The forces of change unleashed in the Indian Capital Markets over the last decade have transformed the structure and functioning of these markets. Most of these changes were triggered by the financial sector reforms initiated by Government of India in the wake of policies of liberalization and globalization. These reforms were aimed primarily at improving market efficiency, enhancing transparency and bringing the Indian Capital Market upto the international standards.

The development in the Indian Capital market were well acknowledged, but there also arose a number of pertinent questions: What has been the experience of derivatives in Indian capital markets since their introduction? To what extent have these instruments been able to serve their objectives? What are the roadblocks in their success in the Indian capital markets?

Recognizing the need to seek answers to these pertinent questions, the AFCON, Department of Financial Studies, organized its XlVth Annual Convention on "INDIAN CAPITAL MARKETS:
THE EMERGING DIMENSIONS" on October 26, 2002 at Hotel Le Meridien, New Delhi.

In keeping with the MFC tradition, this convention also witnessed an overwhelming industry participation with nearly 200 corporate delegates besides numerous academicians and students of business schools.

The event was inaugurated by Mr.C.S. Kahlon, ED, SEBI, while the keynote address was delivered by Mr.M.L.Suneji, Senior Vice President, NSE. Prof Shirin Rathore, Joint Director, South Campus, presided over the function.

The topic for the First Technical Session was 'Financial Derivatives: The Indian Experience'

The speakers for the first technical session were as follows:

Prof. L.C. Gupta, Director, Society for Capital Market Research & Development
Dr. Ajay Shah, Consultant, Department of Economic Affairs.
Mr. Lalit K. Khanna, Executive Director, Escorts Securities.
Mr. Chander Sethi, Head Treasury, HDFC Bank
Mr.Pankaj Chopra, Senior Fund Manager, HDFC AMC

The Second Technical Session deliberated on 'The Indian Debt Market : Growth and Development'. The speakers for the session were:

Mr. Nageshwar Rao, MD, IDBI Capital Market Service.
Mr. Gagan Rai, Executive Director, NSDL
Mr. Arun Kaul, MD, PNB Gilts
Mr. Ravi Sardana, VP, ICICI Securities
Mr. Rakesh Walecha, Senior Analyst, FITCH Ratings India Pvt Ltd.

Prof. Muneesh Kumar welcoming the guests at the XIV Annual Convention "Indian Capital Market The Emerging Dimensions"

Sitting from LtoR: Aekloveya Shyam, Prof. O.P. Gupta, Mr. C. S. Kahlon, Prof. Shirin Rathore, Mr. M. L. Suneji, Richa Gael.