Financial Market Fundamentals

A structured crash course in Indian financial markets: equity, debt, forex, commodities and crypto, with mechanics, costs, regulation, investing and trading realities, and taxation.

Most people meet the stock market by accident: a tip from a friend, an app screen, a headline about a crash. This course fixes that. It is a structured introduction to Indian financial markets: what the markets are, who trades in them, how the plumbing works, what it costs, how you are protected, and what the evidence says about making money in them.

Twenty-two lessons, each short enough to read in one sitting. Read them in order the first time; later they work as reference.

  1. 01What financial markets areThe four regulated markets in India (equity, debt, forex and commodities), plus crypto, and what each one is actually trading.
  2. 02Market participantsThe three intentions behind every order (investing, trading and hedging), who carries each one, and the machinery that settles what they trade.
  3. 03Stock exchangesBSE, NSE, MCX and NCDEX: the hours each one trades, what an exchange is, how price discovery works, and how the equity day actually runs, from the opening auction to settlement.
  4. 04The Share MarketWhat a share is, primary and secondary markets, face, book and market value, market capitalisation, and how dividends, bonus issues, splits and rights issues work.
  5. 05Fundamental AnalysisHow to read a company's financial statements, the ratios that matter, how valuation works in outline, and the red flags that appear before a loss.
  6. 06Technical AnalysisHow to read a price chart: candles, trend, support and resistance, volume, moving averages and indicators, and what technical analysis honestly cannot do.
  7. 07The bond marketBonds explained: government securities, corporate bonds, how price and yield move in opposite directions, what duration measures, and how to buy them in India.
  8. 08The forex marketCurrency pairs, spot, forwards, futures and options, the permitted channels under FEMA and RBI rules, and how to spot an unauthorised forex platform.
  9. 09The commodities marketCommodity futures and options, trading hours by category, contract sizes, margins, physical delivery, and the risks of option devolvement in India.
  10. 10The crypto marketLearn crypto trading in India: Bitcoin, Ethereum, spot, futures, options, exchanges, taxation, FIU rules and investor risks.
  11. 11DerivativesUnderstand what derivatives are, why they exist, how futures and options differ, and the risks of leverage.
  12. 12FuturesUnderstand long and short futures, contract sizes, profits and losses, daily settlement, rollover and expiry in India.
  13. 13OptionsOptions explained: calls, puts, moneyness, premium, time decay, implied volatility, Black-Scholes, the Greeks, exercise, settlement and the risks of buying and writing.
  14. 14Accounts, Orders and Product TypesUnderstand trading and demat accounts, CNC, MIS, NRML, market and limit orders, stop-losses, order validity and market depth.
  15. 15What It CostsUnderstand brokerage, STT, CTT, GST, exchange charges, stamp duty, demat fees and the real cost of every trade.
  16. 16SEBI and investor protectionWhat SEBI regulates and what it does not, how to verify a broker or adviser, the Investor Protection Fund, and the grievance clock with deadlines.
  17. 17The reality of investingWhat historical returns really tell us, how risk affects compounding, whether IPOs are worth considering, and how mutual funds fit into long-term investing.
  18. 18The reality of tradingWhat SEBI's research reveals about retail trading losses, why transaction costs matter, and what a mechanical trading system can and cannot control.
  19. 19TaxationHow Indian tax treats investing and trading: the two Acts, how income combines across heads, capital-gains rates, set-off, audit and filing.
  20. 20Mutual Funds, ETFs and SIPsHow pooled funds work, the difference between active funds, index funds and ETFs, what a SIP does and does not do, and the costs that decide the outcome.
  21. 21Risk Management and Position SizingHow much to risk on a trade, how to size a position from the entry and the stop, why drawdowns are harder to recover than they look, and how leverage changes the maths.
  22. 22Algorithmic Trading ApproachesThe main families of automated strategy, what each one needs to work, how execution and costs decide the result, and why a backtest is not a promise.

How to use this course

The facts here are current as of writing, but market rules, charges and tax rates change. Where a number matters, check it against the exchange circular or the Income Tax Department before you act on it.

Every lesson has a video slot at the top. The written version is complete on its own; the videos are there when you would rather watch.

Once you have read the taxation lesson, the income tax calculator will tell you what you owe for FY 2026-27 under both regimes, and how much advance tax is left and when to pay it.

If something is unclear, ask us or join the Discord community.