List of Stock Exchanges in India: The Indian stock market is one of the fastest growing stock markets in the world. It is made up of two primary stock exchanges: the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).
India is home to several stock exchanges where investors can buy and sell stocks and other financial instruments1. These exchanges play a crucial role in the country’s economy by facilitating capital formation and investment opportunities. The Indian stock market is a good option for investors who are looking for high growth potential.
List of All Stock Exchanges in India
The Indian stock market is growing rapidly due to improved infrastructure, investor protection, and mobile app trading. As per SEBI’s data (as on April 2024), there are about 35 stock exchanges in India, but only a few are active and permanent.
The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) are the two most well-known exchanges, but there are five others for a total of seven.
Are you curious about the various stock exchanges in India? This comprehensive list will help you understand the different platforms where stocks are traded in the country. Let’s take a closer look at the major stock exchanges in India.
National Stock Exchange (NSE)
The National Stock Exchange of India (NSE) is the largest stock exchange in the country in terms of market capitalization2. It was established in 1992 and is headquartered in Mumbai. The NSE offers trading in equities, derivatives, currency, and debt instruments.
Pioneering Electronic Trading: NSE was the first exchange in India to implement electronic trading in 1994. This replaced the older floor-based system3, leading to greater efficiency, transparency, and accessibility for investors.
Market Leader: NSE is the leading stock exchange in India. It boasts the largest number of trades for cash equities (as of 2024) and holds the title of the world’s largest derivatives exchange by number of contracts traded.
NSE introduces beta version of T+0 rolling settlement cycle on optional basis in addition to the existing T+1 settlement cycle in Equity Cash Markets w.e.f. March 28, 2024.
NSE is the world’s largest derivative exchange for fifth consecutive Year Ranks 3rd largest globally in equity segment in calendar year 2023. It is also the 7th largest stock exchange in the world by total market capitalization, as of March 2024.
Technological Innovation: The NSE has consistently focused on technological advancements. They have a robust and reliable trading infrastructure, and have been at the forefront of introducing new products like electronic limit order books for derivatives and ETFs.
Bombay Stock Exchange (BSE)
The Bombay Stock Exchange (BSE) is one of the oldest stock exchanges in Asia, dating back to 1875. Often referred to as the “granddaddy” of Indian finance, the BSE has played a pivotal role in shaping the nation’s economic landscape for over a century. It is located in Mumbai and is known for its iconic building, the Phiroze Jeejeebhoy Towers.
The BSE is the world’s 10th largest stock exchange in terms of market capitalization. The BSE is known for its speed and technology, being recognized as the world’s fastest stock exchange with trade processing times in microseconds. As of today, March 27, 2024, at 7:49 AM IST, the BSE website shows a market capitalization of ₹41,241,931.87 crore.
The BSE’s impact extends beyond rapid trade execution. The exchange played a pioneering role in developing the S&P BSE SENSEX, a key stock market index that reflects the performance of major Indian companies. This benchmark index serves as a vital compass for investors navigating the Indian stock market.
| Factor | BSE | NSE |
|---|---|---|
| Established | 1875 | 1992 |
| Trading Platform | More stable, order book driven | Faster, electronic |
| Liquidity | Lower | Higher |
| New Listings | More common | Less common |
| Brokerage Fees | May be cheaper for large trades | Standard |
| Derivatives & Options | Lower volume | Higher volume |
Multi Commodity Exchange (MCX)
The Multi Commodity Exchange (MCX) is India’s largest commodity exchange, facilitating the trading of various commodities such as gold, silver, crude oil, and agricultural products. It was founded in 2003 and is headquartered in Mumbai. The MCX plays a crucial role in price discovery and risk management in the commodity markets.
Established in 2003 by the Government of India, MCX offers a platform for trading in various commodity derivative contracts across product segments including:
- Bullion (gold and silver)
- Base metals (copper, lead, zinc, etc.)
- Energy (crude oil, natural gas)
- Agricultural commodities (mentha oil, cardamom, cotton, etc.)
