NCERT Solutions Class 12 Business Studies Chapter 10
NCERT Solutions Class 12 Business Studies Chapter 10 – Financial Markets
Extramarks NCERT Solutions Class 12 Business Studies Chapter 10 helps students understand every topic covered in the chapter Financial Markets. Students get a thorough understanding of the chapter, and the importance it holds in day-to-day business life. NCERT Solutions Class 12 Business Studies Chapter 10 study material allows students in Class 12 to understand and revise important concepts, definitions, and questions and answers.
NCERT Solutions Class 12 Business Studies Chapter 10 – Financial Markets are prepared by subject matter academicians in simple language with point-by-point explanations. Students can access a variety of additional study tools on the Extramarks website in addition to the NCERT Solutions. Once they register on Extramarks website they can access CBSE revision notes, CBSE sample papers, CBSE Past years’ question papers, and other relevant materials for their Class 12 preparation.
Key Topics Covered In NCERT Solutions Class 12 Business Studies Chapter 10
Following are the key topics covered in NCERT Solutions Class 12 Business Studies Chapter 10- Financial Markets:
| Financial Market |
| Money Market |
| Capital Market |
| Difference between Money Market and Capital Market |
| Stock Exchange and its Functions |
| National Stock Exchange |
| Securities and Exchange Board of India |
Here’s the detailed information on each subtopic in NCERT Solutions Class 12 Business Studies Chapter 10 Financial Markets.
Financial Market
A financial market is a setting where people buy and sell financial assets.
It helps in the mobilisation of savings and their allocation to the most productive applications. Price discovery and liquidity for financial assets are also aided by financial markets.
FUNCTIONS OF THE FINANCIAL MARKET
NCERT Solutions Class 12 Business Studies Chapter 10 by Extramarks provides a deep insight into the functions of the financial market.
- Mobilisation of funds and directing them into the most productive applications: A financial market provides the allocative function by connecting savers and investors, mobilising and channelling money to the most effective uses.
- Lowering transaction costs: financial markets give information on traded securities, saving time, effort, and money for both buyers and sellers of financial assets.
- Facilitating price discovery: The interaction between households (funds suppliers) and businesses helps in the establishment of a market price for the traded financial asset.
- Providing liquidity to financial assets: Financial markets allow for the purchase and sale of financial assets, and financial assets may be quickly turned into cash.
Financial Markets are further classified into Money Market and Capital Market. Get on board with Extramarka and get access to NCERT Solutions Class 12 Business Studies Chapter 10.
Money Market
This section of NCERT Solutions Class 12 Business Studies Chapter 10 throws light on the concept of the Money Market. It’s a market that deals in short-term securities with less than a year of maturity. Money market assets can be thought of as highly near replacements for cash. As a result, they’re also known as ‘near money instruments.’
Feature of Money Market:
- Financial assets with maturity duration of less than a year.
- Unsecured, low-risk, and highly liquid short-term products are traded on the financial market.
- Assist in generating funds to satisfy short-term liquidity shortfalls and commitments.
- Baking and other financial entities such as the Reserve Bank of India, commercial banks, non-banking financing businesses, state governments, big enterprises, and mutual funds are among the major participants.
Instruments of Money Market
Short-term funds are monetary assets with a maximum maturity of one year in this context. The following are some of the most frequent money market instruments:
- Treasury Bill: A Treasury Bill is a promissory note that the government uses to borrow money for a limited period of time. They are by far the most popular financial instrument. The Reserve Bank of India auctions and issues them on behalf of the Central Government. T-bills are available for as little as Rs 25,000 and in multiples of that. T-Bills are issued at a lower price than their face value, and the investor receives the face value when they redeem them. The difference between the value at which they are issued and the redemption value is the interest generated on them.
- Call Money: Call money is a form of short-term loan that may be repaid on demand and has a maturity duration of one to fifteen days. Inter-bank transactions are carried out using it. The cash reserve ratio is a requirement for commercial banks to maintain a minimum cash balance. The Reserve Bank of India adjusts the cash reserve ratio on a regular basis, affecting the amount of money commercial banks may lend. Call money is a way for banks to borrow money from one another in order to keep their cash reserve ratios in check. The interest rate given on call money loans is referred to as the call rate. It is a variable rate that varies greatly from day to day and sometimes hour to hour. Other short-term money market products, such as certificates of deposit and commercial paper, have an inverse connection with call rates. As the call rate rises, alternative money market products become less expensive, and demand for them increases.
