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International Journal of Trend in

International Open Access Journal

ISSN No: 2456

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Capital Market Instruments

Associate Professor, Department Ultadanga

ABSTRACT To have an idea on Capital Market, it is very much essential to know important instruments inter alia used in primary and secondary segments of capital market. Capital market instruments are those instruments which are used by the corporate entities for raising medium and long term funds from the capital market. Capital market instruments used for market trade are of two types – direct capital market instruments and indirect capital market instruments. The direct instruments are equity / ordinary shares, preference shares, debentures / bonds / notes and innovative debt instruments. Among these, securities like equity and preference shares are ownership instruments while debentures / bonds / notes and innovative debt instruments are creditorsecurities. Derivative instruments and others are the indirect instruments. This article contains a profile on various concepts and terminologies relating to instruments used in the capital market of India. At first, various conventional instruments of capital market have been discussed. Then, some important concepts and terminologies relating to nonconventional instruments for trading on Indian bourses have been discussed. Keywords: Bonds, Debentures, Derivatives, Funds, Securities, Shares INTRODUCTION Capital market is a sine-quo-non for speedy growth and sustainable development of a country’s economy and India is no exception to it. Capital marketof financial market where medium and securities like stocks and bonds are tradedthe business enterprises like companiesgovernments can raise medium and longThe Indian Equity Markets and the Indian Debt markets together form the Indian Capital market.different from money market where monetary assets

International Journal of Trend in Scientific Research and Development (IJTSRD)

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ISSN No: 2456 - 6470 | Volume - 2 | Issue – 6 | Sep

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Capital Market Instruments in India - A Profile

Prasanta Kumar Dey Department of Commerce, Sir Gurudas Mahavidyalaya

Ultadanga, Kolkata, West Bengal, India

To have an idea on Capital Market, it is very much essential to know important instruments inter alia used in primary and secondary segments of capital market. Capital market instruments are those instruments which are used by the corporate entities

ising medium and long term funds from the capital market. Capital market instruments used for

direct capital market instruments and indirect capital market instruments. The direct instruments are equity / ordinary shares,

eference shares, debentures / bonds / notes and innovative debt instruments. Among these, securities like equity and preference shares are ownership instruments while debentures / bonds / notes and innovative debt instruments are creditor-ship

Derivative instruments and others are the indirect instruments. This article contains a profile on various concepts and terminologies relating to instruments used in the capital market of India. At first, various conventional instruments of capital

have been discussed. Then, some important concepts and terminologies relating to non-conventional instruments for trading on Indian

Bonds, Debentures, Derivatives, Funds,

non for speedy growth development of a country’s economy

apital market is a part and long term

are traded. From here, the business enterprises like companies and

long-term funds. The Indian Equity Markets and the Indian Debt markets together form the Indian Capital market. It is

market where monetary assets

such as commercial paper, certificatreasury bills etc. which maturetraded. Capital market helps to channel the wesavers who can put it to the long term productive users such as companies and governments. Capital market instrumentsinclude shares, debentures, bonds, fixed deposits, derivatives etc. As they involveand debt securities, thecalled securities and the marketas securities market. A derivativewhose value is derived from the value of one or more underlying assets, which can be commodities, precious metals, currency, bonds, stocks, stocks indices etc. Four most common examples of derivative instruments are Forwards,Options and Swaps. Capital market instruments in India can be again classified into three categories: Pure, Hybrid and Derivatives.are equity shares, preference shares, debentures and bonds which are issued with without mixing the features of other instruments are called pure instrument. The instruments which are created by combining thefeatures of equity, preference convertible preference sharesdebentures with equity warrantdebentures, secured premium notes etc.instrument is a financial instrument which derives its value from the value of some other financial instruments or variables. Capital market instrumentsare linked to investments through afinancial products generally instruments include shares, debentures, marketable securities of a like nature issued byincorporated company or body co

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6 | Sep – Oct 2018

Oct 2018 Page: 459

A Profile

Sir Gurudas Mahavidyalaya,

such as commercial paper, certificate of deposits, etc. which mature within a year are

helps to channel the wealth of the long term productive

such as companies and governments.

Capital market instruments used for market trade include shares, debentures, bonds, foreign exchange,

etc. As they involve equity securities, the instruments are also

and the market is referred to derivative is an instrument

whose value is derived from the value of one or more , which can be commodities,

, bonds, stocks, stocks etc. Four most common examples

instruments are Forwards, Futures, Capital market instruments in

classified into three categories: Pure, Hybrid and Derivatives. The pure instruments

quity shares, preference shares, debentures and the basic characteristics

t mixing the features of other instruments are The hybrid instruments are

nstruments which are created by combining the features of equity, preference and bond, such as onvertible preference shares, non-convertible

equity warrant, partly convertible ecured premium notes etc. The derivative

is a financial instrument which derives its from the value of some other financial

instruments – Savings of investors through a range of complex

generally called capital market debentures, bonds or other

rities of a like nature issued by any body corporate, derivatives,

International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456


units issued by any collective investment scheme tothe investors in such schemes, any certificate or instrument (by whatever name called)investor by any issuer being a special purpose distinct entity which possesses any debt or receivable, including mortgage debt, assigned to suchacknowledging beneficial interest of such investor in such debt or receivable, including mortgage debt, as the case may be; government securities instruments as may be declared by the Central Government to be securities. This section of the article contains short discussion instruments relating to the Indian capital market in brief as follows - 1. Equity / Ordinary shares - The

capital of a company is divided into a number of indivisible units of a fixed amount. These units are known as shares. Thus, if the share capital of a company is Rs. 5 lakh divided into 50,000 units of Rs. 10, each unit of Rs. 10 shall be called a share of the company. As per Section 85 (2) of the Indian Companies Act, 1956 equity shares are those shares which are not preference shares. Again, as per Section 43 of the Companies A2013, the share capital of a company limited by shares shall be of two kinds, namely (share capital and (b) preference share capital. Here, equity share capital with reference to any company limited by shares means all share capital which is not preference share capital. words, shares which do not enjoy any preferential right in the matter of payment of dividend or repayment of capital are known as equity shares.Equity share may be issued with voting rights or with differential rights as to dividend, voting or otherwise in accordance with such rules as may be prescribed. Equity shares are also known as ordinary shares and typically have a par / face value and the most popular denomination is Rs. 10. However, companies are permitted to issue shares of any par value of not less than Re.in multiples of Re. 1. The price at which theequity / ordinary shares are issued is the issue price. The issue price for new companies particularly without any profit trackpar which is equal to the face value. Issue pricemay be higher for existing profit making companies, the difference / excess being the share premium. Equity shares may also be issued by the company at discount which is lower than face value. In case of existing company, tof ordinary shares refers to the paid up capital plus



issued by any collective investment scheme to any certificate or

ument (by whatever name called) issued to an investor by any issuer being a special purpose distinct

debt or receivable, including mortgage debt, assigned to such entity, and acknowledging beneficial interest of such investor in

or receivable, including mortgage debt, as and such other

e declared by the Central This section of the

on various Indian capital market in

The ownership divided into a number of

indivisible units of a fixed amount. These units are known as shares. Thus, if the share capital of a

