The trading of the listed securities at the stock exchanges, often known as the secondary capital market transactions, is nothing new for India. As far back as in 1875, the Native Share and Stock Brokers' Association, now known as the Bombay Stock Exchange (BSE) was set up, followed by some other stock exchanges in major cities. By the end of 1990, there were 19 stock exchanges in the country with a market capitalisation of over Rs. 70.5 billion. In order to regulate this market, the Indian government had passed the Securities Contracts (Regulation) Act as back as in 1956. But the Indian stock market remained underdeveloped till the early 1990s with the result that the pricing, delivery and ...
The Secondary Capital Market
The secondary capital market