- Commercial Paper: Commercial paper is a non secured money market asset with a short maturity. It is a negotiable and transferable promissory note with a maturity period ranging from 15 days to one year. In India, they first debuted in 1990. Large, creditworthy firms often issue CPs to generate short-term finance. Large firms see commercial papers as a viable alternative to bank and capital market borrowings. Commercial Papers pay a lower rate of interest than the market rate. Commercial Papers are frequently utilised by firms for bridging finance. To put it another way, the cash needed to cover the floatation cost on long-term capital market borrowings must be raised.
- Certificate of Deposit: Certificates of Deposit are negotiable unsecured time deposits. They are short-term bearer instruments, ranging from one month to more than five years. CDs are a sort of secured investment that is issued to individuals, companies, and businesses by commercial banks and development financial institutions. They’re issued to accommodate credit demand when there’s a scarcity of cash. When a person buys a CD by depositing a certain amount, for example, he receives a certificate that details the deposit’s duration, interest rate, and maturity date. The person is entitled to the principal amount as well as the interest generated on loan at the maturity date.
- Commercial Bill: A commercial bill, also known as a bank bill or a bill of exchange, is a type of financing used to meet a company’s working capital requirements. It’s a negotiable instrument for the short term. Businesses utilise commercial bills to fund credit sales. When a person sells something on credit, for example, the buyer agrees to pay on a specific date in the future. In this situation, the seller generates and offers the buyer a bill of exchange with a set maturity date. When a buyer accepts a bill, it becomes a marketable instrument that may be discounted by a bank.
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Capital Market
The word “capital market” refers to the facilities and institutional arrangements used to raise and invest long-term cash, including debt and equity. It comprises a set of channels through which community savings are made available to industrial and commercial firms, as well as the general public. It puts these savings to the most productive use possible, resulting in economic growth and development. Development banks, commercial banks, and stock exchanges make up the capital market.
Feature of Capital Market:
- There is a link between the saving and investing processes.
- Deals with long- and medium-term investments.
- Use a variety of intermediaries.
- This leads to the development of capital.
- It is free to operate, yet it is governed by government rules.
TYPES OF CAPITAL MARKET
The primary and secondary markets are the two main components of the capital market.
Primary Market:
- Deals with novel securities that have never been issued before.
- Financial institutions, banks, insurance companies, mutual funds, and individuals are among the investors in these markets.
- Funds can be raised for new project development, growth, diversification, modernisation, mergers, and takeovers.
Secondary Market:
- Deals with current or previously owned stocks.
- Existing investors can withdraw their funds, while new ones can enter the market.
- Contributes to capital formation in an indirect way.
- The trading of securities takes place inside SEBI’s regulatory framework.
Difference between Money Market and Capital Market
| BASIS OF DIFFERENCE | CAPITAL MARKET | MONEY MARKET |
| The time span of securities | Deals in long- and medium-term securities with maturities of more than a year.
|
Money market products have a maximum maturity of one year. |
| Liquidity | Securities in the capital market are only traded on stock exchanges to the degree that they are liquid. They are, on the other hand, less liquid than money market securities.
|
Because DFHI offers a quick market for money market securities, they are extremely liquid. |
| Returns Expected | They provide a greater chance of profit because the securities are held for a longer period of time.
|
The predicted return is lower since the securities have a shorter maturity time. |
| Instruments | Equity shares, preference shares, bonds, and debentures are among the instruments exchanged.
|
Commercial papers, Treasury bills, and certificates of deposit are all traded short-term debt securities. |
| Risks | In terms of both profit and principal repayment, trading securities is hazardous.
|
Securities exchanged are secure since they are only traded for a brief period of time, and the issuers are financially stable. |
Stock Exchange and its Functions
Stock exchanges offer a marketplace for existing equities to be bought and sold. Stock exchanges offer a constant market for securities, aid in price discovery, expand share ownership, and allow for speculation. Refer to Extramarks NCERT Solutions Class 12 Business Studies Chapter 10 for details on the topic of the Stock Exchange.
