The lament of monetary policy in India is that liquidity in the G-sec market is not uniform across the curve and concentrated in only on-the-run securities of 5 years, 7 years, 10 years and 14 years maturities.
Consequently, monetary policy signals are conveyed  5/9  BIS - Central bankers' speeches  across the curve in a disjointed manner, reflecting time-varying liquidity premia, and with diminishing intensity as maturity increases. The G-sec market is also vulnerable to spillovers from both global and domestic developments.