The document discusses the financial services sector in India. It outlines that the sector was previously dominated by commercial banks and institutions, but economic liberalization transformed the sector. The sector was characterized by excessive regulations on interest rates, security prices, and foreign investment restrictions. However, reforms introduced more financial instruments, credit rating agencies, and developed the government securities market. The document also defines financial services, describes the nature and types of fund-based and fee-based services, and outlines the development and key players in India's financial services industry.