World Bank2014-08-222014-08-222006-12https://hdl.handle.net/10986/19625A well-developed corporate bond market is essential for the efficiency and stability of a country's financial system and the overall growth of its economy. Issuers and investors' access to the market provides for financial diversification and facilitates necessary financing, which benefits not only AAA-rated corporations but also less well known, sub-investment grade corporations and infrastructure developers. This note examines the state of India's corporate bond market, identifies constraints that inhibit its size and depth, and suggests reform measures that India needs to take to develop its market into a competitive source of financing for a wide range of issuers and an attractive investment for a wide range of investors. Recommendations are based not only on an assessment of conditions in India, but also on relevant international experience.en-USCC BY 3.0 IGOACCOUNTINGAUCTIONBALANCE SHEETSBANK FOR INTERNATIONAL SETTLEMENTSBANK LENDINGBANK REGULATIONSBANKING CRISESBANKING SECTORBANKING SYSTEMBANKRUPTCYBANKRUPTCY LAWSBANKSBOND DEBTBOND ISSUESBOND MARKETBOND MARKETSBONDSBORROWINGCAPITAL FLOWSCAPITAL MARKETSCAPITAL REQUIREMENTSCAPITALIZATIONCOMMERCIAL BANKSCOMPANYCORPORATE BONDSCORPORATE DEBTCORPORATE FINANCECORPORATE GOVERNANCECORPORATE PERFORMANCECORPORATIONCORPORATIONSCREDIT RATINGCREDIT RATING AGENCIESCREDIT RATINGSCREDIT RISKDEBTDEBT INSTRUMENTSDERIVATIVESDISCLOSURE OF INFORMATIONDIVERSIFICATIONECONOMIC GROWTHEMERGING MARKETEMERGING MARKETSEQUITY CAPITALEXPANSIONFAIRFINANCIAL ASSETSFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MARKETSFINANCIAL STABILITYFINANCIAL SYSTEMSFIRMSFOREIGN ASSETSFOREIGN EXCHANGEGROSS DOMESTIC PRODUCTINFRASTRUCTURE FINANCINGINSURANCEINSURANCE COMPANIESINSURERSINTEREST RATESINVESTMENT IN INFRASTRUCTURELATIN AMERICANLAWSLEGISLATIONLIFE INSURANCELIFE INSURANCE COMPANIESLIQUIDITYMACROECONOMIC STABILITYMARKET ACCESSMARKET DEVELOPMENTMARKET DISCIPLINEMARKET MICROSTRUCTUREMARKET REFORMMARKET REFORMSMATURITIESMONETARY POLICYMONEY MARKETMUTUAL FUNDSNON-LIFE INSURANCEOFFERINGSPENSION FUNDSPENSIONSPORTFOLIOSPRICING MECHANISMPRIVATE PENSION FUNDSPRIVATE SECTOR DEVELOPMENTPROVIDENT FUNDSRATING AGENCIESREGULATORY FRAMEWORKREGULATORY FRAMEWORKSREGULATORY REGIMERESERVE BANK OF INDIARESOURCE MOBILIZATIONRETAILRISK MANAGEMENTRISK SHARINGSAVINGSSECURITIESSECURITIES MARKETSSECURITIES TRADINGSECURITIZATIONSETTLEMENT RISKSSETTLEMENT SYSTEMSSPONSORSSTOCK EXCHANGESSYSTEMIC RISKTAXATIONTRANSPARENCYTURNOVER10.1596/19625