Recent Indian Capital Market Reforms are:
The Indian capital market, which has a long history spanning over 100 years, is currently passing through the most radical phase. Although the Indian capital market witnessed some significant changes during the eighties, both the primary and the secondary segments continued to suffer from some serious deficiencies.

Image Courtesy : upload.wikimedia.org/wikipedia/commons/9/93/Barclays_HQ.jpg
Many unhealthy practices prevailed in the primary market to attract the retail investors. Another disturbing feature was the high cost of new issues.
Although over the years, a number of agencies came into existence offering different types of services in connection with the new issues of capital, their activities were not overseen by any regulatory authority.
The problems were even more serious in the secondary market. The general functioning of stock exchanges was not satisfactory. The exchanges were governed by their internal bye- laws and managed by their Governing Bodies, which were dominated by elected member- brokers.
Trading members were also not adequately capitalised. Insider trading was rampant and was one of the major causes of excessive speculative activity, leading to default by stock brokers, frequent payment crises and disruption of market activity. The stock exchanges followed inefficient and outdated trading systems.
This, in turn, led to lack of transparency in trading operations, besides resulting in long and uncertain settlement cycles. The risk management system in the market was also not satisfactory. Though the margin system was operative, the margins were inadequate and the system of collection of margins was not enforced strictly.
Post-trade settlement procedures also suffered from some serious drawbacks, such as, high share of bad deliveries, delayed settlements, sometimes clubbing of settlements, etc.