The authors gratefully acknowledge the technical support of Indian Institute of Finance and IIF Business School. We would such as to thank Prof. Jaurahi Ali (University Utara Malaysia, Malaysia), Prof. Manuel Jose The paper has been accepted and presented at the 7th ISINI International Conference on “Frontiers in Finance and Economics” at Ecole Supérieure de Commerce de Lille, France. The paper was presented in the session Chaired by Prof. Patrice Fontaine, President, AFFI, France on 22nd August 2003 (16:00 – 18:30).