5 lakh divided into 50,000 units of 10 shall be called a share

ction 85 (2) of the Indian Companies Act, 1956 equity shares are those shares which are not preference shares. Again, as per Section 43 of the Companies Act

the share capital of a company limited by shares shall be of two kinds, namely (a) equity

) preference share capital. Here, equity share capital with reference to any company limited by shares means all share capital which is not preference share capital. In other words, shares which do not enjoy any preferential

atter of payment of dividend or repayment of capital are known as equity shares. Equity share may be issued with voting rights or with differential rights as to dividend, voting or otherwise in accordance with such rules as may be

are also known as typically have a par / face

value and the most popular denomination is Rs. 10. However, companies are permitted to issue shares of any par value of not less than Re. 1 and

1. The price at which the shares are issued is the issue

price. The issue price for new companies profit track-record is at

par which is equal to the face value. Issue price may be higher for existing profit making

excess being the share Equity shares may also be issued by the

company at discount which is lower than face value. In case of existing company, the book value of ordinary shares refers to the paid up capital plus

reserves and surplus (net wornumber of outstanding shares. The price at which equity shares are traded in the stock market is their market value. However, the market value of unlisted / rarely traded shares is not available.variants of the equity shares are dis

A. Bonus shares – As per Section 65 of the Companies Act 2013, a companpaid-up equity shares as bonus any manner whatsoever, out ofreserves; (ii ) the securities premium account; or (iii ) the capital redemption reserve accountprovided that no issue of bonus shares shall be made by capitalizing reserves created by the revaluation of assets. The bonus shares shall not be issued in lieu of dividend.

B. Right shares - Right shares are those shares which are issued after the original issue of shares but having an inherent right of the existing shareholders to subscribe to these shares in proportion to their holding. Such shares must be offered to the existing equity shareholders on pro rata basis. The offer of this type of shares shall be made in the form of a notice giving the particulars of shares offered and within a time not less than 15 days from the date of the offer for acceptance of such offer. These shares can also be issued to the new members when the existing shareholders do not accept the offer within a period of 15 days or more. Usually, these shares are issued among the existing shareholders at a concessional rate.But before issuing such shares the pubmust follow the SEBI (SecuBoard of India) Guidelines in

C. Sweat equity shares - sweat equity shares of a class of shares already issued, if the following cnamely - (a) the issue is resolution passed by the company; resolution specifies the number of shares, the current market price, consideration, if any, and the class or classes of directors or employees to whom such equity shares are to be issued; than one year has, at the date of such issue, elapsed since the date on which the company had commenced business; and shares of the company are listed on a stock exchange, the sweat equity shares are issued in accordance with the regulations made by the Securities and Exchange Board in this behalf and if they are not so listed, the sweat equity shares are issued in accordance with such rules as may be

International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470

Oct 2018 Page: 460

reserves and surplus (net worth) divided by the number of outstanding shares. The price at which equity shares are traded in the stock market is their market value. However, the market value of

rarely traded shares is not available. Few variants of the equity shares are discussed below:

As per Section 65 of the company may issue fully

as bonus to its members, in any manner whatsoever, out of (i) its free

) the securities premium account; or capital redemption reserve account

rovided that no issue of bonus shares shall be reserves created by the

revaluation of assets. The bonus shares shall not be issued in lieu of dividend.

ight shares are those shares ich are issued after the original issue of shares

but having an inherent right of the existing shareholders to subscribe to these shares in proportion to their holding. Such shares must be offered to the existing equity shareholders on pro

offer of this type of shares shall be made in the form of a notice giving the particulars of shares offered and within a time not less than 15 days from the date of the offer for acceptance of such offer. These shares can also be issued to

when the existing shareholders do not accept the offer within a period of 15 days

Usually, these shares are issued among the existing shareholders at a concessional rate. But before issuing such shares the public company

Securities and Exchange Guidelines in this regard.

A company may issue sweat equity shares of a class of shares already issued, if the following conditions are fulfilled,

the issue is authorized by a special resolution passed by the company; (b) the resolution specifies the number of shares, the current market price, consideration, if any, and the class or classes of directors or employees to whom such equity shares are to be issued; (c) not less than one year has, at the date of such issue, elapsed since the date on which the company had commenced business; and (d) where the equity shares of the company are listed on a recognized stock exchange, the sweat equity shares are issued in accordance with the regulations made by the Securities and Exchange Board in this behalf and if they are not so listed, the sweat equity shares are issued in accordance with such rules as may be



prescribed. The rights, limitations, restrictions and provisions as are for the time being applicable to equity shares shall be applicable to the sweat equity shares issued under this section and the holders of such shares shall rank pari passu other equity shareholders.

D. Share Warrant - A share warrant issued by the company under its common seal, stating that its bearer is entitled to the shares or stock specified therein. A warrant holder acquires only the right / option but he / she have no obligation to acquire the equity shares. Warrants are usually issued along with other instruments or can be issued separately. Share warrants are negotiable instruments. They are transferable by mere delivery without registration of transfer.Warrants can be issued in two forms viz.: (1) Detachable warrant and (2) Nonwarrant.

