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India's Financial Markets: An Insider's Guide to How the Markets Work (Elsevier and IIT Stuart Center for Financial Markets Press) Hardcover – August 4, 2008
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"...tells you the how and why of investing in India and provides essential information on the markets, institutions and instruments that are integral to Indian financial services.... an invaluable guide for practitioners and students alike." --Richard G. DuFour, Executive Vice President, Chicago Board Options Exchange
From the Back Cover
“What I love most about this book is the insight the authors provide regarding how these markets really work. India’s Financial Markets is truly an insider's guide. There is no other work as current, complete and insightful. I really enjoyed this book.
― Ravi Narain, Managing Director, National Stock Exchange, India
“This detailed and insightful examination of the numerous facets of the financial services industry in one of the world’s most promising emerging markets is a must-read for anyone with a serious interest in Indian finance. Drawing on their long years of experience, the authors also make a number of recommendations for improvements in the regulation and structure of Indian financial markets which both government and private sector participants would do well to consider.
― John P. Davidson, Managing Director, Risk Governance Group, Citigroup, United States
“Knowledge and understanding of the Indian financial markets is vital to any financial services firm with global aspirations. Shah, Thomas and Gorham have provided an overview of these markets that is sure to become a standard reference for practitioners. Written with a clarity and pace that is to be applauded, India’s Financial Markets tells you the how and why of investing in India and provides essential information on the markets, institutions, and instruments that are integral to Indian financial services…. It will be an invaluable guide for practitioners and students alike."
― Richard G. DuFour, Executive Vice President, Chicago Board Options Exchange, United States
With a stock market capitalization of $1.28 trillion, India is now on the radar of all financial firms internationally. But how does one successfully invest in India? India's Financial Markets teaches you about all the markets, the instruments, the participants, and the institutions governing trading, clearing, and settlement of transactions, as well as the legal and regulatory framework governing financial securities transactions including those by foreigners.
Ajay Shah is Senior Fellow at the National Institute of Public Finance and Policy, Bombay, India.
Susan Thomas is Assistant Professor, Indira Gandhi Institute of Development Research, Bombay, India.
Michael Gorham is Director at IIT Stuart Center for Financial Markets, Illinois Institute of Technology, Chicago, and is an 18-year veteran of the Chicago Mercantile Exchange.
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Top Customer Reviews
I'm the editor of a series on books on financial markets. It's a joint project between the international publishing company Elsevier and a little Center I run called the IIT Stuart Center for Financial Markets. I wanted the first book in our series to be on Indian financial markets and I knew the best two people to write it - Ajay Shah and Susan Thomas. I first met Susan when she came to Chicago on behalf of the National Stock Exchange of India to study how the Chicago Mercantile Exchange. I first met Ajay a year or two later during my first visit to India, which because of an air controllers strike was truncated to approximately 24 hours. I found them both to be tireless researchers, thoughtful questioners, and enthusiastic implementors.
At the time, both were professors at the Indira Gandhi Institute for Development Research. They both could have made a lot more money had they stayed in the US after getting their PhDs in Economics at USC, but they really wanted to contribute to the creation of a world class financial system in India. And contribute they did. They were the perfect professor - using economic and financial theory combined with empirical research to solve real world problems. They were instrumental in the development of the National Stock Exchange, which brought to India a transparent trading system that allowed investors for the first time to see the actual bids and offers availavible for each company. They developed the stock index, the S&P CNX Nifty, which is used for the overwhelming majority of all stock index derivative trading in India. They have served on numerous government committees. Susan was instrumental in convincing the government to consider the use of options to manage the risk of a shortfall in the wheat crop this past year. I could go on, but thepoint is I knew that they were perfect to write this book because they had been so involved in the markets and institutions that needed to be covered in the book. They wouldn't agree to do the book unless I did it with them, but I will tell you that this book is 90% pure Ajay Shah and Susan Thomas.
You would not be reading this note if you were not interested in India's financial system, so aside from sharing this story with you, I wanted to let you know that Ajay has one of the best financial blogs in India, which can be found at [...] I hope you buy and love our book, but whether you do or not, you should sheck out Ajay's blog to keep up on developments.
I must mention three chapters, in particular, which will indicate why this book is more than a simple collection of facts about Indian financial markets. Chapter 1 gives us a broad perspective of development in India, explicated using growth theory. Chapter 10 gives us a great overview of the different kinds of financial firms with an imaginative typology of these firms into fund-based, transaction-oriented and infrastructure firms. Chapter 11 provides us with a political economy of Indian financial markets, with (for such a book) a thorough treatment of the different regulatory institutions.
If the government takes the policy issues laid out in this chapter seriously, we could very easily see India developing into a mature financial market.
The chapters on firms, exchanges, and real estate make an interesting read. The authors have provided relevant graphical representations of the trends and supported them with valid reasoning. Also, there is a pictorial presentation of major movers and shakers of Indian financial markets!
I highly recommend this book to students and professionals who want to gain an insight into the emerging markets of India or intend to research certain aspects of these markets. This book definitely can be considered as the first and most comprehensive study of Indian Financial Markets.
- Abhishek Rai
The eloquent style of writing makes it easier to grasp details and keeps you enthralled even while reading numbers. It provides deep insight into the Indian Financial Scene and you would find several interesting points which you might have assumed otherwise. It succinctly shows the state of each financial sector and possible improvements are suggested. The last chapter gives you a practical insight into what can Global Financial Firms can expect from the Indian Market and what bottlenecks they may face.
An excellent read.
I used this book for my presentation on a topic related to investment banking in India. Book is very well written.
I would recommend the book for anybody/everybody who wants to know about Indian financial markets.