enforcement action}\par\par
d\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {in }\fs18\cf0\f0\charsca
lex100 {its executive function and it passes rulings and orders in its judicial
capacity. Though this makes it very}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf
0\f0\charscalex100 {powerful, }\fs18\cf0\f0\charscalex100 {there is an appeals p
rocess to create accountability. There is a Securities Appellate Tribunal}\par\p
ard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {which is }\fs18\cf0\f0
\charscalex100 {a three-member tribunal and is presently headed by a former Chie
f Justice of a High court - Mr.}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0
\charscalex100 {Justice }\fs18\cf0\f0\charscalex100 {NK Sodhi. A second appeal l
ies directly to the Supreme Court. SEBI has enjoyed success as a}\par\pard\li358
6\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {regulator }\fs18\cf0\f0\charsca
lex100 {by pushing systemic reforms aggressively and successively (e.g. the quic
k movement towards}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex10
0 {making }\fs18\cf0\f0\charscalex100 {the markets electronic and paperless roll
ing settlement on T+2 basis). SEBI has been active in}\par\pard\li3586\ri0\sl-22
6\slmult0 \fs18\cf0\f0\charscalex100 {setting }\fs18\cf0\f0\charscalex100 {up th
e regulations as required under law. SEBI has also been instrumental in taking q
uick and}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {ef}\fs1
8\cf0\f0\charscalex100 {fective steps in light of the global meltdown and the Sa
tyam fiasco. It had increased the extent and}\par\pard\li3586\ri0\sl-226\slmult0
\fs18\cf0\f0\charscalex100 {quantity }\fs18\cf0\f0\charscalex100 {of disclosure
s to be made by Indian corporate promoters. More recently, in light of the globa
l}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {meltdown, it }
\fs20\cf0\f0\charscalex100 {liberalized the takeover code to facilitate investme
nts by removing regulatory strictures. In}\par\pard\li3586\ri0\sl-213\slmult0 \f
s18\cf0\f0\charscalex100 {one }\fs18\cf0\f0\charscalex100 {such move, SEBI has i
ncreased the application limit for retail investors to Rs 2 lakh, from Rs 1 lakh
at}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {present.}\pa
r\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {Capital }\fs18\cf0\
f0\charscalex100 {market requires many intermediaries who are responsible to tra

nsfer funds from those}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscal

ex100 {who }\fs18\cf0\f0\charscalex100 {save to those who require these funds fo
r investments. The efficiency of the markets is dependent on}\par\pard\li3586\ri
0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {the }\fs20\cf0\f0\charscalex100 {sp
ecialization attained by these intermediaries. Some of them are as follows:}\par
\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-226\slmult0 \fs
20\cf0\f0\charscalex100 {1. }\fs20\cf0\f0\charscalex100 {Stock Exchanges.}\par\p
ard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {2. }\fs20\cf0\f0\chars
calex100 {Banks. }\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex10
0 {3. }\fs20\cf0\f0\charscalex100 {Investment Trusts and Companies.}\par\pard\li
3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {4. }\fs20\cf0\f0\charscalex1
00 {Specialized Financial Institutions or Development Banks.}\par\pard\li3586\ri
0\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {5. }\fs20\cf0\f0\charscalex100 {Mut
ual Funds.}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {6. }\
fs20\cf0\f0\charscalex100 {Non-Banking Financial Institutions.}\par\pard\li3586\
ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {7. }\fs20\cf0\f0\charscalex100 {I
nternational Financial Investors and Institutions }\par\pard\li3586\ri0\sl-213\
slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100\
b {The }\b0 \fs20\cf0\f0\charscalex100\b {Regulator}\b0 \par\pard\li4306\ri0\sl213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex
100 {The }\fs18\cf0\f0\charscalex100 {Indian economy was liberalized in 1991. In
order to achieve the full potential of liberalization}\par\pard\li3586\ri0\sl-2
26\slmult0 \fs18\cf0\f0\charscalex100 {and }\fs18\cf0\f0\charscalex100 {enable t
he Indian stock market to attract huge investments from foreign institutional in
vestors (FIIs), it}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex10
0 {was }\fs18\cf0\f0\charscalex100 {necessary to introduce a series of stock mar
ket reforms.}\par\pard\li4306\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {SEB
I's }\fs18\cf0\f0\charscalex100 {efforts to boost investments in the capital mar
kets faced a severe setback in 1992 when}\par\pard\li3586\ri0\sl-213\slmult0 \fs
18\cf0\f0\charscalex100 {Mehta's }\fs18\cf0\f0\charscalex100 {illegal activities
led to a stock market scam. Mehta had managed to obtain huge funds from top}\pa
r\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {banks }\fs18\cf0\f0
\charscalex100 {and financial institutions in India, including State Bank of Ind
ia, Stanchart, National Housing Bank,}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\
cf0\f0\charscalex100 {Citibank }\fs18\cf0\f0\charscalex100 {and ANZ Grindlays, t
o manipulate stock prices, which rose significantly. Between September}\par\pard
\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {1991 and }\fs18\cf0\f0\ch
arscalex100 {April 1992, the BSE index went up by 143%. However, when the prices
crashed, several small}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charsca
lex100 {investors }\fs18\cf0\f0\charscalex100 {lost their hard-earned money. The
amount involved in this crisis was approximately Rs.54 bn.}\par\pard\li3586\ri0
\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {SEBI's }\fs18\cf0\f0\charscalex100 {
inefficiency in regulating the markets was brought to light for the first time.
A journalist}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {co
mmented, }\fs20\cf0\f0\charscalex100 {\uc1\u8220XHarshad Mehta in 1992 had caugh
t the SEBI napping"}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li358
6\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100\b {The }\b0 \fs20\cf0\f0\charsca
lex100\b {Setback}\b0 \par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4
306\ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex100 {In }\fs18\cf0\f0\charscalex10
0 {the mid-1990s, another incident happened, which had a negative impact on SEBI
's reputation.}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {I
n }\fs18\cf0\f0\charscalex100 {1995, Pawan Sachdeva, the Managing Director and a
major shareholder in a shoe manufacturing}\par\pard\li3586\ri0\sl-226\slmult0 \
fs18\cf0\f0\charscalex100 {company }\fs18\cf0\f0\charscalex100 {- MS Shoes was a
lleged to have rigged the prices of his company's shares. MS Shoes launched a}\p
ar\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {public }\fs18\cf0\
f0\charscalex100 {issue of Rs 4.28 bn in February 1995 at Rs 199 per share. Simu
ltaneously, the company had also}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f
0\charscalex100 {planned }\fs18\cf0\f0\charscalex100 {to have a rights issue tot
aling Rs 2.71 bn. The company went for an advertisement campaign just}\par\pard\

