The legislative framework of the country has been moving towards developing stronger, dependable and more participative/wider capital markets in India; as a result, they witnessed significant growth in this period. There is also a flip side to the story: the increasing number of scams and volatility in the market during this period. With the help of market regulators like SEBI and supportive legislation, a concerted attempt is being made to deliver clean markets. This paper seeks to take stock of the current situation; to see the kind of impact some of these activities have had on the market. Such an attempt has to be, by its very nature, a matter of vast scope; this paper is an attempt to approach the subject from certain perspectives, thereby contribute to the understanding of the current scenario.