The initial euphoria created by liberalisation and scam-induced spurt in share prices helped mobilisation of large amount of resources from the market. Far from raising resources directly from the investors, companies, for the past few years have been, however, resorting to private placements and borrowings (Table-I). Households on their part have been denouncing corporate securities (Table-II). The primary market is practically dry (Table-III). There was, however, a brief upswing in 2000 when the so-called new economy stocks flooded the market with many issues of dubious quality. On the other hand, relative importance of assistance disbursed by financial.