Functions of Stock Exchange
- Provides Liquidity and Marketability: For existing equities, the stock exchange provides a ready-to-trade platform. It offers a continuous market for the selling and purchase of securities, to put it another way. When cash is needed, securities may be quickly changed into cash at a stock exchange. Long-term securities can also be changed to medium and short-term securities on the stock exchange.
- Determination of Prices: The value of the monetary assets exchanged on a stock exchange is determined by the stock exchange. It acts as a platform for buyers and sellers of securities to communicate, aiding in the setting of security prices through the dynamics of demand and supply.
- Fair and Safe Market: The stock exchange is a lawful and well-regulated market. It functions within the confines of the legislative structure that has been established. As a consequence, transactional security and fairness are ensured.
- Facilitates Economic Growth: On a stock exchange, securities are constantly purchased and traded. This constant disinvestment and reinvestment process assists in allocating savings and assets to the most profitable purposes. This increases both capital formation and economic growth.
- Spreading Equity Cult: By regulating concerns and improving trade standards, a stock market may assist in the education of individuals about investing. It promotes and encourages individuals to invest in stocks and bonds.
- Acts as an Economic Barometer: Changes in share prices on a stock market reflect changes in economic conditions. The rise (or decline) in stock values, for example, signifies a boom (or recession).
- Scope for Speculation: For enhanced liquidity and the preservation of demand and supply for securities, it is commonly considered that some level of speculation is essential. The stock market provides for a reasonable and restricted scope of speculation within the boundaries of the law.
To get elaborate insights on the functions of the Stock Exchange, refer to Extramarks NCERT Solutions Class 12 Business Studies Chapter 10.
National Stock Exchange
In 1992, India’s National Stock Exchange was founded. It commenced operations in 1994 after being founded as a stock exchange in 1993. Major banks, financial institutions, insurance companies, and financial intermediaries established it. NSE was established with the following objectives in mind:
- The NSE aspired to create a single countrywide trading system that would allow all sorts of securities to be traded. This sort of method instills confidence in investors.
- It assured that all investors had equitable and straightforward access to a sufficient communication network throughout the country. It increases the liquidity of the securities. The regional stock market system restricted the persons engaged in the transaction. The NSE, on the other hand, aggregates transactions from throughout the country, boosting the liquidity of the assets.
- The NSE uses an electronic trading system to promote a fair, efficient, and transparent securities market. The NSE’s local terminals provide information on the trading of various securities to everyone. As a result, it contributes to the decrease of trading fraud.
- Shorter settlement cycles and book entry settlements are one of the NSE’s aims.
- The goal of the NSE was to satisfy worldwide stock exchange norms and benchmarks.
Securities and Exchange Board of India
The Securities and Exchange Board of India (SEBI) was founded in 1988 to help the Indian securities market expand healthily and orderly. The overall purpose of SEBI was to safeguard investors while also supporting the growth and regulation of securities market operations.
Objectives of SEBI
The main purpose of SEBI is to safeguard the interests of investors while simultaneously encouraging the growth and regulation of the securities industry. This may be further developed as follows:
- We can ensure that they run smoothly by regulating stock exchanges and the securities business.
- Protecting the rights and interests of investors, primarily individual investors, as well as guiding and educating them.
- To avoid trading malpractices and achieve a balance between self-regulation and legislative control in the securities business.
- To make intermediaries like brokers and merchant bankers more competitive and professional, they must be regulated and adopt a code of conduct and fair procedures.
Functions of SEBI
SEBI was charged with the dual duty of securities market regulation and growth due to the fledgling nature of India’s securities industry. Extramarks NCERT Solutions Class 12 Business Studies Chapter 10 provides notes on SEBI.
Regulatory functions:
- Brokers, sub-brokers, and other market players must register.
- Mutual funds and collective investment plans must be registered.
- Stockbrokers, portfolio exchanges, and merchant bankers are all subject to regulatory oversight.
- Deceptive and unfair commercial tactics are prohibited.
- Controlling insider trading and hostile takeover bids, as well as enforcing sanctions.
- Inspections, enquiries, and audits of stock exchanges and intermediaries are used to gather information.
- Fees or other charges may be imposed in order to carry out the Act’s objectives.
- Execution and use of such powers as the Government may assign under the Securities Contracts (Regulation) Act 1956.
Development functions:
- Educating potential investors.
- Intermediary education.
- Advocating for a code of conduct and equitable practises for all SROs.
