Synopsis The book "Indian Capital markets in Early 2007 Trends & Reforms" is the third in a series that seeks to capture the contemporary happenings and the regulatory measures adopted in the Indian capital markets in the first half of 2007. Primarily, the book is divided into two sections namely, recent trends in the Indian capital market followed by various regulatory reforms initiated by Sebi. Having reached the phenomenal 15,000 mark, many expect the Indian stock markets to continue its upsurge over a period of time. Well, amidst all enthusiasm, it is important to note that anything that rises necessarily needs to come down, and this basic physical law is applicable in all its forms in the capital market. Apart from the much discussed volatility, various other factors such as role of (FIIs), IPO grading, pension funds, private equity investors, hedge funds and participatory notes, shortsale by institutional investors and the importance for PAN as unique identification number, Gold ETFs, impact of budget on the capital markets are of major interests to the investor class and analysts that are discussed in detail in the book. In a rapidly rising and volatile market like our; the regulator's role becomes all the more important. Thus, Sebi has made continuous effort in order to protect and sustain investor confidence. Thus, the second part of the book seeks to bring out various regulatory measures taken by Sebi in this regard.