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Capital Markets in India By Rajesh Chakrabarti & Sankar De Response Business Books from Sage, New Delhi, 2010, Pages: 392, Price: 450 ISBN: 978-81-321-0500-8 (PB)
Capital Markets in India, edited by Rajesh Chakrabarti and Sankar De, was published in 2010, when the Indian Securities Market had already led a long stride since the post-liberalization period of Indian economy. The market had attained a world-class infrastructure comprising screen-based trading, complete demat delivery of shares, rolling settlements, demutualized stock exchanges, robust clearing and settlement system, comprehensive risk management practices and integrated surveillance. Besides, the range of financial products like exchange-traded futures and options and their market had grown manifold in terms of size, breadth and depth. The book contains a pragmatic evaluation of different facets of the newly evolved Indian Capital Markets. The oceanic changes arisen in the post-liberalization era had altered the financial intermediation business in India, on one hand, as also helped the nation in its participation in global merger and acquisition business, on the other. The book aims primarily at the Indian practitioners and international investors as well to provide them with an introduction to the extant reality of the Indian capital markets.
The book is compilation of chapters authored by a combination of academicians and leading capital markets practitioners and regulators in India. It therefore provides the necessary poise for a comprehensive understanding of the field as also for interpreting and possibly extrapolating from the extant landscape. The book comprises seven chapters. Rajesh Chakrabarti and Sankar De, in the introductory chapter delve upon overview of the economic, financial and legal and institutional background further appended by a vivid guise at the effects of global financial crisis on Indian capital markets.
In the next three Chapters-Equity Markets by Chitra Ramakrishna and Madhu Sudan Sahoo, Bonds Markets by Rajesh Chakrabarti and Derivatives Markets by Susan Thomas and Jayanth Rama Varma-the authors focus on the design and the outcomes of their respective markets. While the design of the markets takes account of the market participants, individual and institutional investors, the regulators and the set of rules, conventions, practices under which they interact with each other, the market outcomes, on the other hand, involve the performance and size of the markets, the amounts traded in respective securities,...