- Conducting research and delivering useful information to all market players.
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NCERT Solutions Class 12 Business Studies Chapter 10 Financial Markets NCERT Solutions
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Q.1 What is a Treasury Bill?
Ans. Treasury bill is the short term instrument which the Central Government issues to the financial institutions or the general public in order to meet its short term financial needs. Its maturity period cannot be more than a year. It is issued by the RBI on behalf of the government.
Q.2 Name the segments of the National Stock Exchange (NSE).
Ans. National stock exchange: It started operations in 1994, with trading on the wholesale debt market segment. The NSE was setup by leading financial institutions, banks, insurance companies and other financial intermediaries. It is managed by professionals, who do not directly or indirectly trade on the exchange.
Q.3 State any two reasons why investing public can expect a safe and fair deal in the stock market. (Point w.r.t safety of Transactions – Functions of the Stock Exchange).
Ans. The membership of a stock exchange is well-regulated and its dealings are well defined according to the existing legal framework.
This ensures that the investing public gets a safe and fair deal on the market.
Q.4 What is the common name for Beneficiary Owner Account, which is to be opened by the investors for trading in securities?
Ans. A beneficial owner is a person who enjoys the benefits of ownership even though title to some of property is in another name.
The investor has to give details of his demat account and instruct his depository participant to take delivery of securities directly in his beneficial owner account.
Q.5 Name any two details that need to be provided by the investor to the broker while filling a client registration form.
Ans. While filling a client registration form, the details provided by the investors to the broker are:
- PAN Number
- Date of birth and address
- Bank account details
- Depository account details
- Client code number in the client registration form.
Q.6 What are the functions of Financial Market?
Ans. Functions of financial markets are:
Mobilisation of Savings: It gives savers the choice of different investments and thus helps to channelise surplus funds into the most productive use.
Facilitate Price Discovery: In the financial market, the households are suppliers of funds and business firms represent the demand. The interaction between them helps to establish a price for the financial asset which is being traded in that particular market.
Provide Liquidity to Financial Assets: Financial markets facilitate easy purchase and sale of financial assets. In doing so they provide liquidity to financial assets, so that they can be easily converted into cash whenever required.
Reduce the Cost of Transaction: Financial markets provide valuable information about securities helps to save time, effort and money.
Q.7 “Money Market is essentially a Market for short term funds.” Discuss.
Ans. Money market is a market which deals in monetary assets whose period of maturity is up to 1 year. This makes these assets highly liquid.
Thus, money market helps in raising short term funds, for meeting temporary shortages in cash and also for temporary deployment of excess funds available, for earning returns.
Important money market instruments are:
- Call money
- Treasury Bills
- Commercial Papers
- Certificate of Deposit
- Commercial Bills
Q.8 Distinguish between Capital Market and Money Market.
Ans. Difference between Capital Market and Money Market:
|
Basis |
Capital Market |
Money Market |
|
Meaning |
The market dealing in the long term funds is known as capital market. |
The market dealing in short term funds is known as money market. |
|
Amount of Investment expenditure |
Not huge as value of securities is less |
Huge as instruments are expensive |
|
Major Participants |
Companies, stock exchanges, commercial banks, financial institutions, retail investors, etc |
RBI, Commercial banks, non-banking finance companies, mutual funds, etc |
|
Securities traded |
Equity shares, debentures, bonds, etc |
Treasury bills, commercial bills commercial paper, call money, etc |
|
Safety |
Risky in terms of both capital invested & returns thereon |
Much safer, since for short period & issued by banks, government etc. |
|
Rate of interest |
Rate of interest in this market is generally higher |
Rate of interest is generally low |
Q.9 What are the functions of the Stock Exchange?
Ans. The functions of a stock exchange are:
Providing liquidity and marketability of securities – Stock exchange creates continuous market for buying and selling of securities by giving chance to investors for investing and disinvesting their securities.
Pricing of securities – Stock exchange is a mechanism of constant valuation through which the prices of the securities are determined. The share prices are determined by the forces of demand and supply.
Safety of transactions – Stock exchange ensures fair and safe deal on the market as only listed companies can trade their securities through this.
Contributes to Economic Growth – Stock exchange helps investors in investing and reinvesting their savings. This helps in channelising the savings in productive use which in turns lead to capital formation and economic growth.
