Discussion on future global capital market has always a fascinating phenomenon for academicians and corporate gurus. US mortgage crisis and recent European debt crisis has undoubtedly given a strong reason to rethink on concept of global capital market. Recently, Business Standard tried to examine relevance of global capital market in the light of Standard Chartered Bank IDRs ( Indian Depository Receipts) issuance to raise up to $750 million from Indian market. 

"IDRs are seen as part of the internationalization of securities markets which opens up markets to foreign investors and removes restrictions on citizens keen on investing abroad. Tough Indian regulations were initially seen as a roadblock in the way of India emerging as a regional financial centre. But the global financial crisis has changed perspectives, and regulatory conservatism is now seen as a good thing. Some of the shine of a financial hub has rubbed off. Among other negatives, financial hubs create a class of very highly-paid managers which upsets the incentives balance within a society, making even good science graduates opt for a career in financial engineering rather than in R&D. Besides, the IDR issuer takes out of the country the entire issue proceeds, causing some to argue that, given India’s need for investment, incentives should favour savings being deployed here. But this argument no longer holds, what with a Bharti or Tata Motors making large acquisitions overseas." 

Changing feature of Indian Companies and growing interest in Indian Capital markets  has definetly  givenn a positive picture towards emergence of global capital market, which no longer can be ignored by regulators as a myth.