Indian Financial Markets: An Insider’s Guide to How the Markets Work

CONTENTS Foreword xiii Preface xv 1. The Economy 1 1.1 Overall Growth Experience 1 1.2 Understanding India?s Post-Independence Trajectory 3 1.3 Interpreting the Growth Experience 5 1.4 Trends and V olatility in GDP Growth 21 1.5 Conclusions 30
2. The Firms 33 2.1 The CMIE Database 33 2.2 T he Large Nonfinancial Firms of India 34 2.3 Role of Equity Financing 40 2.4 Regulation of Firms 43 3. Pri vate Equity and the IPO Market 45 3.1 Private Equity Invest ment 46 3.2 The IPO Market 52 4. The Public Eq uity Market 55 4.1 Products, Venues, Market Design 55 4.2 Liquidity 64 4.3 Derivatives 68 4. 4 Risk and Return 72 4.5 Role of Indian Equity in Global Po rtfolios 79 ix x Contents 5. Gove rnment Bonds 81 5.1 Products in the Government Debt Market 81 5.2 Markets 90 5.3 Regulation and Market Ac