2. Preference Shares - Preference share is a unique type of long-term capital market instrumentcombines some of the features of equity shares as well as some of debentures. As a hybrid financing instrument, it is similar to debentures in so far as it: (i) carries a fixed / dividend (ii) ranks higher than equity as a claimant to the income / assets (iii) normally does not have voting rights and (iv) does not have a share in residual earnings / assets. It also partakes some of the attributes of equity capital, namely, (i) dividend on preference capital is paid out of divisible / after tax profit, that is, it is not tax deductible (ii) payment of preference dividend depends on the discretion of the management, that is, it is not an obligatory payment, and nonpayment does not force insolvencyand (iii) irredeemable types of preference shares have no fixed maturity date. There are setypes of preference shares discussed as below:

A. Participating preference shares -shares are entitled to get regular dividend at fixed rate. Moreover, they have a right for surplus of the company beyond a certain limit.shareholders are also allowed to share in surplus assets of the company being wound up.

B. Non-participating preference sharesholders of this type of shares are not entitled to share the additional benefits that are happened in case of participating preference shares.

C. Cumulative preference shares - Forshares, the dividend not paid in a particular year due to non-availability of profit, the shareholders



ibed. The rights, limitations, restrictions and provisions as are for the time being applicable to equity shares shall be applicable to the sweat equity shares issued under this section and the

pari passu with

share warrant is a document issued by the company under its common seal, stating that its bearer is entitled to the shares or

A warrant holder acquires only the right / option but he / she have no bligation to acquire the equity shares. Warrants

are usually issued along with other instruments or Share warrants are

negotiable instruments. They are transferable by mere delivery without registration of transfer.

e issued in two forms viz.: (1) Detachable warrant and (2) Non-detachable

hare is a unique term capital market instrument and it

combines some of the features of equity shares as debentures. As a hybrid form of

instrument, it is similar to debentures in stated rate of

dividend (ii) ranks higher than equity as a assets (iii) normally does nd (iv) does not have a

assets. It also partakes some of the attributes of equity capital, namely, (i) dividend on preference capital is paid out of

after tax profit, that is, it is not tax preference dividend

depends on the discretion of the management, that is, it is not an obligatory payment, and non-payment does not force insolvency / liquidation and (iii) irredeemable types of preference shares

There are several types of preference shares discussed as below:

- This kind of shares are entitled to get regular dividend at fixed rate. Moreover, they have a right for surplus of the company beyond a certain limit. These shareholders are also allowed to share in surplus assets of the company being wound up.

hares – The holders of this type of shares are not entitled to share the additional benefits that are happened in

ting preference shares. For such type of

he dividend not paid in a particular year availability of profit, the shareholders

are entitled to get arrear dividend out othe subsequent year or years.

D. Non-cumulative preference sholders of non-cumulative preference shares are not entitled to get arrear dividend out of profit of subsequent year or years in case of nonavailability of profit to dyear.

E. Convertible preference sbe converted to equity shares at the option of the holder. Hence, these shares are also known as quasi equity shares. Conversion of preference shares in to bonds or debentures is company wishes. The conversion feature makes preference shares more acceptable to investors. Even though the market for preference shares is not good at a point of time, the convertibility will make it attractive.

F. Non-convertible preferable spreference shares without the right of conversion are called non-convertible preference shares.

G. Redeemable preference smay issue redeemable preference shares to avoid fixed liability of payment, of equity shares and to make the capital structure simple or such other reasons.redeemed after a given period. repaid by the company on(i) the shares must be fully paid up; (ii) it must be redeemed either out of profit or out of reserve fund for the purpose; (iii) the premium must be paid if any.

H. Irredeemable preference smay issue irredeemable preference shares and these shares are not redeemable except on the liquidation of the company.

3. Debentures - Debenture is an instrument under seal evidencing debt. The essence of debenture is admission of indebtedness. It is a debt instrument issued by a company with a promise to pay interest and repay the principal on maturity. Debentures represent creditor debenture-holders are long term creditors of thcompany. As a secured instrument, it is a promise to pay interest and repay principal at stipulated times. In contrast to equity capital, which ivariable income security (i.e. in respect of dividend), the debentures are fixed income (i.e. in respect of interest) security.Companies Act, 1956 states that debenture includes debenture stock, bonds andsecurities of a company and Sec 2(30) of t


Oct 2018 Page: 461

are entitled to get arrear dividend out of profit of the subsequent year or years.

cumulative preference shares – But, the cumulative preference shares are

not entitled to get arrear dividend out of profit of subsequent year or years in case of non-availability of profit to declare dividend in any

Convertible preference shares - Such shares can be converted to equity shares at the option of the holder. Hence, these shares are also known as quasi equity shares. Conversion of preference shares in to bonds or debentures is permitted if company wishes. The conversion feature makes preference shares more acceptable to investors. Even though the market for preference shares is not good at a point of time, the convertibility will

convertible preferable shares – The preference shares without the right of conversion

convertible preference shares. Redeemable preference shares - A company

redeemable preference shares to avoid fixed liability of payment, to increase the earnings

to make the capital structure simple or such other reasons. These shares are redeemed after a given period. Such shares can be

on certain conditions, viz.: (i) the shares must be fully paid up; (ii) it must be

ed either out of profit or out of reserve fund for the purpose; (iii) the premium must be

Irredeemable preference shares – A company may issue irredeemable preference shares and hese shares are not redeemable except on the

company. Debenture is an instrument under

seal evidencing debt. The essence of debenture is admission of indebtedness. It is a debt instrument issued by a company with a promise to pay interest and repay the principal on maturity.

epresent creditor ship securities and holders are long term creditors of the

company. As a secured instrument, it is a promise repay principal at stipulated

times. In contrast to equity capital, which is a security (i.e. in respect of

dividend), the debentures are fixed income (i.e. in respect of interest) security. Sec 2 (12) of the Companies Act, 1956 states that debenture includes debenture stock, bonds and other securities of a company and Sec 2(30) of the



Companies Act, 2013, debenturedebenture stock, bonds or any other instrument of a company evidencing a debt, whether constituting a charge on the assets of the company or not. It is customary to appoint a trustee, usually an investment bank to protect the interests of the debenture holders. This is necessary as debenture deed would specify the rights of the debenture holders and the obligations of the company.are several types of debentures discussed as below:

A. Bearer Debentures - Bearer debentures are payable to bearer and are transferable by mere delivery. Interest coupons are attached to the certificate or bond. As interest date approacthe appropriate coupon is clipped off by the holder of the bond and deposited in his bank for collection. The bank may forward it to the fiscal agent of the company and proceeds are collected. Such bonds are negotiable by delivery.