li3586\ri0\sl-226\slmult0 \fs16\cf0\f0\charscalex100 {before }\fs16\cf0\f0\chars

calex100 {the public issue, highlighting that the share offered to the public at
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ult0 \fs20\cf0\f0\charscalex100\b {The }\b0 \fs20\cf0\f0\charscalex100\b {Reform
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slmult0 \fs20\cf0\f0\charscalex100 {In }\fs20\cf0\f0\charscalex100 {spite of the
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et}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {reforms in }\
fs20\cf0\f0\charscalex100 {India, making the markets an attractive investment de
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18\cf0\f0\charscalex100 {significant }\fs18\cf0\f0\charscalex100 {increase was w
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r\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {In the fiscal }\fs2
0\cf0\f0\charscalex100 {1993-94, the average amount of total transactions per da
y was valued at Rs 8 bn, which had}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0
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sl-226\slmult0 \fs20\cf0\f0\charscalex100\b {The }\b0 \fs20\cf0\f0\charscalex100
\b {Crash}\b0 \par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\
sl-240\slmult0 \fs16\cf0\f0\charscalex100 {SEBI's }\fs16\cf0\f0\charscalex100 {r
ole as a regulator of Indian capital markets was once again questioned on March
02, 2001,}\par\pard\li3586\ri0\sl-213\slmult0 \fs16\cf0\f0\charscalex100 {when }
\fs16\cf0\f0\charscalex100 {the BSE index crashed by 176 points. This was the re
sult of the large position taken by a stockbroker -}\par\pard\li3586\ri0\sl-226\
slmult0 \fs20\cf0\f0\charscalex100 {Ketan Parikh }\fs20\cf0\f0\charscalex100 {(K
P) in ten stocks, popularly known as K10. The companies in which KP held high eq
uity}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {s}\fs20\cf0
\f0\charscalex100 {takes included Amitabh Bachchan Corporation Limited, Mu
kta Arts, Tips, Pritish Nandy }\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0
\f0\charscalex100 {Communications, }\fs20\cf0\f0\charscalex100 {HFCL, Global Tel
esystems, Zee Telefilms, Crest Communications and PentaMedia}\par\pard\li3586\ri
0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {Graphics. }\fs20\cf0\f0\charscalex1
00 {He had huge exposures in these stocks, which required a lot of money. Report
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...}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-226\slm
ult0 \fs18\cf0\f0\charscalex100\b {The }\b0 \fs18\cf0\f0\charscalex100\b {Reason
s}\b0 \par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-240\s
lmult0 \fs18\cf0\f0\charscalex100 {Analysts }\fs18\cf0\f0\charscalex100 {felt th
at the major reason for SEBI's failure to protect investors against scams was la
ck of}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {skilled }\
fs20\cf0\f0\charscalex100 {human capital. For instance, they quoted the example
of the KP scam in which KP had taken huge}\par\pard\li3586\ri0\sl-213\slmult0 \f
s20\cf0\f0\charscalex100 {positions }\fs20\cf0\f0\charscalex100 {in ten stocks.
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erests}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {in }\fs20
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...}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-213\slm
ult0 \fs18\cf0\f0\charscalex100\b {Restoring }\b0 \fs18\cf0\f0\charscalex100\b {
Investor Confidence}\b0 \par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\l
i4306\ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex100 {In }\fs18\cf0\f0\charscalex
100 {a poll conducted in early 2002 by Equity Master, an equity research company
in India, over 90%}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex1
00 {of }\fs20\cf0\f0\charscalex100 {the respondents believed that the regulatory
environment was not sufficient to protect the rights of retail}\par\pard\li3586
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ex100 {in India. Bajpai realized that SEBI had to change this belief of retail i
nvestors. He said, \uc1\u8220XRestoring}\par\pard\li3586\ri0\sl-226\slmult0 \fs2
0\cf0\f0\charscalex100 {the }\fs20\cf0\f0\charscalex100 {confidence of retail in
vestors in the market will be an important task of SEBI." Bajpai decided to}\par
\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {achieve }\fs20\cf0\f
0\charscalex100 {this objective by focusing on investor education, corporate gov
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calex100 {enforcement }\fs20\cf0\f0\charscalex100 {of regulations}\par\pard\li43
06\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {Abstract. }\fs18\cf0\f0\charsc
alex100 {The case discusses the role played by the Securities and Exchange Board
of India (SEBI)}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{as }\fs20\cf0\f0\charscalex100 {a regulator of Indian capital markets. The case
discusses in depth the capital market reforms initiated by}\par\pard\li3586\ri0
\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {SEBI. }\fs20\cf0\f0\charscalex100 {I
n spite of these reforms and increasing regulatory powers over the years, SEBI h
as been largely}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {
unsuccessful }\fs18\cf0\f0\charscalex100 {in controlling capital market scams. T
he case examines the strengths and weaknesses of SEBI}\par\pard\li3586\ri0\sl-21
3\slmult0 \fs20\cf0\f0\charscalex100 {as }\fs20\cf0\f0\charscalex100 {a regulato
ry organization. It describes the recent initiatives by SEBI to promote investor
education and}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {c
orporate }\fs20\cf0\f0\charscalex100 {governance, transparency and abidance of r
egulations among corporates.}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\p
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\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-240\slmult0 \fs20\cf
0\f0\charscalex100 {Examine }\fs20\cf0\f0\charscalex100 {the roles and responsib
ilities of a capital market regulator Understand the capital}\par\pard\li3586\ri0
\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {market }\fs20\cf0\f0\charscalex100 {
reforms initiated by a regulatory authority and their benefits to the retail inv
estors A Identify the}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex
100 {loopholes }\fs20\cf0\f0\charscalex100 {in the financial system that allows
capital market scams to happen and suggest a suitable course}\par\pard\li3586\ri
0\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {of }\fs20\cf0\f0\charscalex100 {act
ion to avoid them Appreciate the complexity of a growing market like China Discus
s the future of}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {
Indian }\fs20\cf0\f0\charscalex100 {capital market and the role of SEBI Apprecia
te the complexity of a growing market like China }\par\pard\li3586\ri0\sl-213\slm
ult0 \fs18\cf0\f0\charscalex100 {Discuss }\fs18\cf0\f0\charscalex100 {the future

