H.R. Machiraju is Financial Economist. He obtained his Ph.D. in Economics from Indiana University (USA) in 1960 and spent the succeeding years in teaching (Andhra University, Birla Institute of Technology and Science Sri Sathya Sai Institute of Higher Learning and XIMB), research (NCAER and Reserve Bank of India) and organizing executive development programs (IFMR and MDI). The author`s contribution to the capital markets was acknowledged by the High Powered Committee on Stock Exchange Reforms in their report of 1984. Apart from publication of a number of articles and reports, Prof. Machiraju has also authored several books on banking and finance which are widely used by both students and professionals.