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Part VII: Financial Systems
a commercial paper for a minimum of INR 2.5 million. In the
capital market each instrument is valued for small amount.
For instance, each share of a company costs INR 10 and each
debenture is INR 100.
(v) Constituents of the market: The Reserve Bank, commercial
banks and discount houses, acceptance houses and non-
banking fi nance companies (NBFCs) constitute the money
market, whereas the capital market comprises development
banks and insurance companies. They are the dominant
players in the capital market.
(vi) Existence of secondary markets: Generally there are no sec-
ondary markets for instruments of money market. On the other
hand, capital market instruments have a secondary market. For
instance, ...