National Commodity & Derivatives Exchange (NCDEX)
The National Commodity & Derivatives Exchange (NCDEX) is a leading online commodity derivatives exchange in India, established in 2003 . It is under the ownership of the Ministry of Finance, Government of India, and functions under the supervision of the Securities and Exchange Board of India (SEBI).
The NCDEX facilitates online trading of various commodity derivatives, primarily agricultural products. It offers a platform for market participants to hedge against price fluctuations and manage risks associated with agricultural commodities. Here’s a summary of what NCDEX does:
- Provides a secure and transparent platform for trading commodity derivatives.
- Helps farmers discover better prices for their produce.
- Enables market participants to hedge against price risks.
- Contributes to the development of a vibrant spot market for commodities in India.
Some of the key features of NCDEX include:
- Nationwide presence with offices in major cities across India.
- Robust electronic trading platform.
- Clearing and settlement services through its subsidiary, National Commodity Clearing Limited (NCCL).
- Warehousing infrastructure for physical delivery of commodities.
- Educational and research initiatives through the NCDEX Institute of Commodity Markets & Research.
India International Exchange (India INX)
Launched in 2017 by the Bombay Stock Exchange (BSE), India INX is indeed India’s first international exchange. It’s located at Gujarat International Finance Tec-City, also called GIFT City, a special economic zone designed to be a global financial hub.
It offers trading in a variety of financial products, including derivatives, currencies, and debt securities. The exchange uses advanced technology to provide a fast and efficient trading platform. It also has a program for companies to raise capital by issuing bonds.
It is one of the world’s most advanced technology platforms with a turn-around time of 4 micro seconds and operates for 22 hours a day to allow international investors and Non Residents Indians to trade from anywhere across the globe. INDIA INX records all time high turnover of USD 30.30 Bn on March 10,2021.
India INX offers several tax advantages for investors and issuers. With its wide range of products and services, India INX aims to be a leading offshore exchange. It plans to allow trading of foreign stocks in the near future.
India INX established a “Special Purpose Vehicle”, the India INX Global Access IFSC Limited (“INX Global Access”), which provides a centralised platform to route orders to multiple international exchanges. Investors across the Globe can enroll as clients through INDIA INX GA to trade on a diverse range of products across multi-asset class – equities, ETFs, commodities, currencies, fixed income securities, mutual funds across global exchange markets.
Metropolitan Stock Exchange (MSE)
The Metropolitan Stock Exchange (MSE) is one of the newer stock exchanges in India, having been established in 2008 and the recognition is valid upto Sep 15, 2024. It is based in Mumbai and offers trading in equities, derivatives, and debt instruments. The MSE aims to provide a transparent and efficient platform for investors to trade securities.
Indian Commodity Exchange (ICEX)
The Indian Commodity Exchange (ICEX) was a nationwide online trading platform for commodity derivatives in India. It was headquartered in Navi Mumbai, Maharashtra.
Launched in August 2017, ICEX was once a promising player in the Indian commodity market. It even held the distinction of launching the world’s first-ever diamond derivatives contract in 2018 [ICEX Diamond futures contract].
However, in February 2022, the Securities and Exchange Board of India (SEBI) revoked ICEX’s recognition as a commodity exchange due to non-compliance with several regulations, including the minimum net worth requirement.
Calcutta Stock Exchange (CSE)
The Calcutta Stock Exchange (CSE) is a stock exchange located in Kolkata, India. It is the second-oldest stock exchange in South Asia, founded in 1908.
While the CSE was once a major stock exchange in India, it has faced challenges in recent years. In 2013, the Securities and Exchange Board of India (SEBI) ordered the CSE to exit the market. The CSE challenged this decision in court, and the matter is still pending. As a result, trading on the CSE platform has been suspended since 2013.
Despite the suspension of trading, the CSE website is still operational https://www.cse-india.com/. The website provides information about the exchange, its members, and market news. However, it is important to note that no actual trading takes place on the CSE platform.
