tailieunhanh - WORKING PAPER SERIES ON REGIONAL ECONOMIC INTEGRATION NO. 22: India’s Bond Market— Developments and Challenges Ahead

In contrast to equity markets, the government and corporate bond markets have been held back by the more restrictive regulatory framework. A number of reforms were introduced to the government bond market in 1992 when the price of newly-introduced bonds was set by auction. But it was not until 2005—11 years after the equity market—that bond market became an electronic order limit market. Several measures were implemented to minimize risks in equities trading and to create a national market in stocks. These included the introduction of a clearing and settlement system, creation of a centralized counterparty for transactions,. | ADB WORKING PAPER SERIES ON REGIONAL ECONOMIC INTEGRATION NO. 22 India s Bond Market Developments and Challenges Ahead December 2008 Stephen Wells and Lotte Schou-Zibell Asian Development Bank ADB India s Bond Market Developments and Challenges Ahead December 2008 Stephen Wells and Lotte Schou-Zibell Stephen Wells is a senior research fellow at the ICMA Centre University of Reading. E-mail stephenwells@ Tel 44 1268 741541. Lotte Schou-Zibell is a senior economist in the Office of Regional Economic Integration at Asian Development Bank. E-mail lschouzibell@ Tel 632 632 5245 Fax 632 636 2183. Asian Development .