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municipal bonds and india

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BANKING AND FINANCE THE CHARTERED ACCOUNTANT december 2011 86 Municipal Bonds and India Municipal Bonds have been a grand success in western countries, particularly in United States of America. Municipal Bonds are not a so widely used instrument in India. This article focuses on Municipal Bonds in Indian market – as a viable investment option and an instrument for raising public funds for infrastructural development of the country . This article also discusses what are municipal bonds, their types and features, their success in western countries, why these investment instruments are not common in India, obstacles in Indian municipal bonds market, the need and benefits of municipal bonds in the growing and maturing Indian economy and the need of support from markets and regulatory authorities for municipal bonds. The capital market comprises equities and debt market. Debt market is a market for issuance, trading and settlement in xed income securities of various types. Fixed income securities can be issued by a wide range of organisations including the Central and State Governments, public bodies, statutory corporations, banks, institutions and corporates. Fixed Income securities – as an investment option – have been very successful in the investment world, more particularly in the West, when it comes to retail investor participation, since they are regarded as safe, less volatile and considered reliable, able to generate xed returns over a period of time, with less risk of default. Fixed income securities offer one of the most attractive investment opportunities in regard to their safety of investments, adequate Anand Wadadekar (The author is working as a Specialist – Port- folio Performance Measurement with a US based Asset Management Company. He can be reached at [email protected]) liquidity, and exibility in structuring a portfolio, easier monitoring, long term reliability and decent returns. They are an essential component of any portfolio of nancial and real assets, in the form of pure interest-bearing bonds or asset- backed mortgages or securitised instruments. Examples of Fixed income securities are Bonds (Municipal Bonds, Treasury Bonds, Corporate bonds, etc.), Fixed Deposits, etc. Fixed income securities are one of the most dynamic instruments in the nancial system; interest and time-value of money being the two crucial factors. Bonds Simply put, a bond is a debt security. According to Wikipedia, when we purchase a bond, we lend money to a government, municipality, corporation, federal agency or other entity, known as an 906

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