List of stock exchanges which have been granted exit:-
The Securities and Exchange Board of India (SEBI) regulates the stock exchanges in India. Here’s the list of stock exchanges that have been granted exit by SEBI:
| SL. No. | Name of Stock Exchange | Date of Exit |
|---|---|---|
| 1 | The Hyderabad Securities and Enterprises Ltd (erstwhile Hyderabad Stock Exchange) | January 25, 2013 |
| 2 | Coimbatore Stock Exchange Ltd | April 3, 2013 |
| 3 | Saurashtra Kutch Stock Exchange Ltd | April 5, 2013 |
| 4 | Mangalore Stock Exchange | March 3, 2014 |
| 5 | Inter-Connected Stock Exchange of India Ltd | December 08, 2014 |
| 6 | Cochin Stock Exchange Ltd | December 23, 2014 |
| 7 | Bangalore Stock Exchange Ltd | December 26, 2014 |
| 8 | Ludhiana Stock exchange Ltd | December 30, 2014 |
| 9 | Gauhati Stock Exchange Ltd | January 27, 2015 |
| 10 | Bhubaneswar Stock Exchange Ltd | February 09, 2015 |
| 11 | Jaipur Stock Exchange Ltd | March 23, 2015 |
| 12 | OTC Exchange of India | March 31, 2015 |
| 13 | Pune Stock Exchange Ltd | April 13, 2015 |
| 14 | Madras Stock Exchange Ltd | May 14, 2015 |
| 15 | Uttar Pradesh Stock Exchange Ltd | June 09, 2015 |
| 16 | Madhya Pradesh Stock Exchange Ltd | June 09, 2015 |
| 17 | Vadodara Stock Exchange Ltd | November 09, 2015 |
| 18 | Delhi Stock Exchange Ltd | January 23, 2017 |
| 19 | Ahmedabad Stock Exchange Ltd | April 02, 2018 |
| 20 | Magadh Stock Exchange | May 08, 2019 |
| 21 | Ace Derivatives and Commodity Exchange Limited, Ahmedabad | December 31, 2018 |
| 22 | Hapur Commodity Exchange LImited | June 29, 2018 |
| 23 | Universal Commodity Exchange Limited (UCX) | March 16, 2018 |
| 24 | Rajkot Commodity Exchange limited | January 09, 2018 |
| 25 | The Spice and Oilseeds Exchange Limited, Sangli | April 12, 2017 |
| 26 | Cotton Association of India (CAI) | December 29, 2016 |
| 27 | Bombay Commodity Exchange Limited (BCEL) | October 28, 2016 |
| 28 | India Pepper and Spice Trade Association, Kochi (IPSTA) | January 10, 2018 |
In conclusion, India has a diverse range of stock exchanges that cater to the needs of investors across various asset classes. Whether you are interested in equities, commodities, or energy contracts, there is a platform for you to trade and invest in India. Understanding the different stock exchanges and their roles can help you make informed investment decisions and navigate the dynamic Indian financial markets with confidence.
- Financial instruments are essentially contracts that represent a monetary value. There are two types of financial instruments viz. Cash (stocks, bonds, and certificates of deposit) and Derivative (Futures, options, and swaps). In short, financial instruments are the tools that make financial markets function. They allow for the transfer of capital, borrowing, and investing. ↩︎
- Market capitalization, often referred to as market cap, is a way of measuring a publicly traded company’s total value. It essentially reflects how much the entire company is worth based on its outstanding shares. Just multiply the current market price per share of the company’s stock by the total number of outstanding shares to get Market cap. ↩︎
- The term “floor-based system” in trading refers to the traditional method of buying and selling securities on the trading floor of a stock exchange. This system, also known as open outcry, was the dominant form of trading for many years. However, with the rise of electronic trading, floor-based systems have become largely obsolete. While some trading floors still exist, their activity is minimal compared to the past. Electronic trading platforms now dominate the financial markets. ↩︎