摘要：The last three decades have witnessed a phenomenal growth in innovations in financial markets. This is of interest to all financial intermediaries including commercial and corporative banks, insurance companies and other financial institutions. Globalization, Liberalization and Privatization have added both the risk and rewards to these innovations. There exist various new financial innovations in the field of banking, insurance, capital market and mutual funds in India. Of which the innovative and risk management practices in the capital market have been discussed. Efforts are made to figure out the salient features, advantages and disadvantages of the various financially engineered products and processes. The discussion of the way ahead for India in the field of financial innovations has been made as a part of this paper.
