In India, we have come a long way in the development of financial  markets, but this remains work in progress. The Reserve Bank and stakeholders like FIMMDA and PDAI need to work together and focus on certain specific areas. Secondary market liquidity in g-secs is concentrated in a few securities and tenors.
The MIBOR-based OIS remains the only major liquid product in the interest rate derivative market. A term money market remains absent, notwithstanding a host of facilitative policy measures. Access of the retail segment to markets, 12  especially derivative markets, needs to improve further.