B. Registered Debentures - In the case of registered debentures, the name and address of the holder and date of registration are entered in a book kept by the company. The holder of such a debenture bond has nothing to do except to wait for interest payment which is automatically sent him on every payment date. When such debentures are registered as to principals only, coupons are attached. The holder must detach the coupons for interest payment and collect them as in the case of bearer bonds.

C. Secured Debentures - Debenture which createcharge on the property of the company is a secured debenture. The charge may be floating or fixed. The floating charge is not attached to any particular asset of the company. But when the company goes into liquidation the charge becomes fixed. Fixed charge debentures are those where specific asset or group of assets is pledged as security. The details of these charges arementioned in the trust deed.

D. Unsecured / Naked Debentures - protected through any charge by any property or assets of the company. They are also known as naked debentures. Well established and credit worthy companies can issue such shares.

E. Redeemable Debentures - When the debentures are redeemable, the company has the right to call them before maturity. The debenturesoff before maturity, if the company can afford to do so. Redemption can also be brought about by



debentureǁ includes debenture stock, bonds or any other instrument of a company evidencing a debt, whether constituting a charge on the assets of the company

It is customary to appoint a trustee, usually o protect the interests of the

debenture holders. This is necessary as debenture deed would specify the rights of the debenture holders and the obligations of the company. There are several types of debentures discussed as

r debentures are payable to bearer and are transferable by mere delivery. Interest coupons are attached to the certificate or bond. As interest date approaches,

clipped off by the holder of the bond and deposited in his bank for ollection. The bank may forward it to the fiscal

agent of the company and proceeds are collected. Such bonds are negotiable by delivery.

In the case of registered the name and address of the holder

and date of registration are entered in a book kept by the company. The holder of such a debenture bond has nothing to do except to wait for interest payment which is automatically sent him on every

ch debentures are registered as to principals only, coupons are attached. The holder must detach the coupons for interest payment and collect them as in the case of

which creates a charge on the property of the company is a secured debenture. The charge may be floating or fixed. The floating charge is not attached to any particular asset of the company. But when the company goes into liquidation the charge becomes

rge debentures are those where specific asset or group of assets is pledged as security. The details of these charges are to be

These are not protected through any charge by any property or

of the company. They are also known as naked debentures. Well established and credit worthy companies can issue such shares.

When the debentures are redeemable, the company has the right to call them before maturity. The debentures can be paid off before maturity, if the company can afford to do so. Redemption can also be brought about by

issuing other securities less costly to the company in the place of the old ones.

F. Convertible Debenturesgiven to convert debentures inafter a specific period, they are called as convertible debentures. give the holders the rightequity shares on certain terms. They are entitled toa fixed income till the conversion option is exercised and would sharewith equity shares after the conversion.details about conversion terms, namely, conversion ratio, conversion premiumconversion timing are specified in the document / prospectus. Companies can issue Fully Convertible Debentures (FCDs) or Party Convertible Debentures (PCDs).

G. Non-convertible Debenturesissues, the holders of such debentures can buy a specified number of shares from the predetermined price. The option can be exercised only after a specified period.

H. Perpetual Debentures- issued subject to redemption on the happening of specified events which may not happen or an indefinite period, i.e. winding up, they are called perpetual debentures.

4. Innovative Debt Instruments improve the attractiveness of fixed income securities, namely - bonds and debentures, some new features have been added. As arange of innovative debt securities have emerged in India, particularly, after the early nineties.Bonds are debt instruments that are issued by companies / governments to raise funds for financing their capital requirements. By purchasing a bond, an investor lends money for a fixed period of time at a predetermined inte(coupon) rate. Bond has fixed face value which is the amount to be returned to the investor upon maturity of the bond. During this period, the investors receive a regular payment of interest, semi-annually or annually, which is calculated as a certain percentage of the face value and known as a ‘coupon payment.’ Bonds can be issued at par, at discount or at premium. and bonds mean the same. In Indian parlance, debentures are issued by government or semi-government bodies. But now, corporate are also issuing bonds which carry comparatively lower interest rates and preference in repayment at the time of winding up,


Oct 2018 Page: 462

issuing other securities less costly to the company in the place of the old ones.

- When an option is given to convert debentures into equity shares after a specific period, they are called as

Convertible debentures e the holders the right to convert them into

equity shares on certain terms. They are entitled to ill the conversion option is

exercised and would share the benefits associated with equity shares after the conversion. All the details about conversion terms, namely, conversion ratio, conversion premium / price and conversion timing are specified in the offer

prospectus. Companies can issue Fully Convertible Debentures (FCDs) or Party Convertible Debentures (PCDs).

convertible Debentures – If the company issues, the holders of such debentures can buy a specified number of shares from the company at a predetermined price. The option can be exercised only after a specified period.

If the debentures are issued subject to redemption on the happening of specified events which may not happen or an

nding up, they are called

Innovative Debt Instruments - In order to improve the attractiveness of fixed income

bonds and debentures, some new features have been added. As a result, a wide

securities have emerged particularly, after the early nineties.

Bonds are debt instruments that are issued by governments to raise funds for

financing their capital requirements. By purchasing a bond, an investor lends money for a

ed period of time at a predetermined interest fixed face value which is

the amount to be returned to the investor upon During this period, the

investors receive a regular payment of interest, annually, which is calculated as

a certain percentage of the face value and known as a ‘coupon payment.’ Bonds can be issued at

premium. Both debentures and bonds mean the same. In Indian parlance, debentures are issued by corporate and bonds by

government bodies. But now, are also issuing bonds which carry

comparatively lower interest rates and preference in repayment at the time of winding up,



comparing to debentures. The government, public sector units and corporate are the dominant issuers in the bond market. Bonds issued by the Government of India can be traded in the secondary market. The different typesare discussed as below:

A. Zero Interest Bonds (ZIBs) - Also known as Zero Coupon Bonds (ZCBs) or Zero InterestDebentures (ZIDs), the instruments do not carry any explicit / coupon rate of interest. They are sold at a discount from their maturity value. Thedifference between the face value of the bond and the acquisition cost is the gain / investors. The implicit rate of returnsuch bonds can be computed by the equation:Acquiring price = Maturity (Face) Value / (1+i)where, i = rate of interest per rupee per year and n = maturity period (years).

