Financial system organizes the settlement of payments, raises and allocates finance and manages the risks associated with financing and exchange in any economy. Mobilizing surplus funds from people and organizations, and allocating them among people and organizations that require it is the main role of any financial system. An investor/ household has excess funds, whereas a borrower requires funds for investing in productive purposes. Mobilizing funds generates returns for investors in the form of Interest and for borrowers in the form of profits. Indian financial system is undergoing rapid changes after independence. Indian Financial system has been deregulated and liberalized continuously in order to compete in race of globalization and to be on a par with international standards. To keep pace with international agencies, new instruments and products for investment/lending were developed. Indian Banking System, Indian Mutual Fund Industry and Indian stock exchanges are developing as per international standards. Moreover, the issue of Foreign Currency Convertible Bond (FCCB) and Global Depository Receipts (GDR) has been increasing in recent times among the Indian entrepreneurs with companies such as Reliance Communications, Mahindra & Mahindra and Ranbaxy resorting to the FCCB route to meet their financing needs. Conditions of International financial market are favorable for overall Book > Business & Economics > Development - 245 of India. There is need of integration with international financial market speedily as the opportunity cost of not moving faster is very high in competition. This book covers the emerging trend of Indian Primary and Secondary market. It is an informative contribution comprising a collection of various articles, compiled together with the objective of giving a comprehensive picture of the Indian financial system.