Primary

1
FINANCIAL INSTITUTIONS AND MARKETS , 5th SEM B.COM

NEP
Unit -3
Primary market and secondary market
Primary market
Meaning: primary market is that part of the capital markets

that deals with the issuance of the new securities.
Features
1. Market for new long term equity capital.
2. Securities are issued by the company.
3. The money and issues new security certificates.
4. Used by companies for the purpose of setting up new
business.
5. Performs the crucial function of facilitating capital
6. The new issue market does not include.
7. Redeemed by the original holder.
Importance of primary market

1. Capital formation: it provides attractive issue to the
potential investors and with this company can raise capital at
lower costs.
2. Liquidity: as the securities issued in primary market can be
immediately sold in secondary market the rate of liquidity is
higher.
3. Diversification: many financial intermediaries invest in
primary market. The diversification of investment reduces the
overall risk.
4. Reduction in cost:it helps in reducing the cost in searching
and assessing the individual securities.
5. Business expansion: the primary market enables business
expansion and growth for domestic and foreign companies.
Assr.prof.Vijay Dev Mclaren

VVFGC, Tumkur
2
NEP
Functions of primary market

1. Organization: primary market deals with the origin of new
issue. The proposal is analyses in terms of the nature of the
security .
2. Underwriting: underwriting is a kind of guarantee
undertaken by an institution or firm of brokers ensuring the
marketability of an issue.
3. Distribution: the third function is that of distribution of
shares. Distribution means the function of sale of shares and
debentures to the investors.
4. Household savings: companies raise funds I the primary
market by issuing initial public offerings. These stock offerings
authorize a share of ownership in the company to the extent of
the stock value.
5. Global investments: the primary market enables business
expansion and growth for domestic and foreign companies.
6. Sale of Govt securities :the govt directly issues securities to
the public via primary market to fund public works projects
such as the construction of roads, schools etc.
Players in the primary market

1. Merchant bankers: merchant bankers are those who render
a wide range of services such as corporate counselling, project
counselling, loan syndication.
2. Registrar: they are intermediaries who undertake all
activities connected with the new issue management such as
collecting application from investors.
3. Collecting and coordinating bankers: the collecting and
coordinating bankers may be the same or different banks.
Collecting bankers collect the subscriptions in cash cheque etc.
4. Underwriters: underwriter are those who guarantee to buy
and pay for the shares or debentures placed before the public
in the event of their for non subscriptions.

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5. Transfer agents: the transfer agents are those who maintain

the record of holders of securities on their own behalf or on
behalf of the companies and deal with all activities .
6. Debenture trustee: the debenture trustees are those who
act as trustees for securing any issue of debentures of a body
corporate under a trust deed executed by a company .
7. Portfolio managers: the portfolio managers are those who
advise or direct or undertake the management or
administration of a portfolio of securities .
8. Printers, advertising agencies and mailing agencies: printers,
advertising agencies and mailing agencies play a significant role
in the primary market.
Types of issues in primary market
1. Initial public offer (IPO): fresh issue of shares or selling

existing securities by an unlisted company for the first time is
known as IPO. Listing and trading securities of a company takes
place in IPO. When a unlisted company makes a public issue for
the first time and gets its shares listed on stock exchange, the
public issue is called as initial public offer(IPO).
Advantages of going public

A. Access capital : the principal motivation for going public is to
have access to larger capital
B. Stock holder diversification: as a company grows and
becomes more valuable. Its founders often have most of its
wealth tied up in the company.
C. Easier to raise new capital: it becomes easier to find new
investors for the business.
D. Image: the reputation and visibility of the company
increases
E. Enhances liquidity: it maintain liquidity of company financial
instruments.

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F. Signals from the market: stock prices represent useful

information to the managers.
Disadvantages of going public

A. Disclosure: a public company is required to disclose
information to investors and others.
B. Dilution: when a company issues shares to public, existing
share holders suffer dilution of their proportionate ownership
in the firm.
C. Loss of flexibility: the affairs of a public company are subject
to fairly comprehensive regulation .
D. Accountability: the degree of accountability of public
company is higher.
E. Self dealings: the owner and manager of closely held
companies have many opportunities for self transactions.
F. Inactive market: some times the conditions of a market is
very low.
G. Control: owning less 50% of the shares could lead to a loss
of control.
H. Costs: apart from the cost of issuing securities a public
company has to incur recurring costs for providing investors
with periodical reports.
2. Follow on public offer(FPO): when a listed company makes

another public issue to raise capital, it is called follow on public
offer.
3. Rights issue: when an existing company wants to raise
additional capital, securities are first offered to the existing
share holders on a pre-emptive basis. It is called right issue.
Right issue is when the listed company issues new securities
and provides special rights to its existing shareholders.