B. Deep Discount Bond (DDB) - A Deep Discount Bond is a form of Zero Interest Bond (ZIB). It isissued at a deep / steep discount over its face value. It implies that the interest (coupon) rate is far less than the yield to maturity. The DDBappreciates to its face value over the maturity period. DDBs are being issued by the public financial institutions in India, namely SIDBI and so on.

C. Mortgage Bonds - This is the common type of bonds issued by the corporate. Mortgage bonds are secured by physical assets of the corporation such as their building or equipment.

D. Convertible Bonds - This type of bond allows the bond holder to convert their bonds into shares of stock of the issuing corporation. Conversion ratio (number of equity shares in lieu of a convertible bond) and the conversion price (determined at the time of conversion) are pre-specified at the time of bonds issue.

E. Step-Up Bonds - A bond that pays a lower coupon rate for an initial period which, then increases to a higher coupon rate.

F. Callable and Non-Callable Bonds be called (redeemed) prior to maturity, the bond is said to be callable. If a bond cannot be called prior to maturity, it is said to be non-callable.from 1992, when the Industrial DevelopmentBank of India issued bonds with call features, several callable bonds have emerged in the country in the recent years. Call provisions provide flexibility to the company to redeem them prematurely. Generally, firms issue bonds at a



The government, public are the dominant issuers

in the bond market. Bonds issued by corporate and the Government of India can be traded in the

types of bonds

Also known as upon Bonds (ZCBs) or Zero Interest

Debentures (ZIDs), the instruments do not carry of interest. They are

sold at a discount from their maturity value. The difference between the face value of the bond and

return to the investors. The implicit rate of return / interest on

bonds can be computed by the equation: ty (Face) Value / (1+i)n

est per rupee per year and n

A Deep Discount Bond is a form of Zero Interest Bond (ZIB). It is

steep discount over its face interest (coupon) rate is

far less than the yield to maturity. The DDB appreciates to its face value over the maturity period. DDBs are being issued by the public financial institutions in India, namely - IDBI,

This is the common type of . Mortgage bonds

red by physical assets of the corporation

This type of bond allows the bond holder to convert their bonds into shares of stock of the issuing corporation. Conversion ratio

lieu of a convertible bond) and the conversion price (determined at the

specified at the time of

A bond that pays a lower coupon rate for an initial period which, then

- If a bond can be called (redeemed) prior to maturity, the bond is said to be callable. If a bond cannot be called prior

callable. Beginning from 1992, when the Industrial Development

India issued bonds with call features, emerged in the

country in the recent years. Call provisions flexibility to the company to redeem them

issue bonds at a

presumably lower rate oconditions are favorable to redeem such bonds.

G. Option Bonds - In this type, the investors have the option to choose between cumulative or noncumulative bonds. In the case of cumulative bonds, interest is accumulated and is payable omaturity only. In non-cumulative type interest is paid periodically.

H. Bonds with Warrants -holder to buy a number of equity shares at a prespecified price in future. Bonds are issued with warrants to make it more attractive.

I. Floating Rate Bonds (FRBs)bonds are bonds wherein the interest rate is not fixed and is linked to a benchmark rateinterest on treasury bills, bank rate andrate on term deposits. It is typically a certain percentage point higher than the benchmark rate. The price of FRBs tends to be fairlyclose to par value in comparison to fixed interest bonds. They provide protection against inflation risk to investors, particularly ininterest rates provided by banks ainstitutions.

J. Secured Premium Notes (SPNs) secured debenture, redeemable at a premium over the face value / purchase price. It resembles ZIB. There is a lock-in-periodwhich no interest is paid. The holder hoption to sell the SPN back to the issuing company, at par, after the lockredemption is made in installments. The SPN is a tradable instrument. Although the SPN is akin to a ZIB to the extent it has no coupon rate(where the interest payment and principal repayment are spread over a period of some years), whereas in case of ZIBs the entireis made in lump sum on maturity.

5. Derivative instruments instrument whose value is derived from the value of one or more underlyingcommodities, precious metals,stocks, stock indices, etc. Derivative instruments in Indian stock exchanges are Index Futures, Stock Futures, Options on Index andIndividual Stocks. At present on NSE, different Index Futures are Nifty Future, Bank and CNX IT Future and differentare Option on Nifty, Option on Bank Nifty and Option on CNX IT. Besides these, Stock Futures on specified individual stocks on NSE anthose specified stocks on NSE are allowed to


Oct 2018 Page: 463

f interest when market conditions are favorable to redeem such bonds.

In this type, the investors have the option to choose between cumulative or non-cumulative bonds. In the case of cumulative

interest is accumulated and is payable on cumulative type interest is

- A warrant allows the holder to buy a number of equity shares at a pre-specified price in future. Bonds are issued with warrants to make it more attractive.

(FRBs) - Floating rate bonds are bonds wherein the interest rate is not fixed and is linked to a benchmark rate such as interest on treasury bills, bank rate and maximum rate on term deposits. It is typically a certain

than the benchmark rate. The price of FRBs tends to be fairly stable and close to par value in comparison to fixed interest

provide protection against inflation risk to investors, particularly in comparison to interest rates provided by banks and financial

Secured Premium Notes (SPNs) - The SPN is a secured debenture, redeemable at a premium over

purchase price. It resembles to a period for SPN, during

which no interest is paid. The holder has the sell the SPN back to the issuing

company, at par, after the lock-in-period. The redemption is made in installments. The SPN is a

Although the SPN is akin to a ZIB to the extent it has no coupon rate of interest

the interest payment and principal spread over a period of some

years), whereas in case of ZIBs the entire payment is made in lump sum on maturity.

- Derivative is an instrument whose value is derived from the value

one or more underlying assets which can be commodities, precious metals, currency, bonds, stocks, stock indices, etc. Derivative instruments

stock exchanges are Index Futures, Stock Futures, Options on Index and Options on

present on NSE, different Nifty Future, Bank Nifty Future,

and different Index Options Option on Nifty, Option on Bank Nifty and

CNX IT. Besides these, Stock Futures on specified individual stocks on NSE and on those specified stocks on NSE are allowed to



trade. A brief description on each typederivative instruments in Indian market isunder:

A. Sensex Future and Nifty Future - in BSE is a financial derivative product enabling one to buy or sell underlying Sensex on a future date at a price decided by the marketIt is the first financial derivative productThe security name used for Sensex Fuis BSX. On NSE, the similar type of indexfuture is Nifty Future. The security name and ticker symbol used for Nifty Future is NFUTIDX NIFTY.

