Clean-up campaign

 The corporate bonds market was gradually growing in terms of turnover, developing new instruments and benchmarking bond prices. It has suddenly come to a grinding halt.

 This follows a string of regulatory measures from the capital market watchdog, the Securities and Exchange Board of India (Sebi), the National Stock Exchange (NSE) and draft guidelines by the Reserve Bank of India (RBI).

 All these circulars and guidelines have come down heavily on the pattern of issuances, trading and investment in unlisted bonds floated in the private-placement market.

 The size of the corporate bonds market