of Indian capital market and the role of SEBI.}\par\pard\li3586\ri0\sl-213\slmu

lt0 \fs18\cf0\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100\b {G
ROWTH }\b0 \fs18\cf0\f0\charscalex100\b {IN VOLUME INDEX OF NSE AND BSE IN LAST
ONE DECADE}\b0 \par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0
\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {Savings }\fs20\cf0\f0\charscalex100
{and investment are two key macro variables which play a significant role in eco
nomic}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {growth. }\
fs20\cf0\f0\charscalex100 {Global emerging economies are experiencing record sav
ings at a time when the developed world}\par\pard\li3586\ri0\sl-213\slmult0 \fs1
8\cf0\f0\charscalex100 {has }\fs18\cf0\f0\charscalex100 {been witnessing a decli
ne in gross domestic saving rates. Needless to say over here, that the best way
to}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {streamline }\
fs20\cf0\f0\charscalex100 {the savings is through long-term investments in the e
quity markets by funding the corporate}\par\pard\li3586\ri0\sl-213\slmult0 \fs20
\cf0\f0\charscalex100 {growth }\fs20\cf0\f0\charscalex100 {story. Over the past
decade, India's GDP has almost trebled from $414 billion in 2001 to $1.3 trillio
n}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {in }\fs20\cf0\
f0\charscalex100 {2010. This growth in the size of the country's economy has be
en more than complimented by a dramatic}\par\pard\li3586\ri0\sl-226\slmult0 \fs2
0\cf0\f0\charscalex100 {8-fold }\fs20\cf0\f0\charscalex100 {surge in the market
capitalization of the Indian companies from $165 billion in 2001 to $1.3 trillio
n in}\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {2010. }\fs2
0\cf0\f0\charscalex100 {However, it does not mean that this manifold rise in the
equity markets and its turnover has been}\par\pard\li11813\ri0\sl-213\slmult0 \
fs18\cf0\par\pard\li11813\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {5}\par\
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573\ri0\sl-146\slmult0 \fs16\cf0\f0\charscalex100 {T}\fs16\cf0\f0\charscalex100
{actful Management Research Journal \uc1\u8226X Volume 2 Issue 4 \uc1\u822
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}}}}\pgwsxn16826\pghsxn23800\marglsxn666\margrsxn133\margtsxn666\margbsxn666\par
d\li3600\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3600\ri0\sl-213\slmult0 \fs18\c
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t0 \fs18\cf0\par\pard\li3600\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3600\ri0\sl
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600\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3600\ri0\sl-213\slmult0 \fs18\cf0\pa
r\pard\li3600\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3600\ri0\sl-213\slmult0 \f
s18\cf0\par\pard\li3600\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3600\ri0\sl-213\
slmult0 \fs18\cf0\par\pard\li3600\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3600\r
i0\sl-213\slmult0 \fs18\cf0\par\pard\li3600\ri0\sl-213\slmult0 \fs18\cf0\par\par
d\li3600\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3600\ri0\sl-213\slmult0 \fs18\c
f0\par\pard\li3600\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3600\ri0\sl-186\slmul
t0 \fs16\cf0\f0\charscalex100\b {\uc1\u8220XINDIAN CAPIT}\b0 \fs16\cf0\f0\charsc
alex100\b {AL MARKET AND IMPACT OF SEBI\uc1\u8221X}\b0 \par\pard\li3586\ri0\sl-2
13\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-360\slmult0 \fs20\cf0\f0\charscalex1
00 {consistent }\fs20\cf0\f0\charscalex100 {with the increase in the market deve
lopment and penetration.}\par\pard\li4306\ri0\sl-213\slmult0 \fs20\cf0\f0\charsc
alex100 {NSE }\fs20\cf0\f0\charscalex100 {tops the List of Turnover across Stock
Exchanges. The total number of active regional stock}\par\pard\li3586\ri0\sl-22
6\slmult0 \fs18\cf0\f0\charscalex100 {exchanges }\fs18\cf0\f0\charscalex100 {acr
oss India has come down from 16 at the start of the decade to 4 in 2008-09, incl
uding 2}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {national
}\fs18\cf0\f0\charscalex100 {exchanges. Moreover, National Stock Exchange's sha
re of total turnover across stock exchanges}\par\pard\li3586\ri0\sl-213\slmult0
\fs18\cf0\f0\charscalex100 {has }\fs18\cf0\f0\charscalex100 {surged dramatically
from 61.53% in 2001-02 to 92.52% in 2008-09. Apart from NSE and BSE, the only}\
par\pard\li3586\ri0\sl-226\slmult0 \fs16\cf0\f0\charscalex100 {two }\fs16\cf0\f0
\charscalex100 {stock exchanges that are active are Calcutta Stock Exchange and
Uttar Pradesh Exchange as per 2008-}\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf
0\f0\charscalex100 {09 }\fs20\cf0\f0\charscalex100 {data.}\par\pard\li4306\ri0\s
l-226\slmult0 \fs20\cf0\f0\charscalex100 {Mumbai }\fs20\cf0\f0\charscalex100 {Ac
counts for More than Half the Turnover Almost 80% of the NSE's turnover in India
}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {continues }\fs1
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{55%; }\fs18\cf0\f0\charscalex100 {beating Delhi, the second largest turnover ro