B. Stock Future - Stock Future is a financial derivative product where the underlying asset is an individual stock. It is also called EThis derivative product enables one to buy or sell the underlying stock on a future date at a price decided by the market forces today. theoretical price of a future contract is sum of the current spot price and cost of carry. However, thactual price of futures contract very upon the demand and supply of the underlying stock. Generally, the Futures prices are higher than the spot prices of the underlying stocks. Futures Price = Spot price + Cost of Carry. Cost of Carry is the interest cost of a similar position in cash market and carried the Futures contract less any dividend expected till the expiry of the contract. Example: Spot Price of Infosys = Rs. 2000; Interest Rate = 12% p.a.Futures Price of 1 month contract = Rs. 2,000 + Rs. (2,000 x 0.12 x 30/365) = Rs. (2,000+20) = Rs. 2,020.

C. Stock Index - It is a financial derivative product where the underlying asset is the stock index of a particular stock exchange. This financial derivative product enables one to buy or sell Call Option or Put Option (to be exercised at a future date) on the underlying asset (i.e. Stock Index) at a premium decided by the market forces today. On NSE, currently among various Stock Index Options available for trading, Options on Niftand Options on Nifty Junior are very popular. On BSE, the most commonly used Stock Index Option is Option on Sensex. A Stock Index Option gives an investor the right to buy or sell the value of an index which represents a group of stocks. Such Index Options are quoted with Price and Premium per Option in Rupees along with paise. A Call Option gives the holder (buyer/one who is long Call), the right to buy



each type of instruments in Indian market is made as

Sensex Future is a financial derivative product enabling

sell underlying Sensex on a future date at a price decided by the market forces today.

st financial derivative product in India. The security name used for Sensex Future in BSE

the similar type of index-based The security name and

ticker symbol used for Nifty Future is NFUTIDX

Stock Future is a financial derivative product where the underlying asset is

idual stock. It is also called Equity Future. This derivative product enables one to buy or sell the underlying stock on a future date at a price decided by the market forces today. The

uture contract is sum of the . However, the much depends

upon the demand and supply of the underlying Generally, the Futures prices are higher

underlying stocks. Futures Price = Spot price + Cost of Carry.

e interest cost of a similar to maturity of

the Futures contract less any dividend expected till : Spot Price of

Infosys = Rs. 2000; Interest Rate = 12% p.a. ntract = Rs. 2,000 +

30/365) = Rs. (2,000+20) =

It is a financial derivative product stock index of a

particular stock exchange. This financial buy or sell Call

exercised at a future date) on the underlying asset (i.e. Stock Index) at

premium decided by the market forces today. On various Stock Index

Options on Nifty are very popular. On

used Stock Index . A Stock Index

gives an investor the right to buy or sell represents a group of

ons are quoted with Strike per Option in Rupees along

gives the holder (buyer/one who is long Call), the right to buy

specified quantity of the underlying asset at the strike price on or before expiration date inAmerican style of Option. The seller (one who is short Call) however, has the obligation to sell the underlying asset if the buyer of the Call Option decides to exercise his Option to buy.An investor buys One European Call Option of Infosys at the strike price of Rs. 2,000 at a premium of Rs. 100. If the market price of Infosys on the day of expiry is more than Rs. 2,000, the Option will be exercised. The investor will earn profits once the share price crosses Rs. 2,100 (, i.e., strike Price Rs. 2,000 + Premium Rs. 100). Suppose stock price on the expiry date is Rs. 2,300, the Option will be exercised and the investor will buy 1 share of Infosys from the seller of the Option at Rs. 2,000 and sell it in the market at Rs. 2,300 making a profprice – Strike price) – scenario, if at the time of expiry, stock price falls below Rs. 2,000, suppose it touches Rs. 1,800, the buyer of the Call Option will choose not to exercise his Option. In this case the invthe premium paid (i.e., Rs. 100), which shall be the profit earned by the seller of the Call Option.A Put Option gives the holder (buyer/one who is long Put), the right to sell specified quantity of the underlying asset at the strike price on expiry date (in case of American style Option). The seller of the Put Option (one who is short Put) however, has the obligation to buyasset at the strike price if the buyer decides to exercise his Option to sell.buys one European Put Option of HPCL at thestrike price of Rs. 300, at a premium of Rs. 25. If the market price of HPCL, on the day of expiry is less than Rs. 300, the Option can beis ‘in the money’ . The investor’s Break Even Point (i.e., no profit no loss situ(Strike Price - Premium paid). Theearn profit if the market falls below Rs. 275. Suppose stock price is Rs. 260, the buyer of the Put Option immediately buys HPCLmarket @ Rs. 260 and exercises his Option, selling the HPCL share at Rs. 300 to the Option writer thus making a net profit of Rs. 15price – Spot price) – Premium paid}. In another scenario, if at the time of expiry, market price of HPCL is Rs. 320, the buyer of choose not to exercise his Option to sell as he can sell in the market at a higher rate. In this case the investor loses the premium paid


Oct 2018 Page: 464

specified quantity of the underlying asset at the strike price on or before expiration date in case of American style of Option. The seller (one who is short Call) however, has the obligation to sell the underlying asset if the buyer of the Call Option decides to exercise his Option to buy. Example: An investor buys One European Call Option of

sys at the strike price of Rs. 2,000 at a premium of Rs. 100. If the market price of Infosys on the day of expiry is more than Rs. 2,000, the Option will be exercised. The investor will earn profits once the share price crosses Rs. 2,100 (,

ice Rs. 2,000 + Premium Rs. 100). Suppose stock price on the expiry date is Rs. 2,300, the Option will be exercised and the investor will buy 1 share of Infosys from the seller of the Option at Rs. 2,000 and sell it in the market at Rs. 2,300 making a profit of Rs. 200 {(Spot

Premium}. In another scenario, if at the time of expiry, stock price falls below Rs. 2,000, suppose it touches Rs. 1,800, the buyer of the Call Option will choose not to exercise his Option. In this case the investor loses the premium paid (i.e., Rs. 100), which shall be the profit earned by the seller of the Call Option.

