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Capital Markets in India: a Conceptual Framework

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Capital Markets in India: a Conceptual Framework SHANLAX International Journal of Economics s han lax # S I N C E 1 9 9 0 Capital Markets in India: A Conceptual Framework OPEN ACCESS Harish Tigari Assistant Professor & Co-ordinator, Davan PG Studies, Davangere, Karanataka, India Volume: 8 R.Aishwarya Issue: 1 Davan PG Studies, Davangere, Karanataka, India Month: December Abstract The history of the Indian capital market goes back to the 18th century when the securities of East Indian companies were traded. The contribution of the Indian capital market for the sustainability Year: 2019 of the Indian economy is considerable since the year 1890s. The capital market plays a role in terms of wealth distribution and the economic development of a country like India. The capital market acts as a transformer of savings into capital investment. The capital market has witnessed P-ISSN: 2319-961X major reforms since the implementation of New Economic Policy 1991 and after that. The Indian government and SEBI have adopted various reforms to enhance the performance of Indian stock E-ISSN: 2582-0192 exchanges. The present study tries to analyze the recent reforms in the Indian capital market from the year 2010 onwards. The present research is largely based on secondary data. The statistical facts and figures regarding the growth and development of the capital market were available from Received: 09.10.2019 various journals, publications, and websites. Keywords: Capital market reforms, New economic policy 1991, Indian economy, Stock Accepted: 15.11.2019 exchanges & Indian government. Published: 01.12.2019 Introduction The capital market plays a vital role in the growth and development of a Citation: country’s economy. The capital market helps the government and corporations Tigari, Harish, and to raise funds. It is termed as one of the barometers to measure the growth of R.Aishwarya. “Capital an economy. There is a direct relationship between the capital market and the Markets in India: A growth of an economy. A capital market is a financial market where long term Conceptual Framework.” debt and securities are bought and sold. The capital market channelizes the Shanlax International wealth of savers into long term productive use. Financial regulators like the Journal of Economics, Bank of England, US Securities and Exchanges Commission, SEBI oversee the vol. 8, no. 1, 2019, capital market to protect investors against fraudulent activities. Empowering pp. 53–59. the market regulators is the first step in reforming the capital market, the vibrant capital market is necessary to the growth of business and economy as well. After DOI: the nationalization of commercial banks, there has been a steady growth in the https://doi.org/10.34293/ industrial and agricultural sectors. Establishment of a new financial institutions economics.v8i1.1321 like NABARD, EXIM Bank, SIDBI, etc. are responsible for providing funds in the capital market. The reforms of the Indian capital market were initiated during the year 1991 as a part of structural reforms including industrial, deregulation, privatization, globalization, and other reforms through the liberalization of This work is licensed domestic economic policy. Since the year 2000, the market enjoyed a complete under a Creative Commons transformation of market design (1). All the stock exchanges in India switched Attribution-ShareAlike 4.0 to new reforms like order matching by computers, risk management institution, International License operational vulnerabilities’ of physical share certificates, the establishment of the derivatives market, etc ha.ve bought a complete transformation in market design in the equity market. http://www.shanlaxjournals.in 53 SHANLAX s han lax International Journal of Economics # S I N C E 1 9 9 0 Review of Literature problems of traditional trading mechanisms such as (Miss. KiranGangawani 2015) in her paper the absence of liquidity, lack of transparency, long titled “Emerging trends in Indian Capital market” settlement period and other mechanisms affected the (2015) has explained the capital market takes small investors to a great extent. an important role in the economic development (Mohammed Rubani 2017) – “A study of of a country. It provides financial support to the structural and function of capital market in India” sectors of the economy. To improve the market, the (2017)examined the functions of the capital market efficiency and to enhance the transparency of the plays a crucial role in mobilizing and diverting capital market where the main objective to develop of available resources into productive channels. the capital market. Implementation of the repeal Through the stock exchanges, the Indian capital of capital issues contract