Indian Capital Market

Contents: Foreword. 1. Introduction. 2. Indian capital market: recent developments and policy issues. 3. Corporate debt market in India. 4. Indian debt capital markets: small investor perspectives. 5. Evaluation of the capital market in India. 6. Creating an environment: developing venture capital in India. 7. Developing a government bond market. 8. Dairy market opportunities in India. 9. Investments in IPOs in the Indian capital market. Bibliography. Index.

"Indian stock markets are one of the oldest in Asia. Its history dates back to nearly 200 years ago. The earliest records of security dealings in India are not clear. The East India Company during British Raj was the dominant institution in those days and business in its loan securities used to be transacted towards the close of the eighteenth century.

By 1830s business on corporate stocks and shares in bank and cotton presses took place in Bombay. Though the trading list was broader in 1839, there were only half a dozen brokers recognised by banks and merchants during 1840 and 1850. The 1850\'s witnessed a rapid development of commercial enterprise and brokerage business attracted many men into the field and by 1860 the number of brokers increased into 60.

In 1860-61, the American Civil War broke out and cotton supply from United States of Europe was stopped; thus, the \'Share Mania\' in India begun. The number of brokers increased to about 200 to 250. However, at the end of the American Civil War, in 1865, a disastrous slump began (for example, bank of Bombay share which had touched Rs. 2850 could only be sold at Rs. 87). At the end of the American Civil War, the brokers who thrived out of Civil War in 1874, found a place in a street (now appropriately called as Dalal street) where they would conveniently assemble and transact business. In 1887, they formally established in Bombay, the "Native share and stock brokers\' association" (which is alternatively known as "The stock exchange"). In 1895, the sock exchange acquired a premise in the same street and it was inaugurated in 1899. Thus, the stock exchange at Bombay was consolidated.

This book will be of immense help to all those contemplating to acquire expert knowledge of the Indian capital market and related issues in the context of India as well as the neighbouring countries." (jacket)