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However, the growth of this market may be deterred by defaults, low liquidity, less diversification, incorrect pricing of market risk, malpractices, etc. A three-phased approach of implementation cmprising of regulated initiation, stabilization under control
and deregulation would help in overcoming these hurdles and inducing confidence in investors, thereby leading to the establishment of an efficient market.

Concluded.

* Contributed by -
Neha Agarwal & Padmakar Kulkarni,
PGDIM - XI,
NITIE, Mumbai.

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