India has a very sophisticated and well-developed equity market -- comparable with the best in the world; however, the debt markets in India remain underdeveloped. Former deputy governor of the Reserve Bank of India (RBI), Shyamala Gopinath, had once stated that the RBI is keen to develop the corporate bond market in India. She said, however, that none of the stakeholders have really been able to tell the RBI what changes they need in the regulatory environment for the development of the bond market........
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