2nd IIEF Stock Exchanges Summit 1997
Bombay, 9th & 10th October 1997

Between 1993 and 1997, India's stock markets experienced momentous changes with the introduction of new market mechanisms on trading, clearing and settlement. In each of these areas, the Indian equity market had made the transition from being one of the most primitive markets in the world to one of the most modern markets in the world. The introduction of derivatives trading in India symbolised the progress which India's securities industry had made.

Additionally, the entry of foreign brokerages into the Indian market, the growth of the GDR market and impending convertibility on the capital account raised the spectre of foreign competition in the domestic markets. Although this competition had already yielded results for India's economy in terms of improved functioning of domestic players, these changes threw up new questions on how trading should take place. The changes made it imperative for capital market regulators and participants to understand the new environment and formulate their operative strategies.

In this situation, Invest India Economic Foundation (IIEF) organised the Second Annual Stock Exchanges Summit, 1997. The Conference was chaired by the then Governor of the Reserve Bank of India and was attended by a senior delegation from the New York Stock Exchange, Inc.

The conference proceedings have been published as a book titled "Future of India's Stock Markets - 1997" by Tata McGraw-Hill and Invest India.