In particular, their ability to withstand several periods of stress, notably the Asian financial crisis in 1997-98, the global financial crisis in 2007-09 and the “taper tantrum” episode in 2013, is a sign of their increasing maturity.
2.2 In terms of size, all the major segments of the capital market, viz., Central Government securities (G-Sec) market, market for State Development Loans (SDL), corporate bond market and equity market –– the so called “cash markets” –– have experienced consistent growth during the past few decades in terms of primary issuance, market capitalisation (for equity market) and trading volumes in the secondary market.