Project Stock Exchanges

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Role of Stock Exchanges

Stock exchanges have multiple roles in the economy. This may include

the following:

Raising capital for businessesThe Stock Exchange provide companies with the facility to

raise capital for expansion through selling shares to the investing public.

Common forms of capital raising

Besides the borrowing capacity provided to an individual or firm by

the banking system, in the form of credit or a loan, there are four common

forms of capital raising used by companies and entrepreneurs. Most of

these available options, might be achieved, directly or indirectly,involving a stock exchange.

Going public

Capital intensive companies, particularly high tech companies,

always need to raise high volumes of capital in their early stages.

By this reason, the public market provided by the stock exchanges,

has been one of the most important funding sources for many

capital intensive startups. After the 1990s and early-2000s hi-tech

listed companies' boom and bust in the world's major stock

exchanges, it has been much more demanding for the high-tech

entrepreneur to take his/her company public, unless either the

company already has products in the market and is generating sales

and earnings, or the company has completed advanced promising

clinical trials, earned potentially profitable patents or conducted

market research which demonstrated very positive outcomes. This

is quite different from the situation of the 1990s to early-2000s

period, when a number of companies (particularly Internet boom

and biotechnology companies) went public in the most prominent

stock exchanges around the world, in the total absence of sales,

earnings and any well-documented promising outcome. Anyway,

every year a number of companies, including unknown highly

speculative and financially unpredictable hi-tech startups, are listed

for the first time in all the major stock exchanges - there are even

specialized entry markets for this kind of companies or stock

indexes tracking their performance (examples include the



Alternext, CAC Small, SDAX, TecDAX, or most of the third

market companies).

Limited partnerships

A number of companies have also raised significant amounts ofcapital through R&D limited partnerships. Tax law changes that

were enacted in 1987 in the United States changed the tax

deductibility of investments in R&D limited partnerships. In order

for a partnership to be of interest to investors today, the cash-on-

cash return must be high enough to entice investors. As a result,

R&D limited partnerships are not a viable means of raising money

for most companies, especially hi-tech startups.

Venture capital

A third usual source of capital for startup companies has

been venture capital. This source remains largely available today,

but the maximum statistical amount that the venture company firms

in aggregate will invest in any one company is not limitless (it was

approximately $15 million in 2001 for a biotechnology

company).[5] At those level, venture capital firms typically become

tapped-out because the financial risk to any one partnership

becomes too great.

Corporate partners

A fourth alternative source of cash for a private company is

a corporate partner, usually an established multinational company,

which provides capital for the smaller company in return for

marketing rights, patent rights, or equity. Corporate partnerships

have been used successfully in a large number of cases.

Mobilizing savings for investment

When people draw their savings and invest in shares (through a IPO or

the issuance of new company shares of an already listed company), it

usually leads traditional allocation of resources because funds, which

could have been consumed, or kept in idle deposits with banks, are

mobilized and redirected to help companies' management boards finance

their organizations. This may promote business activity with benefits forseveral economic sectors such as agriculture, commerce and industry,



resulting in stronger economic growth and higher productivity levels of

firms. Sometimes it is very difficult for the stock investor to determine

whether or not the allocation of those funds is in good faith and will be

able to generate long-term company growth, without examination of a

company's internal auditing.

Facilitating company growth

Companies view acquisitions as an opportunity to expand product lines,

increase distribution channels, hedge against volatility, increase

its market share, or acquire other necessary business assets.

A takeover bid or a merger agreement through the stock market is one of

the simplest and most common ways for a company to grow by

acquisition or fusion.Profit sharing

Both casual and professional stock investors, as large as institutional

investors or as small as an ordinary middle class family,

through dividends and stock price increases that may result in capital

gains, share in the wealth of profitable businesses. Unprofitable and

troubled businesses may result in capital losses for shareholders.

Corporate governance

By having a wide and varied scope of owners, companies generally tend

to improve management standards and efficiency to satisfy the demands

of these shareholders, and the more stringent rules for public corporations

imposed by public stock exchanges and the government. Consequently, it

is alleged that public companies (companies that are owned by

shareholders who are members of the general public and trade shares on

public exchanges) tend to have better management records than privately

held companies (those companies where shares are not publicly traded,

often owned by the company founders and/or their families and heirs, or

otherwise by a small group of investors).

Despite this claim, some well-documented cases are known where it is

alleged that there has been considerable slippage in corporate

governance on the part of some public companies. The dot-com bubble in

the late 1990s, and the subprime mortgage crisis in 2007-08, are classical

examples of corporate mismanagement. Companies

like Pets.com (2000), EnronCorporation (2001), One.Tel (2001), Sunbeam (2001), Webvan (2001), A



delphia (2002), MCI WorldCom (2002), Parmalat (2003), American

International Group (2008), Bear Stearns (2008), Lehman

Brothers (2008), General Motors (2009) and Satyam Computer

Services (2009) were among the most widely scrutinized by the media.

However, when poor financial, ethical or managerial records are known

by the stock investors, the stock and the company tend to lose value. In

the stock exchanges, shareholders of underperforming firms are often

penalized by significant share price decline, and they tend as well to

dismiss incompetent management teams.

Creating investment opportunities for small investors

As opposed to other businesses that require huge capital outlay, investing

in shares is open to both the large and small stock investors because a person buys the number of shares they can afford. Therefore the Stock

Exchange provides the opportunity for small investors to own shares of

the same companies as large investors.

Government capital-raising for development projects

Governments at various levels may decide to borrow money to finance

infrastructure projects such as sewage and water treatment works or

housing estates by selling another category of securities known as bonds.

These bonds can be raised through the Stock Exchange whereby members

of the public buy them, thus loaning money to the government. The

finance development — though by securing such bonds with the full faith

and credit of the government instead of with collateral, the government

must eventually tax citizens or otherwise raise additional funds to make

any regular coupon payments and refund the principal when the bonds

mature.

Barometer of the economyAt the stock exchange, share prices rise and fall depending, largely,

on market forces. Share prices tend to rise or remain stable when

companies and the economy in general show signs of stability and

growth. An economic recession, depression, or financial crisis could

eventually lead to a stock market crash. Therefore the movement of share

prices and in general of the stock indexes can be an indicator of the

general trend in the economy.

Speculations



The stock exchanges are also fashionable places for speculation. In a

financial context, the terms "speculation" and "investment" are actually

quite specific. For instance, although the word "investment" is typically

used, in a general sense, to mean any act of placing money in a financial

vehicle with the intent of producing returns over a period of time, mostventured money — including funds placed in the world's stock markets —

is actually not investment but speculation.

Functions of Stock Exchange

1. Economic Barometer:

A stock exchange is a reliable barometer to measure the economic

condition of a country. Every major change in country and economy is

reflected in the prices of shares. The rise or fall in the share prices

indicates the boom or recession cycle of the economy. Stock exchange is

also known as a pulse of economy or economic mirror which reflects the

economic conditions of a country.

