The issue of capital market efficiency is of optimum importance with far-reaching implications for academia as well as for industry. This research study has attempted to critically reassess the controversy surrounding the efficiency of capital markets with specific reference to the Efficient Markets Hypothesis (EMH) and Behavioural Finance. The evidential corpora concerning these two conflicting theories have been reassessed in order to ascertain the possibility and level of efficiency inherent within the capital markets. Moreover, the two theories have been critically appraised in order to explore the extent to which Behavioural Finance has been seen to undermine the theory of efficient markets. These objectives have been achieved by using a multi-perspectival discourse analytical approach as a research method to deconstruct secondary documentary data.

In the final analysis a reconciliatory approach to the dissonance between the EMH and Behavioural Finance is explored with a view to opening up a new dimension to the understanding of market behaviour. It has been concluded that although the insights from Behavioural Finance have considerably undermined the notion of capital market efficiency, however capital markets have been found to be neither highly efficient nor totally inefficient thus resulting in an ambivalent answer to the question of market efficiency. In the end it is aspired that this undertaking will play an important part in helping to identify, and thus better understand the influential dynamics behind the informational efficiency of capital markets.