gives the holder (buyer/one who is to sell specified quantity of the

underlying asset at the strike price on or before the expiry date (in case of American style Option).

the Put Option (one who is short Put) however, has the obligation to buy the underlying asset at the strike price if the buyer decides to

Option to sell. Example: An investor buys one European Put Option of HPCL at the strike price of Rs. 300, at a premium of Rs. 25. If

HPCL, on the day of expiry is less than Rs. 300, the Option can be exercised as it

. The investor’s Break Even no profit no loss situation) is Rs. 275

Premium paid). The investor will et falls below Rs. 275.

price is Rs. 260, the buyer of the Put Option immediately buys HPCL share in the

and exercises his Option, share at Rs. 300 to the Option

writer thus making a net profit of Rs. 15 {(Strike Premium paid}. In another

the time of expiry, market price of HPCL is Rs. 320, the buyer of the Put Option will choose not to exercise his Option to sell as he can

market at a higher rate. In this case the investor loses the premium paid (i.e. Rs. 25),



which shall be the profit earned by the seller of the Put Option.

D. Swaps - A swap is a derivative contracttwo parties to exchange cash flows in the futureaccording to a prearranged formularegarded as portfolios of forward contracts.Interest rate swaps and currency swaps are most popular swap contracts which arover the counters between financial institutions. These contracts are not traded on exchanges. Retail investors generally do not trade in swaps.

E. Forward contract - A forward contract is an Over The Counter (OTC) customized between two parties – a buyer and a seller to purchase or sell something at a later date at a price agreed upon today. Forward contracts, sometimes called forward commitments are very common in everyone life. Any type of contractual agreement that calls for the future purchase of a good or service at a price agreed upon today and without the right of cancellation is a forward contract.

6. Government instruments – The government, either central government, state government or local governments, such as, municipalities, metropolitan authorities, port trusts, development trusts, state electricity boards, public sector undertakings and other government agencies, viz. IDBI, SFCs, NABARD, SIDCs, etc.term funds by issuing bonds. These bonds do not carry any risk and they are as good as government guarantees in regard to the payment of interest as well as repayment of principal money. also known as gilt-edged bonds.

7. Fixed Deposit - Fixed Deposit is that kind of bank account, where the amount of deposit is fixed for a specified period of time. All Commercial banks are given these opportunities to their customers for opening a fixed account in their bank. In a Fixed account, the amount of deposit is fixed, which means we cannot withdraw an unlimited amount from this account; therefore it is also called a Fixed Deposit. If an account holder wants to withdraw a small amount of money from their account, then he will require closing of tdeposit account. The main purpose of account holders to open this account is to earn interest money from their actual money, which is given by the banks during a specified period of time.

8. Hedge Fund - Hedge funds including fund of funds are unregistered private investment partnership, funds or pools that may invest and trade in many different markets, strategies and



which shall be the profit earned by the seller of the

a derivative contract between two parties to exchange cash flows in the future according to a prearranged formula. They can be regarded as portfolios of forward contracts. Interest rate swaps and currency swaps are the

which are traded over the counters between financial institutions. These contracts are not traded on exchanges. Retail investors generally do not trade in swaps.

A forward contract is an Over The Counter (OTC) customized agreement

a buyer and a seller to purchase or sell something at a later date at a price agreed upon today. Forward contracts, sometimes

are very common in everyone life. Any type of contractual agreement

purchase of a good or service at a price agreed upon today and without the right of cancellation is a forward contract.

The government, either central government, state government or

s, such as, municipalities, ropolitan authorities, port trusts, development

te electricity boards, public sector undertakings and other government agencies, viz. IDBI, SFCs, NABARD, SIDCs, etc. raises long

These bonds do not they are as good as government

guarantees in regard to the payment of interest as well as repayment of principal money. These are

Fixed Deposit is that kind of bank account, where the amount of deposit is fixed for a specified period of time. All Commercial banks are given these opportunities to their customers for opening a fixed account in their bank. In a

unt of deposit is fixed, which means we cannot withdraw an unlimited amount from this account; therefore it is also called a Fixed Deposit. If an account holder wants to withdraw a small amount of money from their account, then he will require closing of the fixed deposit account. The main purpose of account holders to open this account is to earn interest money from their actual money, which is given by the banks during a specified period of time.

Hedge funds including fund of private investment

partnership, funds or pools that may invest and in many different markets, strategies and

instruments (including securities, non securities and derivatives) and are not subject to theregulatory requirements as mutual fincluding mutual fund requirements to provide certain periodic and standardized pricing andvaluation information to investors. Hedge funds are sometime called as rich man’s mutual funds.

9. Gold Exchange Trade fundsFunds) Amendment Regulations dated January 24, 2006 permitted introduction of GoldTraded Fund schemes by Mutual Fund. Gold Exchange Traded Fund (GETF) schemes are permitted to invest primarily in Goldrelated instruments i.e. such instruments having gold as underlying as are specified by SEBI from time to time.

10. Foreign instruments instruments which are very much attractive to the investors in the global financial markets. instruments are denominated in dollars. instruments are mentioned as follows:

A. NRI bonds – NRI bonds are forex deposits raised from non-resident Indians at attractive rates for 35 years, with some lock-guarantee. RBI issues NRI bondsrupee and offset the slowdown investment (FPI) flows amid rising oil pricesFPI inflows to India will be impacted by Chinese firms listing in global benchmark MSCI. According to a Bank of America Merrill Lynch (BofAML) report, the listing in benchmark indices will shift up to USD 100 billion to China market by 2019.

B. ADR / GDR - Indian Capital Market was dominated mostly by Indian investors till early part of the 1990s. Since 1992, being integrated with global market, Indian Companies have been raising funds not only from the local markets and institutions but also from foreign markets as well in the form of ADRs (American Depository Receipts) and GDRs (Global Receipts). These two instruments are collectively known as Euro Issues. This gives Indian Companies access to low cost funds but they have to adopt international accounting practices in order to approach the foreign markets.

