Primary Securities Markets

While the primary market has become an important source of mobilising funds for Indian issuers since the commencement of the economic reform process in 1991-92, the ability of the primary market to provide resources to issuers has varied. The amount raised from the primary market increased from Rs. 6,214.84 crore in 1991-92 to Rs. 27,632.50 crore in 1994-95. The primary market remained dull in 1995-96 and 1996-97 and the funds raised from the primary market declined to Rs. 20,803.63 crore in 1995-96 and further to Rs.14,284.31 crore in 1996-97. In addition to the general economic and investment environment the level of issuance has also depended on the eligibility criteria and disclosure norms which have been made stringent to ensure the availability of quality paper. Developments in the primary market are further discussed in Part II of the Report. The measures taken by SEBI in 1996-97 to strengthen the disclosure requirements and eligibility norms for accessing the markets for capital are discussed below.

• Strengthening of disclosure requirements and eligibility criteria.
• The measures taken by SEBI in the primary securities market include.
• Simplification and streamlining of issue procedure