Abstract Realizing the signiicance of stock market eficiency in the wake of global inancial crisis and the limitations of existing literature, this study is intended to test weak form eficiency of Indian stock market so as to assess the eficiency of Indian stock market and suggest necessary measures to improve it. For the purpose of study, National Stock Exchange, the biggest player and a model stock exchange of Indian stock market has been selected. To test weak form eficiency, the most commonly used parametric as well as non- parametric tests have been applied. Runs test is used to check randomness, auto correlation test is used to examine independence and Ljung-Box (LB) statistics is used to test signiicance of independence in return series. The results of study offer supportive evidence for partial rejection of weak form eficiency in Indian stock market by endorsing absence of randomness and independence in noticeable number of return series. It reveals drifts in market eficiency which offers avenues to market participants for devising proitable trading strategies. The study also stresses on improving eficiency of Indian stock market by taking necessary measures to further strengthen economic development. Keywords: Eficient Market Hypothesis, Random Walk Theory, Weak Form of Eficiency, Stock Market, Stock Market Eficiency. Empirical Evidence On Weak Form Eficiency in Indian Stock Market Amit Kumar Mishra*, Vandna Misra** and Sanjay Rastogi*** * Amit Kumar Mishra, Assistant Professor, Galgotias University, Greater Noida, Uttar Pradesh, India. ** Assistant Professor, SRMS-IBS, Unnao. U.P., India. *** Associate Professor, Indian Institute of Foreign Trade (IIFT), New Delhi, India. (Corresponding Author). 1. Introducion Against the backdrop of global economic downturn, stock market eficiency is deinitely crucial for economic development and Indian economy is no exception. The empirical evidences afirm that stock market development is strongly correlated with growth rates of real GDP per capita (Levine and Zervos, 1993; Atje and Jovanovic, 1993; Levine and Zervos, 1998 and Rousseau and Wachtel, 2000). Levine and Zervos (1995) also appreciated the role of stock markets in furthering economic development. Stock market facilitates economic development by increasing liquidity and improving allocation of investment resources. An eficient market enhances liquidity by attracting more investors and improves allocation of resources by sending accurate signals to investors through eficient pricing of securities. Informational eficiency of stock market is at the base of resource allocation. If asset prices do not relect fundamentals well, then the conidence of economists in the eficiency of market allocations of investment resources is, to say the least weakened (Stiglitz, 1990). The importance of an eficient stock market also increases due to inability of traders to devote time and resources for gathering information. Instead, investors prefer to depend on the market itself to properly relect all available information in prices (Fama, 1970). For such uninformed traders, an ineficient market would become unattractive being many trades at unfavorable prices. Therefore, realizing the signiicance of stock market eficiency in the wake of global inancial crisis and the limitations of existing literature, this study is intended to test weak form eficiency of Indian stock market so as to assess the eficiency of Indian stock market and suggest necessary measures to improve it. The study would also augment the existing literature by testing the area neglected so far and would also extend the existing literature being length of time series data and sample size large. 2. Concept of Stock Market Eiciency In capital market literature, markets are said to be eficient if they quickly and correctly incorporate information