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\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {huge }\fs20\cf0\
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\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf
0\par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-213\slmult
0 \fs18\cf0\par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-320\slmult0 \fs18\cf0\f0\charscalex
100 {Other }\fs18\cf0\f0\charscalex100 {emerging economies such as China and Sou
th Korea boast of a higher direct participation to}\par\pard\li3586\ri0\sl-213\s
lmult0 \fs18\cf0\f0\charscalex100 {the }\fs18\cf0\f0\charscalex100 {extent of 9.
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li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0
\f0\charscalex100\b {T}\b0 \fs18\cf0\f0\charscalex100\b {op 10 Companies Rule th
e roost on the Bourses}\b0 \par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\par
d\li4306\ri0\sl-240\slmult0 \fs16\cf0\f0\charscalex100 {Almost }\fs16\cf0\f0\cha
rscalex100 {29% of the exchange volumes in 2009 were concentrated in the top 10
companies of India.}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex1
00 {In }\fs18\cf0\f0\charscalex100 {most other major economies like China, Taiwa
n, Japan and Korea the same stood below 20% for top 10}\par\pard\li3586\ri0\sl-2
13\slmult0 \fs20\cf0\f0\charscalex100 {companies }\fs20\cf0\f0\charscalex100 {in
their respective countries.}\par\pard\li11813\ri0\sl-213\slmult0 \fs18\cf0\par\
pard\li11813\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li11813\ri0\sl-213\slmult0 \f
s18\cf0\par\pard\li11813\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li11813\ri0\sl-21
3\slmult0 \fs18\cf0\par\pard\li11813\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li118
13\ri0\sl-346\slmult0 \fs22\cf0\f0\charscalex100 {6}\par\pard\sect\sectd\sbknone
\pgwsxn16826\pghsxn23800\marglsxn666\margrsxn133\pard\li3573\ri0\sl-146\slmult0
\fs16\cf0\f0\charscalex100 {T}\fs16\cf0\f0\charscalex100 {actful Management Rese
arch Journal \uc1\u8226X Volume 2 Issue 4 \uc1\u8226X Jan 2014}\par\par
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t0 \fs16\cf0\f0\charscalex100\b {\uc1\u8220XINDIAN CAPIT}\b0 \fs16\cf0\f0\charsc
alex100\b {AL MARKET AND IMPACT OF SEBI\uc1\u8221X}\b0 \par\pard\li4306\ri0\sl-2
13\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li430
6\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\
pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-213\slmult0 \fs1
8\cf0\par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-213\sl
mult0 \fs18\cf0\par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0
\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\
li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0
\par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-240\slmult0
\fs20\cf0\f0\charscalex100 {Thus, }\fs20\cf0\f0\charscalex100 {there is still l
ittle room for the lagging Indian companies to grow at a higher speed and,}\par\
pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {consequently}\fs18\cf
0\f0\charscalex100 {, notch higher turnover on the bourses in a bid to facilitat
e higher inclusiveness in terms of}\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0
\f0\charscalex100 {exchange }\fs20\cf0\f0\charscalex100 {turnover, away from bei
ng dominated by the top 10 companies.}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\
cf0\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100\b {WHY}\b0 \fs
18\cf0\f0\charscalex100\b { INDIAN STOCK MARKET IS BOOMING OR POTENTIAL IN IN
DIAN STOCK}\b0 \par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100\b
{MARKET}\b0 \par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl
-240\slmult0 \fs18\cf0\f0\charscalex100 { }\fs18\cf0\f0\charscalex100 {India Fin
ancial Market helps in promoting the savings of the economy - helping to adopt a
n}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {ef}\fs18\cf0\f
0\charscalex100 {fective channel to transmit various financial policies. The Ind
ian financial sector is well-developed,}\par\pard\li3586\ri0\sl-226\slmult0 \fs1
8\cf0\f0\charscalex100 {competitive, }\fs18\cf0\f0\charscalex100 {efficient and
integrated to face all shocks. In the India financial market there are various t
ypes}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {of financia
l }\fs18\cf0\f0\charscalex100 {products whose prices are determined by the numer
ous buyers and sellers in the market. The}\par\pard\li3586\ri0\sl-226\slmult0 \f
s18\cf0\f0\charscalex100 {other }\fs18\cf0\f0\charscalex100 {determinant factor
of the prices of the financial products is the market forces of demand and suppl
y.}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {The }\fs18\cf
0\f0\charscalex100 {various other types of Indian markets help in the functionin
g of the wide India financial sector. Having}\par\pard\li3586\ri0\sl-226\slmult0
\fs18\cf0\f0\charscalex100 {fallen }\fs18\cf0\f0\charscalex100 {along with othe

