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Capital Market in India : Reforms and Regulations
By Deepak R. Raste

First Published : 2011
ISBN : 9788177082869
Pages : 254
Binding : Hardbound
Size : 5 x 9
Price : US$ 42

Prior to the onset of reforms in 1991, capital market structure in India was subject to several controls and opaque procedures. The trading and settlement system was outdated and not in tune with international practices. Raising of capital from the securities market was regulated by the Capital Issues (Control) Act, 1947. Under it, companies were required to obtain approval from the Controller of Capital Issues for raising funds in the market. In 1992, the Capital Issues (Control) Act, 1947 was repealed and with this ended all controls relating to raising of funds from the market. Issuers of capital, however, are required to meet the guidelines of Securities and Exchange Board of India (SEBI) on disclosures and protection of investors.

As part of the capital market reforms, regulatory authorities in India―Government of India, SEBI, Reserve Bank of India (RBI), Central Board of Direct Taxes (CBDT)―have been quite active in governing and watching matters related to capital issues. Indian companies have also tapped new sources of domestic and international equity/debt to redesign and strengthen their capital structure.

This book gives a vivid account of capital market reforms in India since early 1990s. More importantly, it analyzes the impact of regulatory policy changes on capital structure of Indian companies.

1. Capital Market in India and Joint Stock Companies
1.1 Evolution of Joint Stock Companies
1.2 Capital Structure of Joint Stock Companies
1.3 Evolution of Capital Market in India
1.4 Sources of Funds and Routes of Capital Issues in India
1.5 Present Structure of Capital Market
1.6 Establishment of the Securities and Exchange Board of India (SEBI)
1.7 Capital Market Reforms since 1991
1.8 Modernisation of Stock Exchanges
1.9 Depository System, Dematerialisation (Demat) and Rematerialisation
1.10 Introduction of Free Pricing
1.11 Strengthening of Disclosure Norms
1.12 Transparency and Efficiency
1.13 Shortening of Settlement Cycle
1.14 Growth of Service Providers
1.15 Protection of Investors
1.16 Assessment of Capital Market Reforms

2. Capital Structure of Indian Companies: Reviews
2.1 Determinants of Capital Structure
2.2 Theories of Capital Structure
2.3 Inter-Industry Capital Structure and Corporate Governance
2.4 Sources of Funds
2.5 Different Routes of Capital Issue
2.6 Economic Policy Reforms
2.7 Employees Stock Option Plan (ESOP)
2.8 Public Offerings
2.9 Bonus Issues
3. Capital Structure: Theoretical Dimensions
3.1 Meaning of Capital Structure
3.2 Components of Capital Structure
3.3 Relationship between Components of Capital Structure
3.4 Theories of Capital Structure
3.5 Net Income Approach
3.6 Net Operating Income (NOI) Approach
3.7 Traditional Approach
3.8 Modigliani Miller (MM) Approach
3.9 MM Hypothesis under Corporate Taxes
3.10 Miller’s Model under Corporate and Personal Tax
3.11 Trade-Off Theory: Cost of Financial Distress and Agency Cost
3.12 Theories of Capital Structure under Asymmetric Information
4. Domestic Equity Fund: Sources
4.1 Sources of Domestic Equity Capital
4.2 Different Routes of Domestic Equity Issue
4.3 Regulations for Different Routes of Equity Issue
5. Domestic Debt Fund: Options
5.1 Loans
5.2 Debentures
5.3 Bonds
5.4 Warrants
5.5 Commercial Papers
5.6 Secured Premium Notes
5.7 Deposits
5.8 Different Routes of Issue of Debt
5.9 Regulations Governing Debt Instruments
6. International Equity and Debt: Sources
6.1 Euro Equity
6.2 Euro Debt
7. Regulatory Policies for Domestic Equity
7.1 Immediate Impact of Regulatory Policy Changes
7.2 Analysis of Equity Shares Issued by Selected Companies during Post-reforms Period
7.3 Impact of Regulatory Policy Changes on Amount of Equity Capital Raised through Rights Issues
7.4 Impact of Regulatory Policy Changes on Amount of Equity Capital Raised through Shares Issued Under ESOP
7.5 Impact of Regulatory Policy Changes on Amount of Equity Share Capital Raised through Preferential Allotment
7.6 Impact of Regulatory Changes on Equity Shares Issued as Bonus
7.7 Impact of Regulatory Changes on Capital Acquired through Preference Shares
8. Regulatory Policies for Domestic Debt and International Equity/Debt
8.1 Regulatory Policies for Debentures Issued by Indian Companies
8.2 Regulatory Policies for International Equity/Debt Raised by Indian Companies
9. Regulatory Policies and Capital Structure of Selected Companies
9.1 Capital Raised through IPO/FPO
9.2 Equity Capital Raised through Rights Issue
9.3 Equity Capital Issued under ESOP
9.4 Equity Capital Issued as Preferential Allotment
9.5 Equity Capital Issued as QIP
9.6 Equity Capital Issued as Bonus
9.7 Public Issue of Preference Shares
9.8 Public Issue of Debentures
9.9 Unsecured Borrowings
9.10 Foreign Equity Capital
10. Capital Structure: Post-reforms Impact
10.1 Theories of Capital Structure
10.2 Regulatory Policy Changes Made since Independence
10.3 Various Sources of Funds for Indian Companies
10.4 Data Analysis
10.5 Capital Structure of Selected Indian Companies
10.6 Changes in Capital Structure of Indian Companies
10.7 Suggestions Regarding Regulatory Policy

Appendix: Regulatory Changes and Capital Structure: An Analytical Note



Dr. Deepak R. Raste is Associate Professor in Accountancy and Commerce at Shree Sahjanand Vanijya Mahavidyalay, Ahmedabad, Gujarat. He did his M. Com. and Ph.D. from Gujarat University, Ahmedabad.

Dr. Raste has published papers in refereed journals of repute including a co-authored paper in International Journal of Business Research published by International Academy of Business and Economics, USA. He has participated in 4 international level and 6 national level conferences/seminars and presented research papers.

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