Act, Qualified Institution market is acting as a mediator between investors and Placement(QIP), and other major reforms have savers in channelizing their funds in a productive strengthened the Indian capital market that resulted way. This smoothens and accelerates the process of in an effective regulatory framework. economic growth. (Anitha and A. Praveen 2012) –”Capital (Jency. S 2017) - “Trends of capital market market reforms in India” (2012) have stressed on in India” (2017) observed the primary market the capital market reforms that took place to the and secondary market for six years. Tremendous post introduction of new economic policy 1991. developments have taken place in the primary market The authors have identified the major capital market since the year 2015-2016. It has been observed that reforms to the post introduction of LPG. SEBI and the increase in the mobilization of corporate through the Indian government have taken various steps for private placements from 2013 onwards. The market the growth of Indian stock exchanges. Establishment capitalization of BSE increased to 1,07,88,709 crores of Investors Protection Fund (2001), CCIL (2001), during the period 2016-2017, and NSE increased to NSDL (1998), and other institutions have resulted in 1,06,18,012 crores. Innovation and reforms in the a productive and transparent capital market. capital market have not only developed the economy (Parray Firdous Ahamad and Tiwari Anshiya but also led to the decrease of in the cost of capital 2015) through their research paper titled “Indian and risk associated with the instruments of the capital Capital market: A Review” (2015) identified the market, SEBI is working to make Indian capital growth of the capital market since the last decade. market as a world-class with 100% of transparency Authors have explained the growth of the mutual and competency. fund industry; the insurance sector and the stock (Gunjan Malhotra 1991) – “Indian capital exchanges have resulted in the speedy growth of market growth, challenges, and future) has conducted the Indian economy, which has attracted foreign a survey on the capital market in pre-reforms (1991). institution investors (FII) directly and dimensionally. Before the introduction of new economic policy – (Bhavin.S. Shah 2012) – “Current issues in BSE was a monopoly in the market, and a variety Indian capital market” (2012) have discussed the of manipulative practices were prevailing in the structure of the Indian capital market concerning market. With the objective of developing the marker pre-independence and post-independence. The efficiency, a package of measures like free-pricing, contribution of the Indian capital market for the screen-based trading system, laundering Act 2002, growth and sustainability of the Indian economy is and establishment of SEBI has helped to develop the considered since the 1890s. When India was fully capital market. mobilized as a supply base, this led to the development (Dr. Vandana K Mishra) in her paper title of stock exchanges in India. When the government “Globalization and the Indian market,” it has analyzed of India has adopted the principle of unitary control, the trading statistics of the different stock exchanges many pseudo stock exchanges were closed. The and slow down after the global crisis. When India’s remarkable growth and reforms took place after economy was liberalized in 1991, India has seen 1985. The establishment of OCTEI has solved the tremendous growth in the capital market. In the year 54 http://www.shanlaxjournals.in SHANLAX International Journal of Economics s han lax # S I N C E 1 9 9 0 2010, India ranked 4th place by contributing 3.7% reforms in the capital market and their impact on the of global IPO shares, whereas china has contributed Indian economy. 47%. This indicates that the Indian capital market is losing its growth in the post-financial world. To Methodology of the Study overcome the shock of the global financial crisis, This is a descriptive research paper; this paper SEBI has worked on transforming the Indian capital focuses on secondary data for researching the capital market into global competition. market. Many secondary sources do not clearly (B.K Muhammed Jumane and M.K Irshad) define the issue and purpose of a study. However, – “An overview of Indian capital markets” (2015) the data has been gathered, analyzed, and interpreted has researched factors influencing the development for research. The information about the problem is of the capital market. Authors have suggested collected from Research Journals, RBI publications, that the development of financial institutions, E-magazines, and internet sources. entrepreneurship, expansions, and modernization in MNC’s projects are the main reasons to boost the Scope of the Study capital market. The study areas cover the capital
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