2. Pricing of Securities:

The stock market helps to value the securities on the basis of demand and

supply factors. The securities of profitable and growth oriented

companies are valued higher as there is more demand for such securities.

The valuation of securities is useful for investors, government and

creditors. The investors can know the value of their investment, the

creditors can value the creditworthiness and government can impose

taxes on value of securities.

3. Safety of Transactions:

In stock market only the listed securities are traded and stock exchange

authorities include the companies names in the trade list only after

verifying the soundness of company. The companies which are listed they

also have to operate within the strict rules and regulations. This ensures

safety of dealing through stock exchange.



4. Contributes to Economic Growth:

In stock exchange securities of various companies are bought and sold.

This process of disinvestment and reinvestment helps to invest in most

productive investment proposal and this leads to capital formation and

economic growth.

5. Spreading of Equity Cult:

Stock exchange encourages people to invest in ownership securities by

regulating new issues, better trading practices and by educating public

about investment.

6. Providing Scope for Speculation:

To ensure liquidity and demand of supply of securities the stock

exchange permits healthy speculation of securities.

7. Liquidity:

The main function of stock market is to provide ready market for sale and

purchase of securities. The presence of stock exchange market givesassurance to investors that their investment can be converted into cash

whenever they want. The investors can invest in long term investment

projects without any hesitation, as because of stock exchange they can

convert long term investment into short term and medium term.

8. Better Allocation of Capital:

The shares of profit making companies are quoted at higher prices and are

actively traded so such companies can easily raise fresh capital from

stock market. The general public hesitates to invest in securities of loss

making companies. So stock exchange facilitates allocation of investor‘s

fund to profitable channels.



9. Promotes the Habits of Savings and Investment:

The stock market offers attractive opportunities of investment in various

securities. These attractive opportunities encourage people to save more

and invest in securities of corporate sector rather than investing in

unproductive assets such as gold, silver, etc.

Stock Exchanges in India

1. BSE

2. NSE

Capital market reforms in India have outstripped the process ofliberalization in most other sectors of the economy. However, the creationof an independent capital market regulator was the initiation of thisreform process. After the formation of the Securities Market regulator,the Securities and Exchange Board of India (SEBI), attention were drawntowards the inefficiencies of the bourses and the need was felt for betterregulation, discipline and accountability. A Committee recommended thecreation of a 2nd stock exchange in Mumbai called the "National StockExchange". The Committee suggested the formation of an exchangewhich would provide investors across the country a single, screen basedtrading platform, operated through a VSAT network. It was on thisrecommendation that setting up of NSE as a technology driven exchangewas conceptualized. NSE has set up its trading system as a nation-wide,fully automated screen based trading system. It has written for itself themandate to create a world-class exchange and use it as an instrument ofchange for the industry as a whole through competitive pressure. NSEwas incorporated in 1992 and was given recognition as a stock exchange

in April 1993. It started operations in June 1994, with trading on theWholesale Debt Market Segment. Subsequently it launched the CapitalMarket Segment in November 1994 as a trading platform for equities andthe Futures and Options Segment in June 2000 for various derivativeinstruments

NSE was set up with the objectives of:

• Establishing a nationwide trading facility for all types of securities;

•

Ensuring equal access to investors all over the country through anappropriate communication network;



• Providing a fair, efficient and transparent securities market using

electronic trading system;• Enabling shorter settlement cycles and book entry settlements; and• Meeting international benchmarks and standards.

NSE has been able to take the stock market to the doorsteps of theinvestors.

The technology has been harnessed to deliver the services to the investorsacross the country at the cheapest possible cost. It provides a nation-wide,screen-based, automated trading system, with a high degree oftransparency and equal access to investors irrespective of geographicallocation. The high level of information dissemination through on-linesystem has helped in integrating retail investors on a nation-wide basis.The standards set by the exchange in terms of market practices, products,technology and service standards have become industry benchmarks andare being replicated by other market participants.Within a very short span of time, NSE has been able to achieve all theobjectives for which it was set up. It has been playing a leading role as achange agent in transforming the Indian Capital Markets to its presentform. The Indian Capital Markets are a far cry from what they used to bea decade ago in terms of market practices, infrastructure, technology, riskmanagement, clearing and settlement and investor service.The broad objective for which the exchange was set up has made it to

play a leading role in enlarging the scope of market reforms in securitiesmarket in India. During last one decade it has been playing the role of a

catalytic agent in reforming the markets in terms of market microstructure

and in evolving the best market practices keeping in mind the investors.

The Exchange is set up on a demutualized model wherein the ownership,management and trading rights are in the hands of three different sets of

people. This has completely eliminated any conflict of interest. This hashelped NSE to aggressively pursue policies and practices within a publicinterest framework.

NSE's nationwide, automated trading system has helped in shifting thetrading platform from the trading hall in the premises of the exchange to

the computer terminals at the premises of the trading members located at

different geographical locations in the country and subsequently to the

personal computers in the homes of investors and even to hand held

portable devices for the mobile investors. It has been encouraging

corporatization of membership in securities market.

It has also proved to be instrumental in ushering in scrip less trading and providing settlement guarantee for all trades executed on the Exchange.

Settlement risks have also been eliminated with NSE's innovativeendeavors in the area of clearing and settlement viz., establishment of the



clearing corporation (NSCCL), setting up a settlement guarantee fund

(SGF), reduction of settlement cycle, implementing on-line, real-time riskmanagement systems, dematerialization and electronic transfer of

securities to name few of them.

As a consequence, the market today uses state-of-the-art information

technology to provide an efficient and transparent trading, clearing and

settlement mechanism. In order to take care of investors‘ interest, it has

also created an investors protection fund (IPF), that would help investors

who have incurred financial loss due to default of brokers.

Ownership and Management in the NSE

NSE is owned by a set of leading financial institutions, banks, insurancecompanies and other financial intermediaries. It is managed by a team of

professional managers and the trading rights are with trading members

who offer their services to the investors.

The Board of NSE comprises of senior executives from promoterinstitutions and eminent professionals, without having any representationfrom trading members. While the Board deals with the broad policyissues, the Executive Committees which include trading members,

formed under the Articles of Association and the Rules of NSE fordifferent market segments, set out rules and parameters to manage theday-to-day affairs of the Exchange. The ECs have constituted severalcommittees, like

Committee on Trade Related Issues (COTI), Committee on SettlementIssues (COSI) etc., comprising mostly of trading members, to receiveinputs from the market participants and implement suggestions which arein the best interest of the investors and the market. The day-to-daymanagement of the Exchange is delegated to the Managing Director andCEO who is supported by a team of professional staff. Therefore, thoughthe role of trading members at NSE is to the extent of providing onlytrading services to the investors, the Exchange involves trading membersin the process of consultation and participation in vital inputs towardsdecision making. Market Segments and Products

NSE provides an electronic trading platform for of all types of securities

for investors under one roof - Equity, Corporate Debt, Central and State

Government Securities, T-Bills, Commercial Paper, Certificate of

Deposits (CDs), Warrants, Mutual Funds units,



Exchange Traded Funds, Derivatives like Index Futures, Index Options,

Stock Futures, Stock Options and Futures on Interest Rates etc., whichmakes it one of the few exchanges in the world providing trading facility

for all types of securities on a single exchange. The Exchange provides

trading in 3 different segments viz.• Wholesale debt market (WDM) • Capital market (CM) segment and

• The futures & options (F&O) segment.

