This document provides an overview of the capital markets in India, including recent developments and innovations. It defines a capital market as a market for raising long-term funds through debt and equity securities. The capital markets consist of primary markets for new securities and secondary markets for existing securities. Recent innovations include internet trading, asset-backed securities, scripless trading, and capital market linked insurance products. Developments include electronic government security trading, gold exchange traded funds, demutualization of stock exchanges, and regulations around private debt placements and IPO fund usage.