C. IDRs – Indian Depository Receipts (IDRs) are the instruments denominated in Indian rupees in the form of depository receipts against the underlying equity of issuing company enabling foreign companies to raise funds from the Indian market. It is a positive step of government


Oct 2018 Page: 465

securities, non securities and derivatives) and are not subject to the same regulatory requirements as mutual funds,

requirements to provide certain periodic and standardized pricing and valuation information to investors. Hedge funds

rich man’s mutual funds. Gold Exchange Trade funds - SEBI (Mutual

lations dated January 24, 2006 permitted introduction of Gold Exchange Traded Fund schemes by Mutual Fund. Gold

Traded Fund (GETF) schemes are permitted to invest primarily in Gold and Gold related instruments i.e. such instruments having

underlying as are specified by SEBI from

Foreign instruments – There are some instruments which are very much attractive to the investors in the global financial markets. These instruments are denominated in dollars. These instruments are mentioned as follows:

are forex deposits raised resident Indians at attractive rates for 3-

-in and an implicit RBI NRI bonds to support the

rupee and offset the slowdown in foreign portfolio amid rising oil prices. The

FPI inflows to India will be impacted by Chinese listing in global benchmark indices like According to a Bank of America Merrill

the listing in benchmark indices will shift up to USD 100 billion to China

Indian Capital Market was dominated mostly by Indian investors till early

ce 1992, being integrated arket, Indian Companies have been

raising funds not only from the local markets and institutions but also from foreign markets as well in the form of ADRs (American Depository Receipts) and GDRs (Global Depository Receipts). These two instruments are collectively known as Euro Issues. This gives Indian Companies access to low cost funds but they have to adopt international accounting practices in order to approach the foreign markets.

tory Receipts (IDRs) are the instruments denominated in Indian rupees in the form of depository receipts against the underlying equity of issuing company enabling foreign companies to raise funds from the Indian market. It is a positive step of government of India to



integrate Indian capital market with the global capital markets in the era of globalization of economy.

CONCLUSION Capital market refers to a type of financial marketwhere individuals and institutions are trading in financial securities issued by governments and companies from time to time. Here the buyers and sellers of securities can enter to purchase and sell all types of securities like shares, debentures, bonds, etc. These capital market instruments play important role in Indian economy under the present scenario of globalization and liberalization. Many reform measures have been taken by the government of India after 1990s. Presently, Indian capital market is not only for Indian investors. It facilitates the internationalization of Indian economy by linking it with rest of the world. The lace of advance and vibrant capital market instruments can lead to under utilization of financial resources. The above list of capital market instruments is not exhaustive but inclusive. Other instruments may be created with the approval of capital market regulator depending upon the requirement of the economy and industry. REFERENCES Books: 1. Sarkhel Jaydeb and Gupta Arindam

Capital Market: Theory and Institutions, Syndicate Private Ltd.

2. Das Subhash Chandra (2015), System in India: Markets, Instruments, Institutions, Services and Regulation, PHI Learning Private Limited, Delhi.

3. Bhaskara, P. Vijaya & Mahapatra, B. (2003), Derivatives Simplified: An Introduction to Risk Management, Sage Publication, New Del

4. Majumdar, A. K. and Kapoor. G. K. (2005), Students’ Guide To Company Law, Publications (P) Ltd., New Delhi



integrate Indian capital market with the global capital markets in the era of globalization of

s to a type of financial market where individuals and institutions are trading in

issued by governments and Here the buyers and

sellers of securities can enter to purchase and sell all types of securities like shares, debentures, bonds, etc. These capital market instruments play important role

nomy under the present scenario of Many reform

ve been taken by the government of India Presently, Indian capital market is not

only for Indian investors. It facilitates the internationalization of Indian economy by linking it with rest of the world. The lace of advance and vibrant capital market instruments can lead to under

The above list of is not exhaustive but

inclusive. Other instruments may be created with the approval of capital market regulator depending upon the requirement of the economy and industry.

Gupta Arindam (2002), Institutions, Book

Das Subhash Chandra (2015), the Financial System in India: Markets, Instruments, Institutions, Services and Regulation, PHI

Bhaskara, P. Vijaya & Mahapatra, B. (2003), Derivatives Simplified: An Introduction to Risk Management, Sage Publication, New Delhi

K. and Kapoor. G. K. (2005), Students’ Guide To Company Law, Taxmann

5. Vashisht, A. K. & Gupta, R. K. (2005), Investment Management and Stock Market, Deep & Deep Publication Pvt. Ltd. New Delhi

Articles in Journals: 1. Vashistha, S. D., The Secondary Capital Market:

Some Important Aspects, Commerce, Conference Issue (2001)4

2. Vijaysingh Thakur Devendrasingh, Emerging Issues in Capital Market, Commerce, Conference Issue (2001)4

3. Thakur, P. C. and J. Raghakardar Pal Singh, Reflections on the Changing Scenario of the Indian Stock Exchanges, Commerce, Conference Issue (2001)4

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4. https://www.slideshare.net/.../instrumentsmoney-market-and-capital

5. https://www.businessmenmanagementideas.com

6. www.swlearning.com/finance/burton/fmi/powerpoint/ch03.ppt

7. www.inc.com/encyclopedia

8. www.martinfowler.com

9. www.financenectar.com/capitalinstruments-in-india/

10. www.lexicon.ft.com

11. www.anilrazb.worldpress.com

12. www.wikipedia.org

13. www.businessjargons.com


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Vashisht, A. K. & Gupta, R. K. (2005), Investment Management and Stock Market, Deep & Deep Publication Pvt. Ltd. New Delhi

Vashistha, S. D., The Secondary Capital Market: Some Important Aspects, The Indian Journal of Commerce, Conference Issue (2001), Vol. 54 No.

Vijaysingh Thakur Devendrasingh, Emerging Issues in Capital Market, The Indian Journal of

ference Issue (2001), Vol. 54 No.

Thakur, P. C. and J. Raghakardar Pal Singh, Reflections on the Changing Scenario of the Indian Stock Exchanges, The Indian Journal of

Conference Issue (2001), Vol. 54 No.

https://financeaccountingsimplified.com/tag/capita

https://www.slideshare.net/kartikganga/capital-

https://www.slideshare.net/Nasaso90/capital-

https://www.slideshare.net/.../instruments-of-capital-market

https://www.businessmenmanagementideas.com

www.swlearning.com/finance/burton/fmi/powerpo

www.inc.com/encyclopedia

www.financenectar.com/capital-market-

b.worldpress.com

www.businessjargons.com

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