The Wholesale Debt Market segment provides the trading platform fortrading of a wide range of debt securities which includes State and

Central Government securities,T-Bills, PSU Bonds, Corporate Debentures, CPs, CDs etc. However,

along with these financial instruments, NSE has also launched various

products (e.g. FIMMDA-NSEMIBID/MIBOR) owing to the market need. A reference rate is said to be

an accurate measure of the market price. In the fixed income market, it isthe interest rate that the market respects and closely matches. In response

to this, NSE started computing and disseminating the NSE Mumbai Inter- bank Bid Rate (MIBID) and NSE Mumbai Inter- Bank Offer Rate

(MIBOR). Owing to the robust methodology of computation of theserates and its extensive use, this product has become very popular among

the market participants. Keeping in mind the requirements of the banking

industry, FIs, MFs, insurance companies, who have substantialinvestments in sovereign papers, NSE also started the dissemination of itsyet another product, the ‗Zero Coupon Yield Curve‘. This helps in

valuation of sovereign securities across all maturities irrespective of its

liquidity in the market. The increased activity in the governmentsecurities market in India and simultaneous emergence of MFs (Gilt MFs)

had given rise to the need for a well-defined bond index to measure the

returns in the bond market. NSE constructed such an index the, ‗NSE

Government Securities Index‘. This index provides a benchmark for

portfolio management by various investment managers and gilt funds.The Capital Market segment offers a fully automated screen based trading

system, known as the National Exchange for Automated Trading (NEAT)system. This operates on a price/time priority basis and enables members

from across the country to trade with enormous ease and efficiency.

Various types of securities e.g. equity shares, warrants, debentures etc.are traded on this system. The average daily turnover in the CM Segment

of the Exchange during 2004-05 was nearly Rs. 4,506 crs. NSE started trading in the equities segment (Capital Market segment) on

November 3,1994 and within a short span of 1 year became the largest exchange in



India in terms of volumes transacted.

Trading volumes in the equity segment have grown rapidly with averagedaily turnover increasing from Rs.17 crores during 1994-95 to Rs.6,253

crores during 2005-06. During the year 2005-06, NSE reported a turnover

of Rs.1,569,556 crores in the equities segment.

The Equities section provides you with an insight into the equities

segment of NSE and also provides real-time quotes and statistics of the

equities market. In-depth information regarding listing of securities,trading systems & processes, clearing and settlement, risk management,

trading statistics etc. are available here. Futures & Options segment of NSE provides trading in derivatives instruments like Index Futures, Index

Options, Stock Options, Stock Futures and Futures on interest rates.

Though only four years into its operations, the futures and optionssegment of NSE has made a mark for itself globally. In the Futures and

Options segment, trading in Nifty and CNX IT index and 53 single stocksare available. W.e.f. May 27 2005, futures and options would be available

on 118 single stocks. The average daily turnover in the F&O Segment ofthe Exchange during 2004-05 was nearly Rs. 10,067 crs.

3. OTC Exchange of India

Type Stock Exchange

Location Mumbai, India

Founded 1990

Owner OTC Exchange of India

Key people Mr. Praveen Mohnot, MD[1][2]



Currency Indian rupee ( )

Website Official Website

OTC Exchange of India (OTCEI) also known as Over-the-CounterExchange of India based in Mumbai, Maharashtra. It is the first exchangefor small companies. It is the first screen based nationwide stockexchange in India. It was set up to access high-technology enterprising

promoters in raising finance for new product development in a costeffective manner and to provide transparent and efficient trading systemto the investors.

OTCEI is promoted by the Unit Trust of India, the Industrial Credit andInvestment Corporation of India, the Industrial Development Bank ofIndia, the Industrial Finance Corporation of India and others and is arecognized stock exchange under the SCR Act.

History

OTC Exchange of India was founded in 1990 under the Companies Act1956 and got recognized by the Securities Contracts Regulation Act,1956 as a stock exchange.

4. UP Stock Exchange

The UP Stock Exchange Limited ((Formerly known as The U.P.Stock

Exchange Association Ltd., Kanpur), is a Kanpur-based stock exchange.

It occupies one of the prominent place among the Stock Exchanges in

India. The Exchange was inaugurated on 27th August, 1982 by the then

Finance Minister Shri Pranab Mukherjee. It plays an important role in the

development of the capital market of North India. Initially, it had only

350 members which has grown up to 540 at present. UPSE is the only

Stock Exchange in whole of Uttar Pradesh and the membership of this

Stock Exchange is not restricted to the territories of Uttar Pradesh only.

Members living outside Kanpur has contributed a lot by creating the

equity cult in whole of the Uttar Pradesh.

Stock Exchange



Type

Location Kanpur, INDIA

Founded 27th August, 1982

Key people Dr. G.H.Singhania (Founder)

Currency

Website upse-india.com

UPSE Securities

UPSE Securities Ltd. is a 100% owned subsidiary of the U.P. Stock

Exchange Association Ltd. and was incorporated on 19th of April, 2000.

Its main object is to obtain membership of the big exchanges like BSE or

CSE. It aims at providing trading facilities on these bigger exchanges to

the members of U.P. Stock Exchange as a sub-brokers according to the

policies/guidelines issued by SEBI.

The Company acquired the membership of Bombay Stock Exchange

(BSE) and commenced an online trading on BSE On-Line TradingSystem (BOLT) from 29th of January, 2001. Currently, 43 members are

trading on BSE through the Company, 96 have been registered with SEBI

as sub-brokers and 153 have applied for participation. The Company has

also been admitted as member of CSE and further steps are being taken in

this regard.

Investor's Service Center / Library of UPSE R&D Wing of UPSE is in

function since 1992 under the directions of SEBI and it provides valuable

services to the investors. Investor's Service Centre maintains a well-equipped library of Books, journals, periodicals and Newspapers on

Financial Markets.

They maintain the records of day to day quotations of major exchanges,

the annual reports, of companies, PRIME Directory, complete set of

volumes of the Stock Exchange, Mumbai Directories. Along with this it

also maintains the news letters, daily bulletin, books on Capital Markets,

Investor Awareness, Budget and Taxation with other relevant books.



The UPSE has been organizing summer camps to give trainings to

Company Secretaries and MBAs from different institutes giving them

complete data and helping the student to know the practical day-to-day

working of the exchanges. Along with this it also organizes Investor

Awareness Shows.

