Investors' Response to Market Reforms on Dematerialization and IPOs

The capital market reforms introduced by SEBI during the last decade have changed the face of the Indian capital market. These reforms had their impact on all the participants in the capital market. This paper presents the opinion of one such participant, i.e., individual investors, on two important areas of reforms, namely, the dematerialization and Initial Public Offerings (IPOs) introduced in the capital market. This study brings out hitherto untapped information in this regard. The people at the helm of policy making, armed with this sort of information on the opinion of investors about the capital market reforms, can make necessary modifications and give new policy directives not only to retain the existing individual investors but also to attract new investors to capital market. Thus, the study provides a number of suggestions to improve equity cult in the country.