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4. Preferential issue: it is the fresh issue of securities and

shares by listed company. It is called preferential as the
shareholders with preferential shares get the preference when
it comes to dividend disbursement.
5. Private placement: it is a way of selling securities privately to
a small group of investors.. it is the sale of securities to a
relatively small number of select investors for raising capital.
Problems of primary market

1. Volatility and uncertainty: market volatility and economic
uncertainty can deter companies from entering the primary
market to issue new securities.
2. Lack of investor confidence: instances of fraudulent
activities. Inadequate disclosure. And corporate governance
concerns n the past have eroded investor confidences.
3. Over regulation: while regulations are essential for investor
protection, excessive regulatory requirements can increase the
cost and complexity of issuing securities.
4. Lengthy approval processes: the approval process for initial
public offerings and other primary offerings can be time
consuming and may lead to delays in accessing capital markets.
5. Underdeveloped bond market: the primary debt market in
India, particularly for corporate bonds, is not as developed as
the equity market.
6. Lack of retail participation: the participation of retail
investors in primary markets has been limited retail investor
often lack of awareness and the process of applying for IPOs
can be cumbersome for them
7. High issue cost: the costs associated with issuing securities in
the primary market including underwriting gees, legal fees, and
marketing expenses.
8. Inefficient pricing: inaccurate pricing of IPOs can lead to
under pricing or overpricing of securities.

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9. Limited liquidity : newly listed companies often experience

lower trading volumes and liquidity in the secondary market,
making it less attractive for investors.
10. Preferential allotment: the practice of preferential
allotments, where shares are allocated to specific investors at a
discounted price before a public issue can raise concerns about
fairness and transparency.
11. Retail participation in private placements: retail investors
often have limited access to private placements, which are
primarily available to institutional investors.
12. Investor education: lack of investor education and
awareness about the primary market process, investment risk
and opportunities can hinder broader participants.
Secondary market
Secondary market is the market in which existing securities are
bought and sold. The secondary market is the financial market
in which previously issued financial instruments such as stock
bonds, options and future are bought and sold.
Features of secondary market

1. It creates liquidity: the most important feature of the
secondary markets is to create liquidity in securities.
2. It comes after primary market: any new security cannot be
sold for the first time in the secondary market.
3. It has a particular place for trading: the secondary market
has a particular place which is called stock exchange.
4. It encourages new investment: the rates of shares and other
securities often fluctuates in the shares market.
Functions of secondary market

1. Market place for stock: stock exchange provides a market
place for selling and buying of securities freely by the brokers
for their clients.

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2. Ready and continuous market: stock exchanges provide

ready and continuous market for stocks and shares.
3. Assessment of securities: the stock exchanges ensures
correct appraisal of security .
4. Forecast the future: besides providing continuous market ,
stock market render forecasting functions.
5. Mobilizations of savings: the stock markets are perfect
markets where securities are standardized, carrying cost are
negligible.
6. Capital formation: the stock market promotes capital
formation and provides necessary funds to the needy industries.
7. Economic barometer: the stock exchanges indicates the
health of the economy of the nation.
8. Control of corporate enterprises: to get the stocks and
shares listed on stock exchanges the companies have follow
certain rules and regulations.
9. Speculation: the operators on the stock exchange are
authorized agents. They are called by different names.
10. Management of public deposit: the govt of India and all
state government are engaged in planned economic
development.
Differences between primary market and secondary market

Primary market Secondary market
1. It is also called new issue It is also known as stock
market. exchange.
2. There is sale of securities by There is trading existing shares
new companies or further new
issues of securities by existing
companies.
3. Securities are sold by the Ownership of existing
company to the investors securities is exchanged
directly or through between investors, the
intermediary. company is not involved at all.