The changing technology have helped the exchange to install a corporate

database of over 7000 companies. The rates of UPSE, BSE and NSE is

displayed live for the benefit of investors.

5. Jaipur Stock Exchange

Jaipur Stock Exchange (JSE) is located in Jaipur Rajasthan it wasfounded and was recognized in 1989. JSE is the third largest exchange inIndia in terms of membership. It was established in the year 1989. In thesame year, the exchange was granted recognition in the month of Januaryand the commencement of business took place from the month August,1989. Its license from SEBI is valid up to January 8, 2011.

Within seven years of its incorporation, i.e. by January 1996, theexchange managed to attract 750 companies who were listed on the

exchange. Then the volume of the daily turnover rose to an average ofRs.80 million.

Jaipur Stock Exchange was one of the 15 regional Stock Exchangeswhich promoted the Inter-connected Stock Exchange of India Ltd. by

paying the Initial Capital of Rs.1 crore (Rs.5 lakhs as admission fee andRs.95 lakhs as infrastructure fee).

6. Madras Stock Exchange

The Madras Stock Exchange (MSE) is a stockexchange in Chennai, India. The MSE is the fourth stock exchange to beestablished in the country and the first in South India. It had a turnover(2001) of 3090 crores (950 million USD), but is a fraction (below 3.5

per cent) of the turnover generated by the Bombay StockExchange and National Stock Exchange of India.

In 1996, the MSE was fully computerized and online trading became

operational, as the MSE was connected to 120 broking offices in andaround Chennai through wide area networking.



The MSE has about 120 live members and 1,785 companies listed. Theexchange follows the Rolling Settlement system, as per the January2000 SEBI (Securities Exchange Board of India) guidelines and a

proactive Grievance Cell is operational. By this system, investors can log

in their complaints, for which a number will be given for furtherreference, through which investors can keep track of the action taken bythe exchange as regards their complaint.

A subsidiary company - MSE Financial Services Ltd, has beenestablished. A member of the Bombay Stock Exchange, MSE FinancialServices will help create greater broker and investor flexibility throughmulti-market access. Hereafter the members will be able to trade in bothBSE and MSE. This will be followed up with National Stock Exchange(NSE) membership.

Live trading at the MSE takes place from 10.00 am to 3.30 pm.

7. Cochin Stock Exchange

The Cochin Stock Exchange Limited (CSE) is a capital stock market

in Kochi, Kerala in India. Incorporated in 1978, it has now over

350 Indian companies listed. CSBL a wholly owned subsidiary of CSE is

a member of NSE and BSE.

Facility

Computerized trading was introduced in 1997.The major back office

system software used are NESS and BOSS respectively for NSE and

BSE. The trading software used in CSBL is Multex. Traders are provided

Meta Stock and ERS software, trading terminals and optical fiber

connections. DP holdings are maintained by demat services like CDSL.

The new millennium saw the stock exchange building being shifted from

the old structure in downtown Cochin to a brand new building in the

Kaloor area in northern Kochi.

Trading

Trading hours historically used to begin late in the afternoon enabling

access to traders from other regions of the state. Base Minimum Capital

required to be maintained is Rs. 2 lakhs.

Demutualization Scheme

The securities scam of the early nineties led the SEBI regulations on

stock exchanges requires separation of ownership and trading rights and



made it mandatory for majority ownership rests with the public, those

without any trading rights.

Cochin Stock Brokers Limited

Cochin Stock Brokers Limited (CSBL) a subsidiary of CSE is a corporatemember of the National Stock exchange and Bombay Stock Exchange

enabling CSBL users trading facilities in these listings.

CSE Institute

CSE institute provides training program on stock market for investors.

Economic Impact

Industrialization did not happen in Kerala to the extent as in other Indian

states. As a result most Keralites do not invest in manufacturing entities.The reasons for the failure to attract manufacturing industries is unclear,

but it has be due to the political climate and the lack of resources in a

small state with such a large population density. The stock exchange is

therefore an excellent channel for investment opportunities in the face of

local problems.

8. Bangalore Stock Exchange (BgSE)

Bangalore Stock Exchange (BgSE) is a public stock exchange basedin Bangalore, India. It was founded in 1963 and currently has595 regional and non-regional companies listed. In September 2005, theBgSE announced plans to go public by divesting at least 51% of itsownership. The stock exchange is managed by a Council of Management,consisting of members appointed by the Securities and Exchange Boardof India. First stock exchange in South India to start electronic trading ofsecurities in 1996.

Some of the companies that trade on the BgSE include Infosys, Wipro,United Breweries and Bharat Electronics Limited.

The Bangalore Stock Exchange Limited (BgSE) is a self-regulatoryorganization located in the garden city of India. The Exchange ismanaged by the Governing Board consisting of members nominated bySecurities Exchange Board of India (SEBI), Public Representatives,Elected members and an Executive Director. The Exchange has beenserving the investor community continuously since its inception in the

year 1963.



Over the decades, it has been a journey of progress to the Exchange fromthe pith to the pinnacle, from the alcove to the acme and, has emerged asa premier Exchange in India.

The continuous change alone is the changeless law.

As the saying goes, to keep pace with the fast changing technology andfinancial system, the Exchange went On-line in 1996. The Exchange hascome a long way since the launch of BEST (Bangalore ElectronicSecurities Trading), it‘s On-line trading system on 29 July 1996.

Empowerment of the investors in the market has been the focus of theExchange. Information needs of market participants are met through theService Centers established by the Exchange at various places inKarnataka. In addition to this, Investment Education Centre at Bangalore

plays a vital role in enhancing the knowledge base of the participantsthrough several short and long duration programs.

Members The Exchange has 241 members serving the diverse needs ofinvestors. The corporate members constitute more than 25% of the totalmembership of the Exchange. Members operate within the overallframework of policies and practices developed over a period of time bythe Exchange.

Listing the securities listed at the Exchange includes a number ofinnovative and seasoned corporates from different sectors of industry. Ason 31 March 2006, the number of companies listed on the Exchange are384 consisting of 186 regional and 198 non regional companies.

Investor Services Centre With a view to support the investors to resolvetheir grievances expeditiously, Exchange has established an InvestorServices Committee composed of Public Representatives, members andExecutive Director, who oversee the functioning of the Cell and they takeappropriate steps for amicable settlement.

To enable the investors at other places to have access to various services,

Centers have been set up at Davangere, Hassan, Hubli, Mysore, Madkeri,Mangalore Shimoga and Tumkur.

Investor Information Centre the Exchange has established a well-equipped Library and Investor Information Centre to cater to variedinformation needs of investors, corporates members and others. TheCentre has a collection of wide range of books, periodicals, journals,annual reports, and prospectus and research publications relating toCapital markets. Circulars, notifications issued by authorities areavailable. Draft prospectus, offer documents and other related

information are displayed regularly.



In addition, information on over 4000 companies is available in thecorporate data-bank for investors, corporates and members to help themin investment decision making process. This data bank consists of detailsof promoters, previous public issues, track record, digital form annual

reports, and financial performance of companies. Fundamental analysisand Technical analysis, other general information on industry, sector andeconomic scenario etc., are available.