Spreading of equity cult – Stock exchange ensures wider share ownership by regulating new issues, better trading practices and taking effective steps in educating the public about investment.
Q.10 What are the objectives of SEBI?
Ans. The objectives of SEBI are:
- To regulate stock exchanges through framing of rules and regulations and code of conduct to regulate intermediaries such as brokers, bankers, underwriters, etc.
- To keep a check on the activities of the brokers and other middlemen in order to regulate any unfair trade practices in the capital market.
- To protect the rights and interests of investors, particularly individual investors and to guide and educate them.
- To prevent trading malpractices and achieve a balance between self regulation by the securities industry and its statutory regulation.
- To regulate and develop a code of conduct and fair practices by intermediaries like brokers, merchant bankers etc., with a view to making them competitive and professional.
Q.11 State the objective of NSE?
Ans. NSE was set up with the following objectives:
- Providing a fair, efficient and transparent securities market using electronic trading system.
- Establishing a nationwide trading facility for all types of securities.
- Enabling shorter settlement cycles and book entry settlements.
- Meeting international benchmarks and standards.
- Ensuring equal access to investors all over the country through an appropriate communication network.
Q.12 Name the document prepared in the process of online trading of securities that is legally enforceable and helps to settle disputes/claims between the investor and the broker.
Ans. Contract note prepared in the process of online trading of securities that is legally enforceable and helps to settle disputes/claims between the investor and the broker.
This is an important document as it is legally enforceable. A unique order number is assigned to each transaction by the stock exchange and is printed on the contract note.
Q.13 Explain the various Money Market instruments.
Ans. Call Money: Call money is short term finance repayable on demand with a maturity period of one day to fifteen days, used for inter bank transactions. It is a method by which banks borrow from each other to maintain the cash reserve ratio. Cash reserve ratio is the minimum cash balance which banks have to maintain. The interest rate paid on call money loans is known as the call rate.
Treasury Bill: Treasury bill is the short term instrument which the Central Government issues to the financial institutions or the general public in order to meet its short term financial needs. Its maturity period cannot be more than a year. It is issued by the RBI on behalf of the government.
Commercial Paper: Commercial papers are those unsecured promissory notes which are issued by reputed companies. Their buyers are banks, insurance companies, unit trust and firms. The minimum face value of a commercial paper is five lakh rupees. It is used to meet the demand of a short term seasonal need and requirement of working capital.
Certificate of Deposit: refers to a time deposit or fixed deposit which can be sold in the secondary market. Only a bank can issue Certificate of Deposit.
Commercial Bill: A commercial bill is a bill of exchange used to finance the working capital requirements of business firms.
Q.14 Explain the recent Capital Market reforms in India.
Ans. Capital market refers to facilities and institutional arrangements through which long-term funds, both debt and equity are raised and invested. It can be divided into two parts: a. Primary Market and b. Secondary market. First stock exchange was set up in India in 1875 that was later named as Bombay Stock Exchange. After the reforms of 1991, Stock market in India acquired three tier systems: Regional stock exchange, national stock exchange and OTCEI.
Regional stock exchange: First regional stock exchange was set up in Ahmadabad. Later on stock exchanges were set up in Calcutta, Madras, Delhi, Hyderabad and Indore. Currently there are 22 regional stock exchanges.
National stock exchange: It started operations in 1994, with trading on the wholesale debt market segment. The NSE was setup by leading financial institutions, banks, insurance companies and other financial intermediaries. It is managed by professionals, who do not directly or indirectly trade on the exchange.
Over the counter exchange of India: It was set-up to provide small and medium companies an access to the capital market for raising finance in a cost effective manner. It is defined as a place where buyers seek sellers and vice-versa and then attempt to arrange terms and conditions for purchase/sale acceptable to both the parties.
Q.15 Explain the objectives and functions of the SEBI.
Ans. SEBI was set up in 1988 to regulate the functions of the securities market with a view to promote their orderly and healthy development, to provide adequate protection to investors and thus, create an environment to facilitate mobilisation of adequate resources through the securities market.
Objectives of SEBI:
- To regulate stock exchanges through framing of rules and regulations and code of conduct to regulate intermediaries such as brokers, bankers, underwriters, etc.
- To keep a check on the activities of the brokers and other middlemen in order to regulate any unfair trade practices in the capital market.
