Chapter 45 – Business Environment

Chapter 45


1. E. Gordon and K. Natarajan, Capital Market in India, Mumbai: Himalaya Publishing House, 1999.

2. Ibid.

3. Government of India, Economic Survey 2007–2008, Ministry of Finance, New Delhi: Government of India.

4. Ibid.

5. Ibid.

6. A. C. Fernando, “Capitalism Is Dead. Long Live Capitalism!”, Management Matters, 1(11): September 2008–February 2009.

7. HBL Bureau, “Indian Stock Market Lost INR. 2.30 lakh crore in September: Crisil”, The Hindu Business Line, 8 October, 2008.

8. “Foreign Exchange Reserves Fall by $7.9 billion”, The Hindu, 11 October, 2008.

9. ET Bureau, “Markets Do a Poll Vault”, The Economic Times, 19 May, 2009.

10. Oommen A. Ninan, “Sensex Creates History, Vaults 2111 Points”, The Hindu, 19 May, 2009.

11. Times News Network, “Sensex Gives Manmohan a 21-ton Salute”, The Times of India, 19 May, 2009.

12. Suresh Tendulkar, Chairman of the Prime Minister's Economic Advisory Council, Government of India, quoted in “Bull Run to Boost Cos Expansion Plans”, The Times of India, 19 May, 2009.

13. Times News Network, “At 14%, Best Weekly Gain for Sensex in 17 years”, Times of India, 23 May, 2009.

14. “Investors Richer by INR 7L cr in 7 Trading Session”, The Times of India, 27 May, 2009.

15. Government of India, Economic Survey 2007–08, Ministry of Finance, Government of India, New Delhi, India: Oxford University Press, 2008.

16. Insider trading implies trading in the scrip of a company by such a person who is closely associated with it and has access to unpublished price-sensitive information. Front running is indulged in by brokers. On being advised by institutions to execute bulk orders (buy or sell) that have the potential to push the market price (up or down), the brokers make deals in advance of institution orders and make profits for themselves.

17. G. N. BAJPAI, “Corporate Governance and Development: Why It Matters?”,

18. Speech on “Corporate Governance and Development: Why it Matters”, Chairman, SEBI at the meeting at the Global Corporate Governance, Forum held on 04 November at Paris.

19. Extracts of the Speech delivered by Shri. G. N. Bajpai, Chairman, SEBI at the Global Corporate Governance Forum's Meeting held on 04 November, 2003 at Paris.

20. Ibid.

21. Quoted by R. Kannan, “Indian Banking Today & Tomorrow, Corporate Governance and Development, Why It matters?”,

22. Yoon Je Cho, “Indian Capital Market, Recent Developments and Policy Issues,”

23. Ibid