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The major reforms in the Bond market in India
Following are the major reforms in the Indian Bond market
The system of auction introduced to sell the government securities
The introduction of delivery versus payment (DvP) system by the Reserve Bank of India to nullify the risk of settlement in securities and assure the smooth functioning of the securities delivery and payment
The computerization of the SGL
The launch of innovative products such as capital indexed bonds and zero coupon bonds to attract more and more investors from the wider spectrum of the populace
Sophistication of the markets for bonds such as inflation indexed bonds
The expansion of the more and more primary dealers as creators of the Government of India bonds market
The establishment of the a powerful regulatory system called the trade for trade system by the Reserve Bank of India which stated that all deals are to be settled with bonds and funds
A new segment called the Wholesale Debt Market (WDM) was established at the NSE to report the trading quantity of the Government of India bonds market.
Issue of ad hoc treasury bills by the Government of India as a funding instrument was abolished with the introduction of the Ways And Means agreement.