Qualitative changes include a larger number of equity issues relative to debt. Among debt instrument, convertible debentures either partly or fully convertible have became a popular. A number of new financial instruments have come into vogue after 1992. Innovative financial instruments are introduces like convertible preference shares, secured premium notes, warrants, zero coupon bonds, deep discount bonds, loyalty etc.

In the foreign capital markets, the Indian companies have issued global depository receipts, listed and traded abraded, foreign currency bonds, convertible bonds, foreign currency notes, Eurocurrency bonds etc. both private sector companies and public sector undertakings raised funds abroad for varying periods of time, say 5 to 9 years. The depth and which of the capital market in India has expanded, as judged by the quantum of funds raised in general. Quantum of funds raised by PSUs and public financial institution. The number if issuers of securities, the intermediaries and the final investors which have all gone up phenomenally during the quinquennium of 1990 -91 to 1995-96