The Indian Stock Market is witnessing heightened activities and is increasingly gaining importance to domestic and foreign investors, as well as to retail and institutional investors. In the current scenario, it is of utmost importance to know whether the Indian market is functioning efficiently, which in turn ensures the proper allocation of huge capital (in)flows to this emerging economy. This book provides in depth analysis of informational efficiency of the Indian Stock Market, in semi-strong form. It addresses the impact of company's dividend policy on market returns, with special attention to capture the asymmetric behavior of the market towards good news of dividend initiation and bad news of dividend omission announcements. This book is helpful for the investors to learn about the market they are investing in, and similarly for the company policy makers to decide upon their dividend policy keeping the investors' reactions in mind.