r world markets during last year's crash, it actually bucked the global trend an
d was}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {nowhere }\
fs20\cf0\f0\charscalex100 {near testing its multi-year lows. And on Monday, Indi
an shares hit a 25-month high.}\par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\f0\
charscalex100 {India's }\fs18\cf0\f0\charscalex100 {stock market returns over th
e past couple of years have actually beaten most other global}\par\pard\li3586\r
i0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {markets. }\fs20\cf0\f0\charscalex1
00 {And with good reason\uc1\u8230X}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf
0\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {While }\fs18\cf
0\f0\charscalex100 {it's still classed as an emerging market, India's strength c
omes from the fact that its internal market is}\par\pard\li3586\ri0\sl-226\slmul
t0 \fs18\cf0\f0\charscalex100 {not }\fs18\cf0\f0\charscalex100 {only huge, but a
lso better insulated than China, Brazil, Russia and South Korea. It operates at
its own}\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {pace, }\
fs20\cf0\f0\charscalex100 {seemingly oblivious to what happens around it.}\par\p
ard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {W}\fs18\cf0\f0\charsca
lex100 {ith a population of over one billion, India has a huge edge over smaller
emerging markets because it has}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f
0\charscalex100 {the }\fs18\cf0\f0\charscalex100 {critical mass to withstand min
or shocks to the system.}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charsc
alex100 {India }\fs18\cf0\f0\charscalex100 {isn't reliant on a huge export marke
t for the bulk of its growth.}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\c
harscalex100 {It }\fs18\cf0\f0\charscalex100 {has a huge, educated middle class.
In fact, India's middle class population is larger than that of the entire}\par
\pard\li3586\ri0\sl-213\slmult0 \fs16\cf0\f0\charscalex100 {United }\fs16\cf0\f0
\charscalex100 {States. Of course, this middle class earns less on average than
poverty line families in America, but it}\par\pard\li3586\ri0\sl-226\slmult0 \fs
18\cf0\f0\charscalex100 {has }\fs18\cf0\f0\charscalex100 {the capacity to spend
enough money to buy products that were once considered luxuries}\par\pard\li3586
\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {(washers/dryers, }\fs18\cf0\f0\c
harscalex100 {TVs, cars, etc). This generates tremendous economic activity witho
ut the issues of trade}\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscal
ex100 {balance.}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {
Because }\fs18\cf0\f0\charscalex100 {of India's protectionist business nature, c
ompanies tend to thrive without the threat of multi-}\par\pard\li3586\ri0\sl-213
\slmult0 \fs20\cf0\f0\charscalex100 {national }\fs20\cf0\f0\charscalex100 {compe
tition.}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-213
\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\
ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pa
rd\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-213\slmult0 \fs18\
cf0\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-213\slmu
lt0 \fs18\cf0\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\s
l-306\slmult0 \fs20\cf0\f0\charscalex100 {But }\fs20\cf0\f0\charscalex100 {this
isn't all that India has in its favor\uc1\u8230X}\par\pard\li3586\ri0\sl-213\slm
ult0 \fs18\cf0\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100\b {
Infrastructur}\b0 \fs18\cf0\f0\charscalex100\b {e Boom Spells Profits for India'
s Construction Giants}\b0 \par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard
\li4306\ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex100 {Along with }\fs18\cf0\f0\
charscalex100 {a growing export market, India is also in the midst of a multi-hu
ndred billion-dollar}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex
100 {infrastructure }\fs18\cf0\f0\charscalex100 {boom. The investment potential
within the infrastructure sector is enormous. Companies like}\par\pard\li11813\r
i0\sl-213\slmult0 \fs18\cf0\par\pard\li11813\ri0\sl-306\slmult0 \fs22\cf0\f0\cha
rscalex100 {7}\par\pard\sect\sectd\sbknone\pgwsxn16826\pghsxn23800\marglsxn666\m
argrsxn133\pard\li3573\ri0\sl-146\slmult0 \fs16\cf0\f0\charscalex100 {T}\fs16\cf
0\f0\charscalex100 {actful Management Research Journal \uc1\u8226X Volume 2
Issue 4 \uc1\u8226X Jan 2014}\par\pard\sect\sectd\sbknone\pgwsxn16826\pghsx
n23800\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage
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\pard\li3600\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100\b {\uc1\u8220XINDIAN
CAPIT}\b0 \fs16\cf0\f0\charscalex100\b {AL MARKET AND IMPACT OF SEBI\uc1\u8221X}
\b0 \par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-360\slm
ult0 \fs20\cf0\f0\charscalex100 {Larson }\fs20\cf0\f0\charscalex100 {& Toubro do
minate the construction and infrastructure markets and are very well positioned
to}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {profit }\fs18
\cf0\f0\charscalex100 {from the increased spending. And while there are obviousl
y a huge number of foreign companies that}\par\pard\li3586\ri0\sl-226\slmult0 \f
s18\cf0\f0\charscalex100 {operate }\fs18\cf0\f0\charscalex100 {in India, they ha
ve to deal with the unpredictability of a market that is open, yet closed. For I
ndian}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {firms, how
ever}\fs18\cf0\f0\charscalex100 {, the sky is the limit. The home-grown successe
s of Tata Motors (NYSE: TTM), Reliance}\par\pard\li3586\ri0\sl-213\slmult0 \fs20
\cf0\f0\charscalex100 {Capital and Mittal, before it became international steel
giant, }\fs20\cf0\f0\charscalex100 {Arcelor-Mittal (NYSE: MT), have allowed}\par
\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {them }\fs18\cf0\f0\c
harscalex100 {to build up huge war chests of cash. They're now re-deploying it i
nto the relatively young Indian}\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0
\charscalex100 {export }\fs20\cf0\f0\charscalex100 {market.}\par\pard\li4306\ri0
\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {The }\fs18\cf0\f0\charscalex100 {Ins
ider's Look At India's Growth Potential Later this year, I'll be leading another
investment}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {expe
dition }\fs18\cf0\f0\charscalex100 {to India to explore some of these opportunit
ies first-hand. Our group will be small and we'll meet}\par\pard\li3586\ri0\sl-2
13\slmult0 \fs18\cf0\f0\charscalex100 {with }\fs18\cf0\f0\charscalex100 {top exe
cutives of the top companies. On our last trip, for example, we met with firms i
n the huge}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {enter
tainment }\fs18\cf0\f0\charscalex100 {sector, The fastest-growing bank, compani
es in the manufacturing sector\uc1\u8230X and the world's}\par\pard\li3586\ri0\s
l-213\slmult0 \fs18\cf0\f0\charscalex100 {lar}\fs18\cf0\f0\charscalex100 {gest i
nformation technology outfit, Infosys Technologies (Nasdaq: INFY). We even took
a personal tour}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {
of }\fs18\cf0\f0\charscalex100 {its massive campus and just a single investment
in the company's stock would have paid for the trip}\par\pard\li3586\ri0\sl-226\
slmult0 \fs20\cf0\f0\charscalex100 {several }\fs20\cf0\f0\charscalex100 {times o
ver.}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-213\sl
mult0 \fs18\cf0\f0\charscalex100\b {DERIV}\b0 \fs18\cf0\f0\charscalex100\b {ATIV
ES MARKET}\b0 \par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\
sl-240\slmult0 \fs18\cf0\f0\charscalex100 {A}\fs18\cf0\f0\charscalex100 { signif
icant development in the Indian stock market during recent years (2000-01) has b
een the}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {introduc
tion }\fs18\cf0\f0\charscalex100 {of trading in equity derivatives at the stock
exchanges. Derivative product which are permitted}\par\pard\li3586\ri0\sl-213\sl
mult0 \fs18\cf0\f0\charscalex100 {to }\fs18\cf0\f0\charscalex100 {be transacted
include both options and futures on both equity' index and on individual stocks.
Thus, there}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {are
}\fs18\cf0\f0\charscalex100 {four equity derivative products available in India