Investment Education Centre Empowerment of investors througheducation is the focus of the Exchange. The Exchange has established anexclusive investment education center to cater to the needs of the market

participants. This Centre conducts regular and intensive training sessions,seminars and workshops. In addition to this, the Exchange continuouslyholds monthly Investors‘ Meet at Bangalore on last Sunday of every

month on various current topics and issues.

9. Guwahati Stock Exchange

The Guwahati Stock Exchange (GSE) is locatein Guwahati, Assam, India. It was incorporated on 29 November 1983and it was recognized by the Government of India on 1 May 1984. TheGSE is limited by guarantee by the member-brokers.

By 1999-2000, the exchange had a total of 206 brokers, out of which 5were corporate brokers. Among 206 brokers, it was further classifies as200 proprietor broker, 1 partnership broker and 5 corporate broker. Then,there was only 4 sub-brokers registered. Currently there are 290companies listed in the GSE.

Guwahati Stock Exchange Investors Service

To settle down the grievances of investors and also to guide them in allrespect, the GSE is setting up its own 'Investors Service Cell'.

Guwahati Stock Exchange Management

There are thirteen directors in the Council of Management of the GSE.Among them six are elected from the broking community, three arenominated from public eminent, another three are the nomineeof SEBI and the remaining one is the whole time Executive Director of

the Guwahati Stock Exchange.



The Council of Management is headed by the President. He is electedfrom the broker directors. The tenure of the Council is for one year.

Guwahati Stock Exchange Operating SystemThe GSE is inter-connected with the NSE through the ISE Securities andServices Ltd. (ISS). ISS is the subsidiary of Inter-connected StockExchange of India Ltd. and GSE is one of the associated exchange of it.The trading of GSE is done through Screen Based Trading System.

Settlement system

The Guwahati Stock Exchange is having a T+5 trading system from

Tuesday to Monday. The settlement takes place in the immediate nextweek of the trading cycle. The first step in the settlement process is the

distribution of Offer and the Difference Statement. It takes place on

Tuesday.

The deliverable members are supposed to submit the shares/D-Mat slip tothe clearing house of GSE on the following Thursday. On the same daythe Delivery Statement of Shares is distributed among all the receivablemembers. The PAY-IN day is Friday and the PAY-OUT day is Saturday.

The entire process of the settlement is done through the Clearing Houseof GSE.

Guwahati Stock Exchange Future Plan

The present need of the Indian Capital Market is to interconnect it,vanishing the concept of regional market. This helps in multiple access todifferent markets and it further results in greater liquidity and turnover.

To achieve all these, the GSE is also planning to have its connectivity

with the Calcutta Stock Exchange. In future it also looks forward toconnect with BSE. Internet trading is also planned.

10. Madhya Pradesh Stock Exchange (MPSE)

Madhya Pradesh Stock Exchange (MPSE) is located

at Indore, Madhya Pradesh, India. MPSEL was originally set up as an

association in 1928, with around 150 broking members. It was granted permanent recognition under the provisions of the Securities Contract



(Regulation) Act, 1956 (―SCRA‖), by the Government of India in 1988.

MPSEL currently has 185 broker members, including some of the leading

brokering houses in India. Around 343 companies, including some of the

leading corporates of the country are listed on MPSEL.

11. Ludhiana Stock Exchange Association

Ludhiana Stock Exchange Association Limited (LSE) was established

in the year 1983. By 1999-2000, the exchange had a total of 284 brokers,

out of which 79 were corporate brokers. Among 284 brokers, it was

further classified as 212 proprietor broker, 2 partnership broker and 70

corporate broker. Then, there was only 23 sub-brokers registered.Ludhiana Stock Exchange became the second bourse in India to introduce

modified carry forward system after BSE on April 6, 1998. On the same

date, LSE also introduced a settlement guarantee fund (SGF). The SGF

guarantees settlement of transactions and the carry forward facility

provides liquidity to the market.

LSE became the first in India to start LSE Securities Ltd., a 100% owned

subsidiary of the exchange. The LSE Securities got the ticket as sub-

broker of the NSE. In 1998, the exchange also got permission to startderivative trading.

For the settlement of dematerialized securities, the Ludhiana Stock

Exchange has also been linked up with National Securities Depository

Ltd. (NSDL).

12. Vadodara Stock Exchange

Vadodara Stock Exchange or VSE is located in the city

of Vadodara in Western India. It was established in 1990 at Vadodara. It

is the third largest stock exchange in the state of Gujarat after

Ahmedabad and Rajkot. It is recognized by the Securities Contract

(Regulations) Act of 1956 as a permanent stock exchange.

From a humble beginning in 1986 with the Vadodara Stock Brokers'

Association having 150 members, it was incorporated on January 22,1990 as Vadodara Stock Exchange Limited. By 1999, the exchange had a



total of 321 brokers, of which 65 were corporate brokers, 253 were

proprietor brokers, and 3 were partnership brokers. Then, there were only

85 sub-brokers registered.

13. Calcutta Stock Exchange Association Limited

Type Stock Exchange

Location Kolkata, India

Founded 1908

Owner The Calcutta Stock Exchange Limited

Key people Sunil Mitra, IAS (Retd.)(Chairman)

B. Madhav Reddy (MD & CEO)


No. of listings 2,700~

Market Cap 1,40,141 Crores (2009)

Indexes CSE 40

Website www.cse-india.com

Calcutta Stock Exchange (CSE) located at the Lyons

Range, Kolkata, India, was incorporated in 1908 and is the second largest bourse in India.



History

In 1830, the bourse activities in Kolkata used to conduct undera neem tree.

[2] The earliest record of dealings in securities in India is

the British East India Company‘s loan securities. In 1908, the stock

exchange was incorporated and consisted of 150 members. The present

building at the Lyons Range was constructed in 1928. The Calcutta Stock

Exchange has been granted permanent recognition by the Central

Government with effect from April 14, 1980 under the relevant

provisions of the Securities Contracts (Regulation) Act, 1956. The

Calcutta stock exchange followed the familiar outcry system for stocktrading up until 1997, when it was replaced by an electronic (eTrading)

system known as C-STAR (CSE Screen Based Trading And Reporting).

Alliance

Bombay Stock Exchange (BSE) has made a strategic investment in

Calcutta Stock Exchange, acquiring 5% of its shares.

