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?

Financial markets are broadly categorized into two main types based on the maturity of the financial instruments traded: Money Market: Deals with short-term funds, typically with a maturity period of less than one year. Instruments include Treasury Bills, Commercial Papers, Certificates of Deposit, and Call Money. Capital Market: Deals with long-term funds, typically with a maturity period of more than one year. It includes both equity (stocks) and debt instruments. Instruments include shares, debentures, bonds (government bonds, corporate bonds), and mutual funds. Let's classify the given markets: 1. Government Bond Market: Government bonds are typically long-term debt instruments issued by the government. Hence, it is included in the Capital Market. 2. Call Money Market: This market deals with very short-term (mostly overnight) lending and borrowing between banks. It is a key component of the Money Market. 3. Treasury Bill Market: Treasury Bills (T-Bills) are short-term debt instruments issued by the government, typically with maturities of 91, 182, or 364 days. They are part of the Money Market. 4. Stock Market: The Stock Market (or equity market) deals with the trading of company shares, which represent long-term ownership. It is a fundamental part of the Capital Market. Therefore, only the Government Bond Market and the Stock Market are included in capital markets. So, 'Only two' is the correct answer.