n stock markets. The introduction of trading in equity}\par\pard\li3586\ri0\sl-2

26\slmult0 \fs18\cf0\f0\charscalex100 {derivatives }\fs18\cf0\f0\charscalex100 {
was recommended by the L. C. Gupta Committee on derivatives, primarily to provid
e hedging}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {facili
ty }\fs18\cf0\f0\charscalex100 {against market risk to the equity holders. Besid
es, it will also increase the efficiency and liquidity of}\par\pard\li3586\ri0\s
l-226\slmult0 \fs20\cf0\f0\charscalex100 {the }\fs20\cf0\f0\charscalex100 {cash
market in equities through arbitrage transactions.}\par\pard\li4306\ri0\sl-213\s
lmult0 \fs18\cf0\f0\charscalex100 {The }\fs18\cf0\f0\charscalex100 {term derivat
ive indicates that it has no independence value of its own. Its value is derived
}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {from' }\fs18\cf
0\f0\charscalex100 {the value of some other asset, particularly a financial asse
t. Derivatives are broadly classified into}\par\pard\li3586\ri0\sl-226\slmult0 \
fs18\cf0\f0\charscalex100 {futures }\fs18\cf0\f0\charscalex100 {and options. Fu
ture Contracts are agreements to buy or sell a fixed number of a particular secu
rity}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {for}\fs18\c
f0\f0\charscalex100 {, delivery at a- fixed date in the future at a fixed price.
It involves indefinite purchase or sale at a future}\par\pard\li3586\ri0\sl-226
\slmult0 \fs16\cf0\f0\charscalex100 {date. }\fs16\cf0\f0\charscalex100 {The pric
e at which the security will be transacted in future is decided at the time of e
ntering the future}\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex10
0 {contract. }\fs20\cf0\f0\charscalex100 {At National Stock Exchange and Bombay
Stock Exchange, future contracts at one month, two-}\par\pard\li3586\ri0\sl-226\
slmult0 \fs18\cf0\f0\charscalex100 {month }\fs18\cf0\f0\charscalex100 {and three
-month period are allowed and the same expire on the last Friday of the month co
ncerned.}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {Both }\
fs18\cf0\f0\charscalex100 {the parties are required to fulfill the terms of the
contract.}\par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 { }\fs1
8\cf0\f0\charscalex100 {Options contracts are contracts, which give the holder t
he right (but not the obligation) to buy or}\par\pard\li3586\ri0\sl-226\slmult0
\fs18\cf0\f0\charscalex100 {to) }\fs18\cf0\f0\charscalex100 {sell securities at
a pre-determined price within or at the end of a specified period. Expiration da
te is the}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {day }\
fs18\cf0\f0\charscalex100 {on which the option contract matures. The right to bu
y is called the call Option and the right to sell is}\par\pard\li3586\ri0\sl-213
\slmult0 \fs16\cf0\f0\charscalex100 {called }\fs16\cf0\f0\charscalex100 {the put
Option. The price at which an option can be exercised is called the exercise pr
ice. The person}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {
who }\fs18\cf0\f0\charscalex100 {buys (a put option or a call option, i.e. the r
ight to sell or to buy respectively) is called the buyer of the}\par\pard\li3586
\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {option. }\fs18\cf0\f0\charscalex
100 {The other party which provides this option to the option buyer is called th
e option writer. The buyer}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\char
scalex100 {of }\fs18\cf0\f0\charscalex100 {option (who is also called as option
holder) has to pay option premium to the option writer for acquiring}\par\pard\l
i3586\ri0\sl-226\slmult0 \fs16\cf0\f0\charscalex100 {the }\fs16\cf0\f0\charscale
x100 {right. The premium is a onetime outflow for the buyer of options. The buye
r of 'an option is not under an}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0
\charscalex100 {obligation }\fs18\cf0\f0\charscalex100 {to buy or 'sell at the e
xercise price. .He will do so, if it is beneficial to him, otherwise 'he would}\
par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {like }\fs20\cf0\f
0\charscalex100 {the option to lapse.}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\
cf0\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100\b {LOOPHOLES }
\b0 \fs18\cf0\f0\charscalex100\b {IN INDIAN STOCK MARKET}\b0 \par\pard\li4306\ri
0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-240\slmult0 \fs18\cf0\f0\chars
calex100 {Almost every successful }\fs18\cf0\f0\charscalex100 {stock trader has
learned ethical ways of how to hack the stock market.}\par\pard\li3586\ri0\sl-22
6\slmult0 \fs18\cf0\f0\charscalex100 {Not }\fs18\cf0\f0\charscalex100 {hack the
stock market in illegal terms, but finding ethical ways to take advantage of cer
tain stock}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {looph