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NEP
4. The flow of funds is from Enhances liquidity of shares

savers to investors directly I,e indirectly promotes capital
promoting capital formation . formation.
5. Only buying of securities Both buying and selling of
takes place. securities can take place.
6. Prices are determined by Prices are determined by

management of the company. demand and supply for
securities.
7. Creating long term Providing liquidity for those
instruments for savings and instrumentally which are
investment. already issued by companies.
8. Depth of primary market Dept depends upon the
depends on number & the activities of the primary
volume of issue of securities. market.
Differences between capital market and money market

Capital market Money market
1. It deals in long term and It deals in short term funds
medium term funds.
2. It provides funds for fixed It provides
capital es funds for working capital
3. It acts as link between It creates a link between the
investors and industrial and depositors and borrowers.
commercial enterprises.
4. It arranges for large amount It arranges for small amount of
of funds funds
5.rate of interest is low Rate of interest is high
Structure of secondary market

1. Stock exchanges: India has tow major stock exchanges ,the
national stock exchange NSE and the Bombay stock exchange
BSE.
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2. Equity market: the equity market is the primary segment of

the secondary market where shares of publicly listed
companies are traded.
3. Debt market : the debt market in the secondary market
involves the trading various debt instruments, including
government bonds, corporate bonds, debentures etc.,
4. Derivatives market: the derivatives market allows investors
to made financial contracts based on underlying assets such as
stocks, indices, currencies.
5. Commodity market: it involves the trading of various
commodities like agricultural products, metals and energy
resources etc,
6. Currency market: the currency market also known as the
fores market, in where currencies are traded against each other.
7. Trading mechanism: the secondary market operates through
various trading mechanisms including the open outcry system
electronic trading platforms etc.
8. Regulations : the securities and exchange board of India is
the regulatory authority that oversees the functioning of stock
exchanges and ensures compliance with rules and regulations.
9. Investor participation: various types of investors participate
in the secondary market including institutional investors.
10. Clearing and settlement: clearing corporations and
depositories play a crucial in the clearing and setting trades
executed on the stock exchanges.
11. Market indices: market indices such as the nifty and sensex
represents the performance of market stock.\
Stock exchange
According to Dockerary stock exchanges are privately
organized markets which are used to facilitate trading in
securities.
The Indian securities contracts regulation act of 1956, defines

stock exchange as an association , organization or body of

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FINANCIAL INSTITUTIONS AND MARKETS , 5th SEM B.COM 10
NEP
individuals whether incorporated or not established for the

purpose of assisting, regulating, and controlling business in
buying selling and dealing in securities.
Features of stock exchange

1. Market for securities: stock exchange is a market where
securities of corporate bodies government, ,semi government
bodies are bought and sold.
2. Deals in second hand securities: it deals with shares,
debentures, bonds and such securities.
3. Regulates trade in securities: stock exchange does not buy
or sell any securities on its own accounts.
4. Allows dealings only in listed securities: stock exchanges
maintains an official list of securities that could be purchased
and sold on its floor.
5. Transactions effected only through members: all the
transaction in securities at stock exchanges are affected only
through its authorized brokers and members.
6. Associations of persons: a stock exchange is an association
of persons or body of individuals which may be registered or
unregistered.
7. Recognition from central government: stock exchange is an
organized market, it requires from recognition from
government.
8. Working as per rules: buying and selling transactions in
securities at the stock exchanges are governed by the rules and
regulations of stock exchanges as well as SEBI.
9. Specific location: stock exchange is a particular market place
where authorized brokers come together daily on the floor of
market called trading circles.
10. Financial barometers: stock exchanges are the financial
barometers and development indicators of national economy.

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Functions of stock exchange

1. Providing liquidity and marketability: stock exchange is a
market place where previously issued securities are traded.
2. Pricing of securities: a stock exchange provides platform to
deal to securities. The forces of demand and supply work freely
in the stock exchanges.
3. Safety of transactions: stock exchanges are organized
markets. They fully protect the interest of investors.
4. Contribution to economic growth:A stock exchange provides
liquidity to securities this gives the investor a double
benefit.and people’s money gets invested in industries .
5. Spreading equity cult: share market collects every type of
information in respect of the listed companies.
6. Providing scope for speculation: when securities are
purchased with a view to getting profit as a result of change in
their market price.
7. Continuous market for securities: the stock exchanges
provide a ready market for securities.
8. Mobilizing savings: the investors do not have any difficulty in
investing their savings by purchasing shares.
9. Listing of securities: only listed securities can be purchased
at stock exchanges.
10. Clearing house of business information: the companies
listing securities with exchanges have to provide financial
statements, annual reports and other reports .
Weakness \ problems of stock exchange or stock market