Profile

CommitteeThe Calcutta Stock Exchange Limited

Board Of Directors

Sunil Mitra, IAS (Retd.) - Shareholder Director and Chairman of the

Board

B Madhav Reddy - Managing Director & Chief Executive Officer

Satyabrata Ganguly - Public Interest Director

Jayanta Mitra - Public Interest Director

Prasad Ranjan Ray, IAS (Retd.) - Public Interest Director

Sanjay Budhia - Shareholder Director

Mukul Somany - Shareholder Director

V. Balasubramanium - Shareholder Director

Jagdish Prasad Chowdhary - Shareholder Director

Harsha Bardhan Agarwal - Shareholder Director

Ajit Khandelwal - Trading Member Director

Suresh Kumar Kaushik - Trading Member Director

Sharad Chandra Jhunjhunwala - Trading Member Director



Senior executives

B Madhav Reddy - MD & CEO

Satyabrata Sahoo - GM (Stock Exchange Operation)

M.A.V Raju - DGM (Admin & HR) P. S. Mohapatra - DGM (Information Technology)

D. Chakraborty - DGM (Business Development & Taxation)

Sripriya Senthilkumar - DGM (Stock Exchange Operation)

A Santra - Manager (Surveillance)

Asis Maity- Manager (Market Operation)

CSE indices

CSE - 40 index

14. Delhi Stock Exchange (DSE)

The Delhi Stock Exchange (DSE) is located in New Delhi, India. It was

incorporated on June 25, 1947. The exchange is an amalgamation of

Delhi Stock and Share Brokers' Association Limited and the Delhi Stocks

and Shares Exchange Limited. It is India's fifth exchange. The exchangeis one of the premier Stock Exchange in India. The Delhi Stock Exchange

is well connected to 50 cities with terminals in North India.

The exchange has over 3,000 listed companies. It has received the market

regulator's permission from BSE and has become a member. Now it

facilitates the DSE members to trade on the BSE terminals. The exchange

is also considered the same from NSE.

DSE dematerialized trading Delhi Stock Exchange has paired up with the National Security

Depository Limited (NSDL), and commenced trading in dematerialized

shares. This started September, 1988. However, the option for delivering

shares either in physical or demat form started in November 1998.

DSE Trade Guarantee Fund

DSE initialized its Rs.125 crore Trade Guarantee Fund on July 27, 1998.

TGF guarantees all the transactions of the DSE inter se through the stock

exchange. If a member fails to honor the settlement commitment, TGF



undertakes to fulfil the commitment and complete all the settlement

without disruption.

15. Bhubaneswar Stock Exchange

Type Stock Exchange

Location Bhubaneshwar, India

Founded 1989

Owner Bhubaneswar Stock Exchange

Association Limited

Key people Vivekananda Pattanayak, Chairman

Debaraj Biswal CEO

Currency

Website www.bhseindia.com

Origin

Bhubaneswar Stock Exchange Association Ltd, (BhSE) is locatedin Bhubaneswar, Orissa, India. It was incorporated on 17

th of April, 1989,

and granted recognition to the Stock Exchange on 5th June, 1989, by theMinistry of Finance, Govt. of India. It is one among the 21 odd regionalstock exchanges in India.

Operations

By 1999-2000, the exchange had a total of 234 brokers, out of which 15were corporate brokers. Among 234 brokers, it was further classified as209 proprietor and 15 corporate broker. Then, there was only 17 sub-

brokers registered. The trading membership strength of BhubaneswarStock Exchange is 196 at present against the sanctioned strength of 350.

[1]



Organization Structure

The affairs of the BhSE are managed by a Board of Directors consisting 8Directors from the following categories:

[2]

2 Trading Member Directors

2 Public Interest Directors

4 Shareholder Directors

1 Director in the capacity of Chief Executive Officer (BhSE)

Happenings

On 15 September, 2005, SEBI approved the corporatization anddemutualization schemes of the Bhubaneshwar Stock Exchange whichwere required in accordance with the provisions of the SecuritiesContracts (Regulation) Act, 1956.

16. Ahmedabad Stock Exchange

Ahmedabad Stock Exchange or ASE is the second oldest exchangeof India located in the city of Ahmedabad in the western part of thecountry. It is recognized by Securities Contract (Regulations) Act, 1956as permanent stock exchange. It has adopted a Swastika in its logo whichis one of the most auspicious symbols of Hinduism depicting wealth and

prosperity.

History

The stock exchange was established as a Public Charitable Trust in 1894

following the establishment of the Bombay Stock Exchange in 1875.



Earlier the stock exchange functioned under the framework of theBombay Securities Contracts Act, 1925. Following the passage of TheSecurities Contract Regulations Act, 1956 the Gujarat Share & StockExchange, Indian Share and General Exchange Association and Bombay

Share and Stock Exchange, Share and Stock Brokers Association mergedwith the Ahmedabad Share and Stock Brokers Association and gave riseto ASE as it stands today.

Automation

The stock exchange went live on December 12, 1996. Initially, ASE useda system provided by IBM. Since June 1999, ASE operates onAhmedabad Stock Exchanges' Online Trading System (ASETS). This

system was provided to ASE by Tata Consultancy Services Pvt.Ltd. Members of the ASE can also trade on the Bombay StockExchange though a system called IBOSS. Today the stock exchange has333 trading members.

Current governing board

The governing board of ASE comprises elected directors as well asdirectors appointed by SEBI. The governing board meets every 15 days toreview the working of the stock Exchange. The executive director is theadministrative head of the ASE.

P.K.Ghosh - Non-Member Director

Babubhai P. Patel - Non-Member Director

Yogesh Doshit - Non-Member Director

Ashok Chhajed - Non-Member Director

Vijay Ranchan - Non-Member Director

Manish Bhatt - Non-Member Director

N. K. Bhola - Sebi Nominee

G. H. Dalal - Member Director

Anil Shah - Member Director

V. V. Rao - Executive Director

17. Pune Stock Exchange (PSE)



Pune Stock Exchange Ltd. is a company limited by guarantee. The

Exchange was established on 2nd Sept. 1982 to cater to the needs of the

growing investor community in the city.

Starting small, with 35 members and a few lac rupees business initially,the exchange has grown tremendously to over 185 members and about

15-20 crores of business daily. Much of the work is computerized with a

smooth settlement system. Over 310 companies are listed with the Stock

Exchange.

The Exchange, while providing an efficient market also upholds

investor‘s interests and ensures redressal of their grievances. It also

strives to educate and enlighten investors by making available necessaryinformation inputs.

Pune Stock Exchange opted for the on-line screen based trading in 1995.

The Exchange has been successfully using a screen based Trading

System, based on VECTOR (Versatile Engine for Centralized Trading

and On-line Reporting) and developed and implemented by CMC Ltd. for

more than three years now. The present operations cover 183 broker

members and 9 workstations for administration, Market Operations and

Surveillance activities of PSE.

Pune Stock Exchange has been looking into the possibilities of widening

its activities to different parts of Pune city and to other cities like Satara,

Sangli, Solapur, Kolhapur, Ahmednagar, Aurangabad, Nashik and

Mumbai.