oles. }\fs18\cf0\f0\charscalex100 {Taking advantage of market loopholes is one o

f the most common traits among the high}\par\pard\li3586\ri0\sl-226\slmult0 \fs2
0\cf0\f0\charscalex100 {achievers }\fs20\cf0\f0\charscalex100 {in trading stock.
}\par\pard\li4306\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {However}\fs18\c
f0\f0\charscalex100 {, if you don't do it properly you may find yourself frustra
ted with your lack of results. In}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\
f0\charscalex100 {this }\fs18\cf0\f0\charscalex100 {article, I will discuss with
you the most common mistakes stock traders make when learning how to use}\par\p
ard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {market }\fs20\cf0\f0\c
harscalex100 {loopholes to their advantage.}\par\pard\li3586\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100\b {1. }\
b0 \fs18\cf0\f0\charscalex100\b {They don't properly prime themselves on the tra
ding market.}\b0 \par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\r
i0\sl-240\slmult0 \fs18\cf0\f0\charscalex100 {There }\fs18\cf0\f0\charscalex100
{is a wide range of stock traders, ranging from novice to intermediate, to advan
ce. Learning}\par\pard\li3586\ri0\sl-226\slmult0 \fs16\cf0\f0\charscalex100 {how
}\fs16\cf0\f0\charscalex100 {to hack the stock market, novices must learn the r
eal truth of the market rather than academic fluff. The}\par\pard\li3586\ri0\sl226\slmult0 \fs18\cf0\f0\charscalex100 {real }\fs18\cf0\f0\charscalex100 {truth
as in other forces that influence the price of a stock. While advanced traders m
ay need to rethink}\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex10
0 {what }\fs20\cf0\f0\charscalex100 {they think they know.}\par\pard\li11813\ri0
\sl-213\slmult0 \fs18\cf0\par\pard\li11813\ri0\sl-306\slmult0 \fs22\cf0\f0\chars
calex100 {8}\par\pard\sect\sectd\sbknone\pgwsxn16826\pghsxn23800\marglsxn666\mar
grsxn133\pard\li3573\ri0\sl-146\slmult0 \fs16\cf0\f0\charscalex100 {T}\fs16\cf0\
f0\charscalex100 {actful Management Research Journal \uc1\u8226X Volume 2 Is
sue 4 \uc1\u8226X Jan 2014}\par\pard\sect\sectd\sbknone\pgwsxn16826\pghsxn2
3800\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage
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CAPIT}\b0 \fs16\cf0\f0\charscalex100\b {AL MARKET AND IMPACT OF SEBI\uc1\u8221X}
\b0 \par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-346\slm
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586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {acting }\fs18\cf0\f0\charscal
ex100 {from emotions or certain news that came out in the media, etc.}\par\pard\
li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0
\f0\charscalex100\b {3. }\b0 \fs18\cf0\f0\charscalex100\b {They don't calculate
a fair price per share.}\b0 \par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pa
rd\li4306\ri0\sl-240\slmult0 \fs16\cf0\f0\charscalex100 {It }\fs16\cf0\f0\charsc
alex100 {is critical to know how to value any share of stock. Most investors are

very bad in valuing stocks}\par\pard\li3586\ri0\sl-213\slmult0 \fs16\cf0\f0\cha

rscalex100 {and }\fs16\cf0\f0\charscalex100 {tend to buy stocks overpriced. To g
et the most return on investment when learning how to hack the stock}\par\pard\l
i3586\ri0\sl-226\slmult0 \fs16\cf0\f0\charscalex100 {market }\fs16\cf0\f0\charsc
alex100 {you must learn to buy stocks at a bargain. Most importantly, learning t
he criteria of picking a bargain}\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f
0\charscalex100 {stock}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li
3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100\b {4. }\b0 \fs18\cf0\f0\chars
calex100\b {They don't follow a proven system for plan.}\b0 \par\pard\li4306\ri0
\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-240\slmult0 \fs18\cf0\f0\charsc
alex100 {When }\fs18\cf0\f0\charscalex100 {you know how to hack the stock market
, you will not achieve maximum success until you}\par\pard\li3586\ri0\sl-213\slm
ult0 \fs16\cf0\f0\charscalex100 {formulate }\fs16\cf0\f0\charscalex100 {a system
or plan that put it all together. A plan that includes, But not limited to, whe
n to sale, when}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {
to }\fs18\cf0\f0\charscalex100 {buy, stop loss positions, triggers and most impo
rtantly what to buy. A trader can run into many mistakes}\par\pard\li3586\ri0\sl
-226\slmult0 \fs18\cf0\f0\charscalex100 {that }\fs18\cf0\f0\charscalex100 {cause
him/her to lose money if they do not know properly learn about the stock market
and take}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {advant
age }\fs18\cf0\f0\charscalex100 {of market loopholes. If you do not want to find
yourself frustrated with your lack of results, learn}\par\pard\li3586\ri0\sl-22
6\slmult0 \fs20\cf0\f0\charscalex100 {from }\fs20\cf0\f0\charscalex100 {the four
common mistakes mentioned above}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\p
ar\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100\b {CONCLUSION}\b0 \
par\pard\li4306\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4306\ri0\sl-240\slmult0
\fs18\cf0\f0\charscalex100 {Stock }\fs18\cf0\f0\charscalex100 {market is conside
red as most suitable investment for the common people as they can invest}\par\pa
rd\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {their }\fs18\cf0\f0\cha
rscalex100 {money into the diversified managed portfolio at relatively low cost.
It may be concluded that due to}\par\pard\li3586\ri0\sl-226\slmult0 \fs16\cf0\f
0\charscalex100 {number }\fs16\cf0\f0\charscalex100 {of reforms, the capital mar
ket of India has developed a lot, it has made it possible to compare Indian}\par
\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {capital }\fs18\cf0\f
0\charscalex100 {market with the international capital market. SEBI is doing a l
ot of work for the development of}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\
f0\charscalex100 {capital }\fs18\cf0\f0\charscalex100 {market. It has brought gr
eater transparency in the affairs of organizations and stock exchanges,}\par\par
d\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {though }\fs18\cf0\f0\cha
rscalex100 {not to the optimum mark. Still the investor doesn't have hundred per
cent confidence in capital}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\char
scalex100 {market. }\fs18\cf0\f0\charscalex100 {It seems that SEBI worked slowly
in transforming Indian stock market into a globally competitive}\par\pard\li358
6\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {and }\fs20\cf0\f0\charscalex100
{contemporary market.}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li
3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100\b {REFERENCES}\b0 \par\pard\l
i3586\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3586\ri0\sl-240\slmult0 \fs18\cf0\
f0\charscalex100 {1.Goyal, }\fs18\cf0\f0\charscalex100 {Ashima (2005), Regulatio
n and Deregulation of the Stock Market in India, Available at SSRN:}\par\pard\l
i3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {http://ssrn.com/abstract=60
9322}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {2.Ahmad, }\
fs18\cf0\f0\charscalex100 {Khan Masood; Ashraf, Shahid and Ahmed, Shahid (2005),
\uc1\u8220XForeign Institutional Investment}\par\pard\li3586\ri0\sl-226\slmult0
\fs20\cf0\f0\charscalex100 {Flows }\fs20\cf0\f0\charscalex100 {and Equity Retur
ns in India\uc1\u8221X, The IUP Journal of Applied Finance, March, pp. 16-30.}\
par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {3.Gokarn, }\fs18\
cf0\f0\charscalex100 {Subir (1996), Indian Capital Market Reforms, 1992-96: An A
ssessment, Economic and Political}\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0
\f0\charscalex100 {W}\fs20\cf0\f0\charscalex100 {eekly, April 13, 1996}\par\pard
\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {4.Nayak, }\fs18\cf0\f0\ch

