11.2 Emerging Trends in the Securities Market

1. The retail revolution (the demat millions-and-the TMS-era trading; the IPO-culture-and- oversubscription waves; the small-investor politics of the market).2. The institutional deepening (the mutual funds' growth, the pension-funds' market entry debates — the CIT/EPF faces).3. The product diversification (the bonds'-and-derivatives' adolescence; the ETF-and-REIT debates; the commodity-market's arrival).4. The market-structure change (the second exchange's competition; the broker- consolidation).5. The governance-and-ESG turn (the sustainability-disclosure faces; the stewardship debates).6. The capital-account question (the Nepali savings' outward pressure-and-the foreign inflows' politics — the market's macro-frontier).