18. Inter-connected Stock Exchange Ltd



Type Stock Exchange


Founded 1998

Owner Inter-connected Stock Exchange of

India Limited


Website Official Website

Inter-connected Stock Exchange Ltd. (ISE) started its operation in1998[1] in Vashi, Mumbai. It is a national-level stock exchange, providingtrading, clearing, settlement, risk management and surveillance support toits trading members. It has 841 trading members, who are located in 18cities. These intermediaries are administratively supported through theregional offices at Delhi, Kolkata, Patna, Ahmedabad, Coimbatore and

Nagpur, besides Mumbai.

The ISE is promoted by 12 regional stock exchanges namely atBangalore, Bhubaneshwar,Chennai, Cochin, Coimbatore, Guwahati, Indore,Jaipur, Kanpur, Mangalore, Magadh and Vadodara. The participatingexchanges of ISE have 4,500 members and listed securities. It is a stockexchange of stock exchanges, members of the stock exchanges beingtraders on the ISE.

Timeline



July 6, 1996 A report on Inter-connected Market System (ICMS)submitted to the Federation of Indian Stock Exchange (FISE).

October 26, 1996 Steering Committee was constituted by FISE atHyderabad.

January 4, 1997 Pricewater House Coopers, the managementconsultancy firm, submitted a feasibility report and recommended theestablishment of ICMS.

January 22, 1998 ISE incorporated as a company limited by guarantee.

November 18, 1998 SEBI grants recognition to ISE.

February 26, 1999 Commencement of trading on ISE.

December 31, 1999 Induction of 450 Dealers commences.

January 18, 2000 Incorporation of ISS as a company limited by sharecapital.

February 24, 2000 SEBI registers ISS for the Capital Market segment of NSE.

May 3, 2000 Commencement of trading by ISS in the Capital Marketsegment of NSE.

January 10, 2001 Turnover in the Capital Market segment of NSEcrosses Rs. 1000 million per day.

February 28, 2001 Turnover of Rs. 1508.80 million recorded by ISS inthe Capital Market segment of NSE.

May 4, 2001 Internet trading for clients started by ISS for the NSEsegment through DotEx Plaza.

May 19, 2001 ISE‘s website, www.iseindia.com, launched.

February 13, 2002 SEBI registers ISS for the Futures & Optionssegment of NSE.

May 6, 2002 ISS commences trading in the Futures & Options segmentof NSE.

March 12, 2003 ISS admitted as a member of the Equities segment ofBSE.

April 1, 2003 DP services through CDSL launched by ISE.

June 21, 2003 First Investor Education Program under the SecuritiesMarket Awareness Campaign (SMAC) of SEBI conducted at Vashi.

January 9, 2004 Peak turnover of Rs. 3034.90 million recorded by ISS inthe Capital Market segment of NSE.



May 17, 2004 First DP branch office opened at Coimbatore by ISE.

July 17, 2004 First Investor Point opened at the Vashi Railway StationComplex by ISE.

July 24, 2004 Second DP branch opened at New Delhi by ISE.September 3, 2004 Third DP branch opened at Kolkata by ISE.

December 27, 2004 Trading in the BSE equities segment started by ISS.

September 15, 2005 Approval of ISE‘s Corporatization andDemutualization Scheme by SEBI.

October 20, 2005 Switchover to Direct Client Dealing commences inISS.

November 24, 2005 ISE re-registered as a ―for profit‖ company, limited

by shares.

November 24, 2005 Board of ISE reconstituted in tune with theCorporatization and Demutualization provisions.

July 28, 2007 ISE declared a dividend of 400% to its shareholders for thefirst time since its incorporation.

September 13, 2007 ISE was notified by SEBI as a ―DemutualizedExchange‖.

January 30, 2008 Restructuring of Board of ISE in accordance with theCorporatization and Demutualization Scheme, 2005.

March 4, 2010 ISE awarded the contract to TCS for reviving its TradingPlatform.

Services

Membership

A registered Member is entitled to execute trades and to clear and settle

trades executed on his own account as well as on account of his clients inthe Capital Markets Segment. Membership of the Exchange is open tocorporate entities, individuals and partnership firms who fulfill theeligibility criteria laid down by SEBI and ISE

Depository services

Inter-connected Stock Exchange is a Depository Participant of CentralDepository Service [9] (India) Limited (CDSL) and National SecuritiesDepository Limited

[10] (NSDL). ISE-DP has branches at Delhi, Kolkata,

Patna, Guwahati, Ahmedabad, Hyderabad, Nagpur, Coimbatore,Tirunelveli and 155 Collection Centers across the country. Following



depository services of CDSL are provided to the individual and corporateinvestors by ISE-DP.

Dematerialization (Demat)

Dematerialization (Remat) Pledge of Demat securities

Electronic Access to Securities Information & Execution of Secured

Transactions (easiest)

Settlement of securities in Demat Mode

Electronic Access to Securities Information (EASI)

Research and Training

The ISE Training center was established in November, 2000[11]. It is aclassroom training program on subjects related to the capital market, suchas equities trading and settlement procedure, derivatives trading, daytrading, arbitrage operations, technical analysis, financial planning, andcompliance requirement

[12]. ISE also offers Joint Certification Training

programs in association with its partners.

Listing

The trading platform of ISE enables the 'Indian companies‘ to access

equity capital, by providing a liquid and well-regulated market

[13]

. Scripswhich are already being traded on stock exchanges across India are tradedon the Exchange. ISE‘s trading members in India trade on the scrips and

provide liquidity and visibility to such scrips.

19. MCX Stock Exchange (MCX-SX)

Type Private

Industry Business Services

Founded 2008



Headquarters Exchange Square, Suren Road, Chakala,

Andheri (East), Mumbai, India

Key people U Venkataraman, CEO , MD & CEO

Products Currency futures exchange

Website www.mcx-sx.com

MCX Stock Exchange (MCX-SX) is an India-wide electronic platformfor trading in currency futures under the regulatory control of Securitiesand Exchange Board of India (SEBI) and Reserve Bank of India (RBI). It

is jointly promoted by Financial Technologies and MCX. It startedoperations on the 6th of October 2008.

Products

MCX-SX‘s product is a currency futures contract. It started live

operations on 7 October, 2008, by launching monthly contracts in theUSD/INR currency pair. Each USD/INR contract on MCX-SX has a lifeof 12 months from the month in which it was launched. Specifications ofthe MCX-SX USDINR contract are as stipulated by RBI and Securities

SEBI, and are as follows:

Symbol USDINR

Instrument Type FUTCUR

Unit of trading 1 (1 unit denotes 1000 USD)

Underlying The exchange rate in Indian Rupees for a US Dollar

Tick size Tick size Rs.0.25 paise or INR 0.0025

Trading hours Monday to Friday 9.00 a.m. to 5.00p.m.



Contract trading

cycle12 month trading cycle.

Last trading day Two working days prior to the last business day of theexpiry month at 12 noon.

Final settlement

day

Last working day (excluding Saturdays) of the expirymonth.

The last working day will be the same as that for Interbank

Settlements in Mumbai.

