Palika Bazaar, is an underground market located between the inner and outer circle of Connaught Place, Delhi, India. It is named after Palika Bazaar of Mumbai. Palika Bazaar hosts 380 numbered shops selling a diverse range of items; however, the market is dominated by electronic items and clothing. Palika Bazaar was set up in the late 1970s, but since the 1980s it has seen a decline in customers, in part due to the opening of several new, modern shopping malls all over Delhi.

Palika Bazaar is estimated to have some 15,000 people within its confines at any given time and also attracts many foreign tourists. It is known as a place with a very level prices and a famous tourist attraction. It also has a reputation for a wide availability of illegal products such as pornography, stolen goods, fake designer products and unlicensed CDs, software and movies. Police conduct regular raids to recover stolen or counterfeit merchandise, but this has failed to put an end to the illegal activity in the market.

It has been listed as a notorious market since 2009 by the USTR for being an underground market with large amounts of counterfeit products including pirated software and media.[1][2][3]