Using data from buyers and sellers of livestock in three markets in Pratapgarh district of Uttar Pradesh this study examines the functioning of livestock markets with focus on disclosure of information and constraints faced by buyers and sellers. In traditional markets voluntary disclosure has been reported to exist for quite long, but it restricts itself to information on search and experience attributes of the animals which may lead to lack of transparency in the markets. The findings of the study clearly indicate that the livestock market may work well to induce self or voluntary disclosure of information for search and experience attributes, the mandatory disclosure is important for credence attributes of the animal and thereby efficient functioning of markets. The study suggests strengthening of infrastructure in livestock markets