The corporate bonds market is not only underdeveloped in India in comparison with the equity market, but also … between creditors and borrowers. Our central argument in this paper is that the weaknesses in these elements in India amount … to legal impediments that inhibit the smooth operation of the bonds market in India. Consequently, any reform process …

In this paper, I endeavor to understand why India has an underdeveloped corporate bonds market and a relatively well … not the debt markets. This path of least resistance, ultimately created a path dependence, which explains why India today …