- To protect the rights and interests of investors, particularly individual investors and to guide and educate them.
- To prevent trading malpractices and achieve a balance between self regulation by the securities industry and its statutory regulation.
- To regulate and develop a code of conduct and fair practices by intermediaries like brokers,
- merchant bankers etc., with a view to making them competitive and professional.
Functions of SEBI:
Protective Functions.
- To prohibit fraudulent and unfair trade practices in the securities market.
- To prohibit insider.
- To educate investors.
- To promote fair practices and code of conduct in securities market.
Developmental Functions:
- To promote training of intermediaries of the securities market.
- To develop capital markets by adapting a flexible approach.
Regulatory functions:
- SEBI has framed rules and regulations and code of conduct to regulate the intermediaries such as brokers, bankers, underwriters etc.
- Controlling insider trading and takeover bids.
- It registers the working of mutual funds.
- It conducts inquiries and audit of stock exchange.
- Prohibition of fraudulent and unfair trade practices.
Q.16 India’s largest domestic investor life Insurance Corporation of India has once again come to government’s rescue by subscribing 70% of Hindustan Aeronautics’ ₹4,200-crore initial public offering.
a. Which market is being reflected in the above case?
b. State which method of floatation in the above identified market is being highlighted in the case? (Primary Market)
c. Explain any two other methods of floatation. (Private Placement, Offer through prospectus, offer for sale).
Ans.
a)
Primary market is being reflected in the above case. It is a market for creation and exchange of financial assets. It helps in mobilisation and channelizing the savings into most productive uses.
These markets also helps in price discovery and provide liquidity to financial assets.
b)
Right issue method of floatation is identified in this case.
This is a privilege given to existing shareholders to subscribe to a new issue of shares according to the terms and conditions of the company. The shareholders are offered the right to buy new shares in proportion to the number of shares they already possess.
c)
The other method of flotation is ‘Private Placement’.
Private placement is the allotment of securities by a company to institutional investors and some selected individuals. It helps to raise capital more quickly than a public issue.
Offer for Sale: Under this method, securities are not issued directly to the public but are offered for sale through intermediaries like issuing houses or stock brokers. In this case a company sells securities enables at an agreed price to brokers who, in turn, resell them to the investing public.
Q.17 lalita wants to buy shares of Akbar Enterprises, through her broker kushvinder. She has a Demat Account and a bank account for cash transactions in the securities market. Discuss the subsequent steps involved in the screen-based trading for buying and selling of securities in this case.
Ans. The following steps are involved in the screen-based trading for buying and selling of securities:
Step 1: If an investor wishes to buy or sell any security he/she has to first approach a registered broker or sub-broker and enter into an agreement with him. The investor has to sign a broker-client agreement and client registration form before placing an order to buy or sell securities.
Step 2: The investor has to open a demat account or beneficial owner account with a DP for holding and transferring securities in the demat form.
Step 3: The investor than places an order with the broker to buy or sell shares.
Step 4: The broker than will go on-line and connect to the main stock exchange board and match the share and best price avialble.
Step 5: When the shares can be bought or sold at the price mentioned. It will be communicated to the broker’s terminal and the order will be executed electronically.
Step 6: After the trade has been executed, within 24 hours the broker issues a contract note. This note contains details of the number of shares bought/sold, the price and the brokerage charges.
Step 7: Now the investor has to deliver the shares sold or pay cash for the shares bought.
Step 8: Cash is paid or securities are delivered on pay-in-day, which is before the T+2 day as the deal has to be settled and finalised.
Step 9- On the T+2 day, the exchange will deliver the share or make payment to the other broker. This is called Pay-out-day.
Step 10: The broker can make delivery of shares in demat form directly to the investor’s demat account.
Related Chapters
FAQs (Frequently Asked Questions)
1. Why was the Securities and Exchange Board of India formed?
The Securities and Exchange Board of India (SEBI) was founded in 1988 to help the Indian securities market expand in a healthily and orderly manner. The overall purpose of SEBI was to safeguard investors while also supporting the growth and regulation of securities market operations.
2. Explain Capital Market in simple words.
The word “capital market” refers to the facilities and institutional arrangements used to raise and invest long-term cash, including debt and equity. It comprises a set of channels through which community savings are made available to industrial and commercial firms, as well as the general public.
