Money is defined as any asset that is acceptable as a medium of exchange in payment for goods and services. Finance is a part of money and all the activities are related to obtain it and to use it effectively. Financial market is an area where the sources of finance are available in two format i.e. Long term & Short term. By understanding to these subjects and financial market, the further emphasis can be laid on to its sub-part i.e. money market (Short term). Every country with a monetary system of its own does have some kind of market in which dealers in short-term credit can buy and sell. It is a market of short-term funds with maturity ranging from overnight to one year and includes financial instruments that are deemed to be close substitutes of money. One of the major components or instrument of Indian Money Market is Commercial Papers. This paper examines the trend and growth of Commercial papers in Indian economy over a period of 10 years. It emphasize on how the share of this particular instrument has grown with respect to the changes in interest rates over the same period and to analyse the reasons behind such changes. 

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