1. Lack of professionalism: the majority of stock brokers lack
professionalism . they lack proper education, business skills,
infra structural facilities.
2. Domination of financial institutions: Indian stock markets
are dominated by a financial institution such as UTI,LIC,GIC etc

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NEP
3. Poor liquidity: the Indian stock exchange suffer from poor

liquidity.. a small number of scrips are regularly traded on stock
exchange.
4. Domination by big operators: some big operators influence
the sentiment of stock exchanges in India.
5. Less floating stocks: there is scarcity of floating stock in
Indian stock exchanges.
6. Speculative trading: the trading in stock exchange is mainly
speculative in nature.
Procedure for dealing at stock market

1. Selection of a broker: the first thing to be done is to select
broker through whom the purchase pf sales to be made.
2. Placing an order: after selecting the broker the client places
an order for purchase or sale of securities. The broker also
guides the client about the type of securities to be purchased.
3. Making for contract: the trading floor of the stock exchange
is divided into different parts known as trading posts. Different
posts deal in different securities.
4. Contract note: the buying and selling brokers prepare notes
after their mutual consent next days.
5. Settlement: the spot dealings are steeled there in full. The
selling broker hands over the transfer form and share
certificates to the buying broker after receiving the prices.
A. Settlement of ready delivery contracts
B. Settlement of forward delivery contracts
C. Liquidation in full
D. Liquidation by payment of differences
E. Carry over to the next settlement
6. Electronic settlement of trade: the procedure for purchasing
and selling of de-materialized securities has been discussed in
the chapter on depository system and de-materialization.
7. Rolling settlement: it is an important measure to enhance
the efficiency and integrity of the security market .

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National stock exchange NSE The national stock exchange is

India’s largest financial market,established in 1992. the NSE has
developed into sophisticated, electronic market, which ranks
third in the world for transacted volume. The NSE conducts
transactions in the wholesale debt,equity and derivative
market.
Objectives of NSE
1. Establishing nation wide trading facility for equities ,debt,
instruments and hybrids.
2. Ensuring equal access to investors all over the country
through an appropriate communication network.
3. Providing a fair, efficient and transparent securities market
to investors using electronic trading system
4. Meeting the current international standard of securities
markets.
5. Enabling shorter settlement cycles and book entry
settlement systems.
Advantages of NSE
1. Wider accessibility : it has nationwide coverage I,e investors
from all over country can trade.
2. Screen based trading:NSE has fully automated screen based
system that provides higher degree of transparency.
3. Non disclosure of the trading member’s identity: the
members who trade online their identity is not disclosed.
4. Transparent in transaction: it ensures transparency I.e the
use of computer screen for trading makes the dealings in
securities very transparent.
5. Matching of orders: once the script are registered with NSE,
it ensures matching of orders automatically.
6. Trading in de-materialization form: it has a system of scrip
less trading. It means it does not require the physical from of
securities.

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7. Professionalism: it ensures professionalism in trading I.e it

brings professionalism in the function.
8. Efficiency: it is supported by total computerized network.
Greater functional efficiency is ensured in transactions.
Bombay stock exchange BSE

BSE is the leading and oldest stock exchange in India as well in
Asia. It was established in 1887 with the formation of the native
share and stock brokers association. BSE is very active stock
exchange with highest number of listed securities in traded on
BSE were 3,049 by march.
Objectives
1. To safeguard the interest of investing public having dealings
on the exchange
2. To establish and promote honorable and just practices in
securities transactions.
3. To promote,develop and maintain well regulated market in
securities.
4. To promote industrial development in the country through
efficient resource mobilizing by the way of investments in
corporate securities.
Advantages
1. A company whose shares quoted on stock exchange they
enjoy better reputation and credit.
2. The market for the shares of such a company is naturally
widened.
3. The market price of securities is likely to be higher in relation
to its earnings, dividends and property values.
4. This raises the bargaining power of the company in the event
of takeover merger or amalgamation.
5. It assists the economic development by providing a body of
interested investors.

