The securities market is the ecosystem where financial instruments are born, traded, and regulated. It includes the primary market (new securities are issued — IPOs, bond offerings) and the secondary market (existing securities are traded — stock exchanges). Both are essential for a functioning capitalist economy.
Key participants: issuers (companies raising capital), investors (individuals and institutions buying securities), intermediaries (brokers, dealers, investment banks), and regulators (SEC, SEBI, FCA). Market infrastructure includes stock exchanges, clearing houses (NSCCL, DTCC), and depositories (NSDL, CDSL).
India's securities market has grown from 4 million demat accounts in 2010 to over 15 crore in 2024 — a revolution in retail participation. SEBI has strengthened investor protection through regulations on insider trading, corporate governance, and market manipulation. The shift to T+1 settlement (completed in 2023) made India one of the fastest-settling markets globally.