• Semi – Strong form of efficient of market hypothesis – This form of efficient market hypothesis states that in addition to the market public information, the current stock price also includes publicly available non-market information. Thus it states the investor will make use of the available financial information and take the decision to buy sell the stock. Hence the current stock price is the reflection of all the available public information. Semi strong form of market includes the weak form. In addition to that, it includes the other non market public information. This information is used to do the fundamental analysis of the firm. On the basis of this, the investor will buy and sell the stock. Hence this form of efficiency places restriction on the excess returns earned by the investor using the fundamental analysis. Hence if the markets are semi strong then the investor cannot earn excess returns using the technical (weak form of efficiency) and fundamental analysis.