arscalex100 {Jayendra P (1999): in India's Financial System: Getting Ready for t

he Twenty First Century,}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\chars
calex100 {edited }\fs18\cf0\f0\charscalex100 {by James A Hanson and Sanjay Kathu
ria}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {5.North, }\f
s20\cf0\f0\charscalex100 {Douglass C., (1993) \uc1\u8220XThe New Institutional E
conomics and Development\uc1\u8221X, Essay}\par\pard\li3586\ri0\sl-226\slmult0 \
fs18\cf0\f0\charscalex100 {6.Singh, }\fs18\cf0\f0\charscalex100 {Jitendra; Useem
, Mike and Singh, Harbir (2007). \uc1\u8220XCorporate Governance in India: Has C
lause 49}\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {Made }\
fs20\cf0\f0\charscalex100 {a Difference?\uc1\u8221X Published in IndiaKnowledge@
Wharton: January 25}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex1
00 {7.Shah, }\fs18\cf0\f0\charscalex100 {Ajay and Thomas, Susan (2000a). \uc1\u8
220XDavid and Goliath: Displacing A Primary Market, Global}\par\pard\li3586\ri0
\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {Financial }\fs20\cf0\f0\charscalex10
0 {Market, Spring, 14-23}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\charsc
alex100 {8.Patibandla, }\fs18\cf0\f0\charscalex100 {Murali (2005). \uc1\u8220XEq
uity Pattern, Corporate Governance and Performance: A Study of India's}\par\pard
\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {Corporate }\fs20\cf0\f0\c
harscalex100 {Sector,\uc1\u8221X Journal of Economic Behavior and Organization,
Vol 30, 1-16}\par\pard\li3586\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {9.S
abarinathan, }\fs18\cf0\f0\charscalex100 {G (2010). \uc1\u8220XSecurities and Ex
change Board of India and the Regulation of Indian Securities}\par\pard\li3586\r
i0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {Market}\par\pard\li3586\ri0\sl-226
\slmult0 \fs18\cf0\f0\charscalex100 {10.Pethe, }\fs18\cf0\f0\charscalex100 {Abha
y and Ajit Karnik (2000): \uc1\u8220XDo Indian Stock Markets Matter? Stock Mark
et Indices and}\par\pard\li3586\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {M
acro-economic }\fs20\cf0\f0\charscalex100 {Variables\uc1\u8221X Economic and Pol
itical Weekly, January 29}\par\pard\li3586\ri0\sl-226\slmult0 \fs18\cf0\f0\chars
calex100 {1}\fs18\cf0\f0\charscalex100 {1.Nayak, Jayendra P (1999): in India's F
inancial System: Getting Ready for the Twenty First Century,}\par\pard\li3586\ri
0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {edited }\fs18\cf0\f0\charscalex100
{by James A Hanson and Sanjay Kathuria}\par\pard\li3586\ri0\sl-226\slmult0 \fs18
\cf0\f0\charscalex100 {12.Mukherjee, }\fs18\cf0\f0\charscalex100 {P, Bose, S and
Coondoo, D (2002), \uc1\u8220XForeign Institutional Investment in the Indian E
quity}\par\pard\li3586\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {Market\uc1
\u8221X, }\fs20\cf0\f0\charscalex100 {Money and Finance, 3, pp. 21-51}\par\pard\
li11813\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li11813\ri0\sl-213\slmult0 \fs18\c
f0\par\pard\li11813\ri0\sl-306\slmult0 \fs22\cf0\f0\charscalex100 {9}\par\pard\s
ect\sectd\sbknone\pgwsxn16826\pghsxn23800\marglsxn666\margrsxn133\pard\li3573\ri
0\sl-146\slmult0 \fs16\cf0\f0\charscalex100 {T}\fs16\cf0\f0\charscalex100 {actfu
l Management Research Journal \uc1\u8226X Volume 2 Issue 4 \uc1\u8226X J
an 2014}\par\pard\sect\sectd\sbknone\pgwsxn16826\pghsxn23800\marglsxn666\margrs
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