Agents operating in different segments of the financial markets
The agents operating in the capital market are more. In respect of other segments of the financial markets, it will be clear as to who the operators are in the respective segments.
Primary market: Merchant banker (the principal operator)
Share brokers who underwrite besides marketing the issue
Bankers to the issue who collect the share application money along with the share application forms
Advertisement companies and publicity companies
Printers for printing the stationery required for the issue
Registrars to the Issue who take the responsibility of issuing the securities to successful investors (in case the issue collects more money than the issue size), refund excess money together with interest and getting the securities listed on a Stock Exchange
Secondary market: Stock Exchanges – controlled and regulated by SEBI
Share brokers – controlled by respective stock exchanges
Depositories – National level special organisations coming under the national stock exchanges and assume responsibility for collating details of ownership of shares issued by a limited company.
Depository participants – Retail level operators who maintain Electronic Share Accounts of various owners of securities
Financial instruments

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