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Abstract
In India, there has been a sensible effort by the RBI and the Government of India to progress and integrate various financial market sections in a phased manner. Gradual financial reforms have enhanced the market effectiveness of the country’s financial market. So, financial market may be defined as ‘a transmission mechanism between investors (or lender)and borrowers (users)through which transfer of funds is facilitated’. The development of an economy is largely influenced by financial markets- as they comparatively allocate financial resources that are mobilized from savers and investors among users in the economy.