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12 Chapter 5.Pdf 5.1 INTRODUCTION 5.2 ENVIRONMENT 5.3 LAND 5.4 SYSTEM OF FINANCIAL MARKET 5.5 FINANCIAL MARKETS 5.6 STOCK EXCHANGE 5.7 MARKET EFFICIENCY 5.8 MEMBERSHIP OF EXCHANGES 5.9 LISTING OF SECURITY 5.10 THE OVER-THE-COUNTER MARKET 5.11 STOCK EXCHANG1-: IN INDIA 5.12 SUMMARY Chapter (V): Indian Financial Market 5.1 INTRODUCTION This chapter consists o f three segments. Viz, 1) India, 2) System o f Financial Market, 3) Stock Exchange The researcher first explained the overall view o f India because he is a foreigner India is one of the oldest civilizations m the world with a kaleidosc(^ie^variety and rich cultural heritage, India has come a long way since its independence in 15-August-l947. Its economy has been characterized by a duersified industrial base, a grow'ing. world-class IT and softw'are development sectors and a relatively large and sophisticated ilnancial sectors, with a population of o\er one billion to support. hidia has become self-sufficient in agricultural production and is now the tenth industrialized country in the world. It has been gradually transforming its economic base from agricultural to industrial and commercial. The agricultural sector accounts for 25%, the industrial sector 34% and services sector 41%> o f GDP. India has made great economic progress under a democratic governmental structure. In the late 1970s, the government began to reduce state control o f the economy, but made very slow progress tow'ards goal. By 1991, the government seriously started taking appropriate steps for liberalization. During the Persian G u lf conflict in 1991, India faced a financial crisis because o f rising oil prices, which stimulated economic reforms. These reforms removed most of the government regulations on investment, including many on foreign investment, and eliminated the quota and tariff system that had kept trade at low levels. The reforms were good for the economy. G DP grew at an average of more than seven percent through the year 2003. The economy even weathered the Asian financial crisis in 1997-98 with only a slight depreciation o f the rupee and a bit less foreign direct - 169- Chapter (V): Indian Financial Markel investment. The recognition that its institutions were not fully ready for the rigors of internationally mobile capital was, m retrospect, a great blessmg l^rivate investment has been the fuel for India's recent economic success Inflows of direct and portfolio mvestment from abroad are miniscule as compared to those received by China. India has more work to do to become a truly attractive destination for foreign investments. The impact o f the dramatic global slowdown m IT-related investment hit India's software/technology sector-a major exporter to just those markets most affected by the IT investment depression. India's balance of payments has been characterized by modest current account deficits and financial account surpluses sufficient to finance the current account and allow the country to more than double its international reserves to more than US$57 billion at the end o f 2003. But, what is quite striking about India's trade and especially its financial flows is how small they are relative to the size of the economy. The volume o f financial flows into and out o f India is medium in relation to the size of the economy. Clearly, India's large population and strong democratic institutions give it outstanding potential for development 5.2 ENVIRONMENT In terms o f environmental issues, India's major challenges are directly attributable to its extremely high population density In particular, agricultural activities, such as overgrazing, short cultivation cycles, slash and burn practices, destructive logging practices, and deforestation o f timber reserves for fuel, all contribute jointly to the decimation o f the subcontinent's environmental system. Threats to the marine eco­ systems, including the destruction o f coral reefs. Air pollution from industrial effluents and vehicle emissions, Water pollution from raw sewage and runoff of agricultural - 170 - Chapter (V): Indian Financial Market pesticides, Non-potable water throughout the country, over-population and concomitant strain on natural resources. Energy-related environmental problems. India has taken steps to address the aforementioned energy-related environmental problems Therefore, the government has taken a step o f a joint venture to supply compressed natural gas (CN G) to 231,000 households and 20,000 vehicles in the New Delhi area only. 5.3 LAND It covers an area of 3,287,263 sq km, extending from the snow- covered Himalayan heights to tropical rain forests of the south. It is the seventh largest countr>' in the world, bounded by the Great Himalayas in the North. It stretches South wards and the Tropic of Cancer tapers off into the Indian Ocean between the Bay o f Bengal on the East and the Arabian Sea on the West. It lies entirely in the Northern Hemisphere. The mainland extends between latitudes 8 4' and 37 6’ North, longitudes 687' and 97 25' East and measures about 3,214 km from North to South between the extreme latitudes and about 2,933 km from East to West between the extreme longitudes. 