Consider the following markets : 1. Government Bond Market 2. Call Money Market 3. Treasury Bill Market 4. Stock Market How many of the above are included in capital markets?

1. Financial markets are broadly classified into Money Markets (dealing with short-term instruments, maturity up to one year) and Capital Markets (dealing with long-term instruments, maturity over one year or perpetual securities like equity). 2. Government Bond Market: Government Bonds (G-Secs) generally have maturities longer than one year. Therefore, this is part of the capital market. 3. Call Money Market: This is an inter-bank market for very short-term borrowing and lending (typically overnight to 14 days). It is a key component of the money market, not the capital market. 4. Treasury Bill Market: Treasury Bills (T-Bills) are short-term debt instruments issued by the government with maturities of 91 days, 182 days, or 364 days. They are part of the money market, not the capital market. 5. Stock Market: This market deals with the trading of shares (equity) of companies, which represent long-term investments. It is a primary component of the capital market. 6. Therefore, the Government Bond Market and the Stock Market are included in capital markets. That makes two out of the four listed.