Flavour physics and CP violation

It is well known that the study of flavour physics and CP violation is very important to critically test the Standard Model and to look for possible signature of new physics beyond it. The observation of CP violation in kaon system in 1964 has ignited a lot of experimental and theoretical efforts to understand its origin and to look for CP violation effects in other systems besides the neutral kaons. The two B-factories BABAR and BELLE, along with other experiments, in the last decade or so made studies in flavour physics and CP violation a very interesting one. In this article we discuss the status and prospectives of the flavour physics associated with the strange, charm and bottom sectors of the Standard Model. The important results in kaon sector will be briefly discussed. Recently, mixing in the charm system has been observed, which was being pursued for quite some time without any success. The smallness of the mixing parameters in the charm system is due to the hierarchical structure of the CKM matrix. Interestingly, so far we have not found CP violation in the charm system but in the future, with more dedicated experiments at charm threshold, the situation could change. Many interesting observations have been made in the case of bottom mesons and some of them show some kind of deviations from that of the Standard Model expectations which are mainly associated with the b → s flavour changing neutral current transitions. It is long believed that the B _s system could be the harbinger of new physics since it is a system in which both bottom and strange quarks are the constituents. Recently, D0 and CDF announced their result for the B _s mixing which is claimed to be the first possible new physics signature in the flavour sector. We plan to touch upon all important issues pointing out both theoretical and experimental developments and future prospects in this review article.