Detailed Explanation:

Answer: Option 2 — Only two

Capital markets are financial markets where long-term securities (typically with maturity greater than one year) are traded, such as stocks and bonds. Money markets deal with short-term instruments (typically less than one year maturity) such as treasury bills, call money, commercial paper, etc.

✅ Government Bond Market – Correct: Government bonds are long-term debt securities (maturity ranging from 5 to 40 years) issued by governments to finance their activities, and are traded in capital markets.

❌ Call Money Market – Incorrect: The call money market is an ultra-short-term market where funds are borrowed and lent for 1 day to 14 days (typically overnight), making it part of the money market, not the capital market.

❌ Treasury Bill Market – Incorrect: Treasury bills (T-bills) are short-term debt instruments issued by the government with maturities of 91 days, 182 days, or 364 days, and are traded in the money market.

✅ Stock Market – Correct: The stock market involves trading of equity shares and ownership interests in companies, which are long-term instruments, making it a core component of capital markets.

📝 Short Notes: Capital Markets vs Money Markets