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Asian Journal of Research in Banking and Finance
Year : 2012, Volume : 2, Issue : 7
First page : ( 54) Last page : ( 61)
Online ISSN : 2249-7323.

Indian bond market: Issuence procedure and corporate settlement

Dr. Vadde Suresh, Associate Professor

Department of Accounting & Finance, College of Business & Economics, Mekelle University, Melelle, Ethiopia.

Online published on 10 July, 2012.

Abstract

Bond markets in India have witnessed a sea change since the beginning of economic reforms in the early 1990s. The government securities market has practically emerged since the mid-1990s with the deregulation of interest rates and with the central and state governments accessing markets to finance progressively greater shares of their fiscal deficits. Trading platforms and settlement mechanisms have improved and new instruments have been experimented with, with varying degrees of success. In comparison, the corporate bond market has lagged. Bond markets link issuers, i.e., governments, state owned institutions, local bodies and corporate having financing needs, with investors having investible surplus. An efficient bond market is one where the requirements of both issuers and investors are met effectively at a price (interest rates) determined competitively, and where price adjustment to new information is seamless. This paper presents the development of the bond markets in India. The broad objective of the study is to analyze the issuance procedure and corporate bond settlement and finally it concludes with the current developments in the Indian corporate debt market.

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Keywords

Bond markets, deregulation, governments and state owned institutions etc….

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