How hollow is the Indian Capital Market –I?
Narrow, shallow, illiquid and concentrated in the hands of a few individuals located in a few centres — that describes the state of the Indian Capital Market, nearly 20 years after India embarked on financial liberalisation and ostensibly unleashed a boom in stock investing and spreading the equity cult. In fact, the boom is eyewash and this information is provided by none other than the minister of state for finance, Namo Narain Meena, in response to a question in Parliament (Unstarred question 1669) on 10 August 2010 by Rajya Sabha MP Sardar Sukhdev Singh Dhindsa. Mr Dhindsa asked for the number of client identities and PAN identities who actively traded in the National Stock Exchange (NSE) and contribute to 50%, 60%, 70% and 80% and 90% of total trading turnover on an average, on a daily basis in the cash equity market and in the equity futures & options segment. He asked for these numbers to be provided for the three-month period from April 2010 to June 2010. The numbers are absolu