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6. It uploads the position of superior enterprises and assist

them in raising further funds.
7. It encourages capital formation.
8. Government can undertake projects of national importance
and social value raising funds.
9. It is the stock exchanges that central bank of a country can
control credit by undertaking open market operation.
10. Liquidity of the investment is increased.
11. The securities dealt on a stock exchange are good collateral
security for loans.
12. The stock exchange safeguard interest of investors through
strict enforcement of rules and regulation.
OTCEI- OVER THE COUNTER EXCHANGE OF INDIA

The OTCEI was incorporated in October 1990, as a company
under the companies act of 1956. it became fully operational in
1992 with opening of a counter at Mumbai. It has recognized
by govt of India as a recognized stock exchange .
Objectives
1. To ensure liquidity
2. To ensure fixed fair
3. Having simplified process of buying and selling
4. Quick disposal of orders
5. Cheaper method of public sale of new issues.
Benefits
1. Easily accessible by any investor
2. Provide greater confidence to investor because of the
complete transparency of in India.
3. Ensure security , liquidity, by offering 2 way quotes
4. OTCEI is an investor friendly exchange with single window
clearance for all investor request.

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Listing of securities.
A company , desirous of listing its securities on the exchange,
shall be required to file an application in the prescribed form
with the exchange before issue of prospectus by the company.
1. Application in respect of new issues or offers for sale or book
building.
2. Application for admission to dealings.
3. Units and exchange traded funds.
4. Options or futures in securities.
5. Notice of application for admission to dealings.
6. Underwriting. Placing and preliminary arrangements.
7. Listing conditions and requirements.
8. Securities issued on preferential allotment basis
9. Issuers registered outside India.
10. Grant or refusal of admission to dealings.
11. Listings approval
12. Admission dealings
13. Tradings allowed
14. Trading in securities admitted to dealings on other stock
exchange
15. Listing fee
16. Fee or deposits to be paid by issuer.
17. Trading in government securities
18. Governing board or managing director or relevant authority
may restrict or prohibit trading.
19. Voluntary delisting by company.
20. Buy back of securities by company
21. Withdrawal of admission to dealings.
22. Right to appeal against delisting
23. Readmission to dealings on the exchange
24. Central listing authority.
Problems of stock market

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1. Market volatility: the Indian market can experience high level

of volatility due to various factors, including global economic
conditions.
2. Lack of retail investor participation: the Indian stock market
has historically seen limited participation from retail investors.
3. Insider trading and market manipulation: instances of insider
trading and market manipulation can erode investor
confidence and create an unfair playing field.
4. Liquidity concerns: some stocks In the Indian stock market
suffer from low liquidity .
5. Corporate governance and transparency: corporate
governance issues, inadequate disclosure and lack of
transparency.
6. Market manipulation: certain market participants may
attempt to manipulate stock prices through practices like
circular trading or spreading false information.
7. Impact of global events: the Indian stock market can
influenced by global events such as trade tensions, global crisis.
8. Regulatory challenge: while regulatory bodies like SEBI work
to maintain market integrity, challenge like regulatory gaps, etc.
9. Inadequate market surveillance: ensuring fair and
transparent markets requires robust surveillance mechanism.
10. High concentration of certain sectors: the stock markets
heavy reliance on specific sectors such as financial services and
information technology etc.
11. Foreign institutional investment fluctuations: the Indian
stock market is influenced by foreign institutional investors and
significant changes in their investment.
12. Limited depth of derivatives market: while the derivatives
market has expanded, it still lacks the depth and variety seen in
more mature markets.
13. Retail participation in IPOs:the allocation process for initial
public offerings can sometimes lead to over subscription by
institutional investors.

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14. High regulatory compliance burden: while regulations are

important for maintaining market integrity, an excessively high
regulatory compliance burden.
Securities exchange board of India (SEBI)
SEBI is the regulator for the securities market in India. It was
established on 12 April 1992 through the SEBI act.
It was formed officially by government of India in 1992 with
SEBI act being passed by the Indian parliament. SEBI is
headquartered in the business district of Bandraa kurla
complex in Mumbai.
Objectives of SEBI
1. To protect the interest of investors through proper
education.
2. To regulate and control the business on stock exchanges and
other security market.
3. To make registration and to regulate the functioning of
intermediaries,
4. To provide suitable training to intermediaries.
5. To register and regulate the working of mutual funds
including UTI.
6. To promote self regulatory organization of intermediaries.
7. To regulate mergers, takeovers and acquisition of companies.
8. To prohibit fraudulent and unfair trade practices.
9. To issue guidelines to companies regarding capital issues.
10. To conduct inspection, inquiries and audit of stock
exchanges.
11. To restrict insider trading activity through suitable
measures.
Role and functions of SEBI

1. Regulating the securities market
2. Recognition and regulation of the stock exchange.
3. Registering and regulating the working of various
intermediaries.

