Hi

I am little confused with local and global reference frames.

cMultiMesh* object;
object = new cMultiMesh();
//object->setLocalPos(...)
// object->setLocalRot(...)
// object->rotateAboutGlobalAxisDeg(...)
// object->rotateAboutLocalAxisDeg(...)

From my previous knowledge i understand that there are 3 frames of reference.
one is 3D mesh / objects reference frame (The X,Y,Z coordinates of the mesh vertices are defined relative to the object’s center - Model space )
second is world frame of reference and the
third is camera frame of reference

What is local and Global axis correspond to ?

You can either rotate an object around its local reference frame or parent reference frame (global).

The following video illustrates the differences: