Synopsis India has witnessed in the past two decades substantial changes in the money and capital markets. The money market scenario, which has emerged since 1980s, has witnessed new instruments and new directions have been chalked out. It is to be noted here that, strictly speaking, the money market deals with short term flow of funds whereas the capital market, embracing the stock market, deals with medium and long-term capital flows. But these two markets can not be placed in water tight compartments and there is often a spillover from one market to the other. This explains why the papers included in this volume not only deal with money market problems but also with issues arising out of the growth and working of the Indian capital market. However, it is pertinent to note that the main thrust of the papers, presented in this volume, is on the issues connected with the emerging role of the Indian money market in a market-economy setting.