5.3.1 POPULATION India's population as on 1 March 2001 stood at 1,027 million (53 1.3 million males and 495.7 million females). India accounts for a meager 2.4 per cent o f the world surface area o f 135.79 million sq km. Yet, it supports and sustains a whopping 16.7 per cent of the world population. Major states and union territories by population size rank is ; Uttar Pradesh 166,052,859, Maharashtra 96,752,247, Bihar 82,878,796, West Bengal 80,221,171, Andhra Pradesh 75,727,541, Tamil Nadu 62,110,839, Madhya Pradesh 60,385,118, Rajasthan 56,473,122, Karnataka 52,733,958, Gujarat 50,596.992, Orissa 36,706,920, Kerala 31,838,619. - 171 - Chapter (V): Indian Financial Market 5.3.2 PUNE Pune has been known by a plethora o f sobriquets. Popular among them: Oxford of the East, Queen of the Deccan, cultural capital o f Maharashtra and pensioner's paradise. Pune is one o f the historical cities o f India with a glorious past, an innovative present and a promising future, it has many educational and research institutions apart from other institutions for sports, yoga, ayurveda, culture and social services. The official language is Marathi. Its boundaries extend over four hundred square kilometers and it has a population o f close to four million The present growth and popularity can be attributed to good climate, less pollution, excellent educational facilities and a good standard of living. Pune or Punyanagri as it is called has had a glorious past o f nearly 1000 years. The city’s historical associations are fast woven with Shivaji Maharaj, the Peshwas and Lokmanya Tilak. Down the centuries, Pune has been ruled by several dynasties. The Pune Gazetteer explains the term Pune as Punya, a holy place. In Hindu tradition, a confluence (sangama) o f two rivers is sacred. Pune has now been recognized as a seat of learning and the Deccan College (1851) led the educational movement in it. The city o f Pune lies between 18 degrees 32 minutes North; 73 degrees 51 minutes East. It has a very pleasant climate. The Temperatures range from 15 ^ to 35 ^ degrees. The best time to visit is October-March. 5.4 SYSTEM OF FINANCIAL MARKET This system is great significant from the view point of India. It has several important sections o f the title. It consists o f a variety o f institutions, markets, and instruments that are related. It provides the principal means by which savings are - 172- Chapter (V): Indian Financial Market transformed into investments. Given its role in the allocation of resources, the efficient functioning o f the financial system is o f critical importance to a modem economy The financial manager negotiates loans from financial institutions, raises resources, and invests surplus funds in financial markets 5.4.1 FUNCTIONS OF THE FINANACIAL SYSTEM There are some functions which the financial system has to take into consideration for knowing its importance. It performs the following six important interrelated functions that are essential to a modem economy at present: I) It provides a payment system for the exchange of goods and services. Depository financial intemiediaries such as banks are the pivot of the payment system. II) it enables the pooling of funds for undertaking large scale enterprises. Mechanisms like financial system facilitate the pooling o f household savings for financing business. III) It provides a mechanism for spatial and temporal transfer of resources. It thus facilitates o f economic resources across time and space. IV) It provides a way for managing uncertainty and controlling risk. A well developed financial system offers a variety of instruments that enable economic agents to pool, price and exchange risk. The three basic methods for managing risk are: a) Hedging: It entails moving from a risky asset to a less risk asset. A forward contract for example, is a hedging device. b) Diversification: It involves pooling and subdividing risks. While this does not eliminate the total risk, it redistributes to diminish the risk faced by each individual. - 173 - Chapter (V): Indian h'inancial Market c) Insurance: It enables the insured to retain the economic benefits ot' ownership while lying off the possible losses. O f course, to do this a fee or insurance premium has to be paid. V) Price information is veP) vital function especially in the process for decentralized decision making as it generates information that helps in coordinating it.
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