The growth of any economy depends upon a well-organized financial

System. The system is highly sensitive and volatile to the requirement of economic

goal achievement. Growth materializes when savings are channeled into productive

investment s, which in turn enhance the ability of the economy to produce goods and

services. The economic development of a country is influenced by its financial

market and financial services. The contribution of the financial system towards

national growth is high and an inseparable one. The financial system promotes

investment and savings for the faster economic development of any economy. The

financial market plays a central role in the economic development of a country. It

facilitates the allocation of resources by transferring them from savers to borrowers,

thereby accelerating the investment activities. The financial market plays a vital role

in the industrial growth and economic growth and development. The worldwide

development of economic markets has appreciated the number of participants within

the retail investment throughout recent years by affording a heterogeneous financial

market and investment chance. The Indian stock market has witnessed major

transformation and structural changes during the past three decades correspondingly

enduring economic reforms initiated by the Government.