The recent policies of liberalization and globalization have paved the way for growth of every country, particularly for the market economies and also for the developing ones. In fact, countries like India have responded well, which is clearly visible through the significant growth of Indian economy. In this global scenario, financial market, particularly capital market plays a vital role, more so, for the Indian economy. After reform, capital market has rejuvenated itself with the help of modern information technology and established itself in a position to take up the responsibility of fund supply to the fast growing industrial and service sectors. Presently, the country has 22 stock exchanges under its belt. Both the number of listed companies and market capitalization have increased remarkably (listed companies have grown up from 5968 in 1990s to 10000 in 1998, whereas market capitalization witnessed an 11 fold increase). The FII in Indian capital market has increased from Rs.4.27 crore in 1992-93 to Rs.41416.45 crore in 2004-05. This volume is a sincere attempt to highlight capital market and its relation to economic growth, through three sections. The first section deals with the conceptual underpinnings of the capital market with a focus upon Indian capital market. The second section focuses upon the regulatory aspects of the Indian capital market, while the final section gives a brief view of capital markets of some of the mature economies.
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