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4. Registering and regulating the functioning of depositories.

5. Registration of foreign institutional investors.
6. Registering and regulating the working of venture capital.
7. Promotion and regulation of self regulatory organization.
8. Prohibiting insider trading in securities.
9. Prohibiting fraudulent and unfair trade practices.
10. Regulating substantial acquisition of shares and takeover of
companies.
11. Promoting investor education and training of
intermediaries.
12. Conducting research relating to securities market.
Reforms in secondary market

1. Market surveillance and regulation: regulatory bodies like
the SEBI monitor market activities to detect irregularities,
market manipulation and insider trading.
2. Transparency and disclosure: regulatory authorities mandate
companies to provide accurate and timely information to
investors.,
3. Listing requirements: stock exchanges set listing
requirements for companies wishing to list their securities.
4. Investor protection: reforms are implemented to protect
investor rights& prevent fraud.
5. Corporate governance: reforms encourage better corporate
governance practices to ensure that companies are managed
in a way that safeguard investor interest.
6. Market infrastructure: investments in technology and
infrastructure improve trading efficiency, reduces settlement
times.
7. Insider trading regulations: stricter regulations are designed
to prevent insider trading ensuring individuals with access .
8. Clearing and settlement reforms: streamlined clearing and
settlement processes reduce counter party risk and improve
post trade efficiency.

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9. Investor education: reforms include initiative to enhance

investor education,improve financial literacy & encourage
informed decision making.
10. Foreign investment: reforms related to foreign portfolio
investment seek to streamline processes and attract foreign
investors.
11. Market manipulation prevention: reforms focus on
preventing market manipulation circular trading and spreading
false information.

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1

FINANCIAL INSTITUTIONS AND MARKETS , 5th SEM B.COM

Meaning: primary market is that part of the capital markets

Importance of primary market

Assr.prof.Vijay Dev Mclaren

Functions of primary market

Players in the primary market

Assr.prof.Vijay Dev Mclaren

5. Transfer agents: the transfer agents are those who maintain

Types of issues in primary market

1. Initial public offer (IPO): fresh issue of shares or selling

Advantages of going public

Assr.prof.Vijay Dev Mclaren

F. Signals from the market: stock prices represent useful

Disadvantages of going public

2. Follow on public offer(FPO): when a listed company makes

Assr.prof.Vijay Dev Mclaren

4. Preferential issue: it is the fresh issue of securities and

Problems of primary market

Assr.prof.Vijay Dev Mclaren

9. Limited liquidity : newly listed companies often experience

Features of secondary market

Functions of secondary market

Assr.prof.Vijay Dev Mclaren

2. Ready and continuous market: stock exchanges provide

Differences between primary market and secondary market

Assr.prof.Vijay Dev Mclaren

4. The flow of funds is from Enhances liquidity of shares

6. Prices are determined by Prices are determined by

Differences between capital market and money market

Structure of secondary market

2. Equity market: the equity market is the primary segment of

The Indian securities contracts regulation act of 1956, defines

Assr.prof.Vijay Dev Mclaren

individuals whether incorporated or not established for the

Features of stock exchange

Assr.prof.Vijay Dev Mclaren

Functions of stock exchange

Weakness \ problems of stock exchange or stock market

Assr.prof.Vijay Dev Mclaren

3. Poor liquidity: the Indian stock exchange suffer from poor

Procedure for dealing at stock market

Assr.prof.Vijay Dev Mclaren

National stock exchange NSE The national stock exchange is

Assr.prof.Vijay Dev Mclaren

7. Professionalism: it ensures professionalism in trading I.e it

Bombay stock exchange BSE

Assr.prof.Vijay Dev Mclaren

6. It uploads the position of superior enterprises and assist

OTCEI- OVER THE COUNTER EXCHANGE OF INDIA

Assr.prof.Vijay Dev Mclaren

Problems of stock market

Assr.prof.Vijay Dev Mclaren

1. Market volatility: the Indian market can experience high level

Assr.prof.Vijay Dev Mclaren

14. High regulatory compliance burden: while regulations are

Role and functions of SEBI