Discuss the measures taken by Government and Regulators to develop a vibrant Corporate Bond Market in India.

A vibrant capital market, both equity and bond, has to play an increasingly pivotal role to facilitate fund mobilization for sustaining India's projected economic growth momentum. The role of corporate bond market becomes even more important now, given the stress on the banking sector. Keeping in view the larger complementary role that corporate bonds have to play along-side bank credit for financing economic activities, several policy measures have been taken by the Government and the Regulators to develop a vibrant corporate bond market. Some important measures include: Framework for allowing banks to provide Partial Credit Enhancement for enhancing creditworthiness of corporate bonds. Information Repositories developed by Exchanges and Depositories to provide consolidated information on primary issuance and secondary market trades in corporate bonds. Electronic Book Building mechanism for providing enhanced transparency in issuance of debt securities on private placement basis. Enhanced standards for Credit Rating Agencies for timely monitoring of credit quality of bonds. Specifications related to International Securities Identification Number (ISINs) for debt securities to encourage liquidity and reduce fragmentation of issues. Tri-Party Repo trading on Exchanges to enhance liquidity and price discovery in corporate bonds. Time taken for listing of public issue of bonds reduced from 12 days to 6 days. Doing away with the requirement of 1% security deposit for public issue of debt securities.