Another important step has been the setting of the Securities and Exchange Board of India as a regulator for equity markets and to improve market efficiency and integration of national markets and to prevent unfair practices regarding trading. [ 46 ] The reform measures in the equity market since 1992 have laid emphasis mainly on regulatory effectiveness, enhancement of competitive conditions, reduction of information asymmetries, development of modern technological infrastructure, mitigation of transaction costs and lastly, controlling of speculation in the securities market. [ 47 ] Furthermore, the reform process had the effect of putting an end to the monopoly of the United Trust of India by opening up of mutual funds to the private sector in 1992. [ 48 ] Mutual funds have been permitted to open offshore funds for the purpose of investing in equities in other jurisdictions. Another development which took place in 1992 was the opening up of the Indian capital market for foreign institutional investors. [ 49 ] The Indian corporate sector has been granted permission to tap international capital markets through American Depository Receipts, Foreign Currency Convertible Bonds, Global Depository Receipts and External Commercial Borrowings. [ 50 ] Moreover, now Overseas Corporate Bodies and non-resident are allowed to invest in Indian companies. [ 51 ]
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