Highlights

MCX-SX initiated trading on Oct 7, 2008

Total Turnover - Rs. 43,571.98 crore*

Total number of contracts traded - 8,876,100*

Recorded highest turnover - Rs. 1593.04 crore on Jan 22, 2009

Highest number of contracts traded - 324,885 on Jan 22, 2009

Average Daily Volume - 158,501 contracts* Average Daily Turnover - Rs. 778.07 crore*

Garnered over 50 % market share in two months of operations

Growth of 187% by clocking an average daily turnover of Rs.1003.38

crore at the end of 2nd month over average daily turnover of Rs.349.38 crore for the 1st month

As on December 31, 2008 since inception Total Volumes – CurrencyFutures volume traded on the Indian Exchanges

20. Coimbatore Stock Exchange

The Coimbatore Stock Exchange Limited, (CSX) is located

in Coimbatore, Tamil Nadu, India. It is the youngest stock exchange in

India. It was founded by K.G. Balakrishnan, not related to the former

Chief Justice of the Supreme Court India of the same name. It is now

governed by the Governing Body which consists of the member brokers.

Currently the staff strength is fifty.



The exchange also has Screen Based Trading (SBT) system which

commenced operations on 9 October 1996. The system is equipped to

handle 25,000 traders per day and 400 members. Each member has been

given a computer terminal which is connected in a Local Area

Network (LAN).

Coimbatore Stock Exchange Members

Currently the segregation of Coimbatore Stock Exchange are as follows:

Individual Members - 136

Corporate Members - 57

Chartered Accountants/ Company Secretaries - 40

MBAs - 17

Engineers - 14Cost Accountants - 10

Post Graduates - 25

Coimbatore Stock Exchange Facilities Coimbatore Stock Exchange

provides well equipped facilities to its members and investors. The

facilities are library, canteen, and spacious parking area, STD and

Internet booths, Bank with security lockers, conference hall, gymnasium

and other necessary services.

In near future, the exchange is planning for the implementation ofInterconnected Stock Exchange to bring more business to the center.

Apart from the infrastructure, the exchange is planning for the setup of a

Training Academy, Software Development, Research Centre and other

useful activities.

It also has a plan to set up Additional Trading Floor (ATF) which will

bring more traffic to the CSE building. Wide Area Networks

through VSATs are also in the planning card.

21. United Stock Exchange of India (USE)



Type Stock Exchange


Coordinates 19°3′37″N 72°51′35″E

Founded 20 September 2010

Owner United Stock Exchange of India Limited

Key people T.S. Narayanasami (MD & CEO)

Currency Indian rupee

Website www.useindia.com

Product and Services

USE began operations in the future contracts in each of the followingcurrency pairs:

United States Dollar-Indian Rupee (USD-INR) Euro-Indian Rupee (EUR-INR)

Pound Sterling-Indian Rupee (GBP-INR)

Japanese Yen-Indian Rupee (JPY-INR)

There would be 12 contracts i.e. one for each of the next 12 months ineach of the above currency pair, Outright contracts as well as calendarspread contracts are available in each pair for trading.

22. Hyderabad Stock Exchange (HSE)



The Hyderabad Stock Exchange (HSE) was a stockexchange established in 1941 located in Hyderabad, India. The exchangewas disbanded in 2007.

History

In November 1941, some leading bankers and brokers formed the shareand stock Brokers Association. In 1942, Mr. Gulab Mohammed,the Finance Minister, formed a committee for the purpose of constitutingrules and regulations of the Stock Exchange. Sri PurushothamdasThakurdas, president and founding member of the Hyderabad StockExchange performed the opening ceremony of the exchange on

November 14, 1943 under Hyderabad Companies Act. Mr. Kamal YarJung Bahadur was the first president of the exchange. The HSE startedfunctioning under Hyderabad Securities Contract Act of No. 21 of 1352under H.E.H. Nizam‘s government as a company limited by guarantee. It

was the 6th Stock Exchange recognized under Securities Contract Act,after the Premier StockExchanges, Ahmedabad, Bombay, Calcutta, Madras, and BangaloreStock Exchange. All deliveries were completed every Monday or the nextworking day.

The HSE was first recognized by the Government of India on 29September, 1958 as Securities Regulation Act was made applicable to

twin cities of Hyderabad and Secunderabad from that date. In view ofsubstantial growth in trading activities, and for the yeoman servicesrendered by the exchange, the exchange was bestowed with permanentrecognition with effect from 29 September, 1983.

Operations

The Hyderabad Stock Exchange Ltd. started its operations in a small wayin a rented building in the Koti, Hyderabad area. It moved to AiyangarPlaza, Bank Street in 1987. In September 1989, the then Vice-Presidentof India, Shankar Dayal Sharma inaugurated the Stock Exchange's own

building at Himayatnagar, Hyderabad. Later, in order to bring all thetrading members under one roof, the exchange acquired still larger

premises situated at 6-3-654/A ; Somajiguda, Hyderabad - 82, with a sixstoried building and a constructed area of about 486,842 square feet(45,229.1 m

2) (including cellar of 70,857 square feet (6,582.8 m

2)).

23. Magadh Stock Exchange Association Ltd (MSEA)



Type Stock Exchange

Location Patna, India

Founded 1986

Owner Magadh Stock Exchange Limited

Currency

Magadh Stock Exchange Association Ltd (MSEA) is located in Patna,

India. It was established in the year 1986. [1] It is one among the 21 oddregional stock exchanges in India.

History

By 1999-2000, the Magadh Stock Exchange had a total of 199 brokers,

out of which 15 were corporate brokers. Among 199 brokers, it was

further classified as 183 proprietor brokers, 1 partnership broker and 5

corporate brokers. Then, there were only 2 sub-brokers registered.

In September 2005, the Magadh Stock Exchange was corporatized and

demutualized in accordance with the provisions of the Securities

Contracts (Regulation) Act, 1956.

On 17 August 2000, the Magadh Stock Exchange became the

only regional stock exchange in the country to trade on the National

Stock Exchange of India (NSE), the Bombay Stock Exchange

(BSE), Calcutta Stock Exchange (CSE) and the Interconnected Stock

Exchange (ISE) when the exchange finally got connected to the NSEthrough ISE.

24. Saurashtra Kutch Stock Exchange Limited



Type Stock exchange

Location Rajkot, India

Coordinates 22°18′N 70°47′E

Founded July, 1989

Owner Saurashtra Kutch Stock ExchangeLimited

Key people Mr. S. G. Raval (Executive Director)

Currency

Website Saurashtra Kutch Stock Exchange

Saurashtra Kutch Stock Exchange Limited (Gujarati: શરે બજર,

popularly called Stock Exchange, or SKSE) is one of three stock

exchange in Gujarat. It is located at Sadar Bazaar, Rajkot, India.

Saurashtra Kutch Stock Exchange Ltd was incorporated in the month of

July 1989 and got recognition from the Government of India. The

recognition have been renewed from time to time by the Central

Government and SEBI.



History and Present

The Stock Exchange is recognized under Securities Contracts RegulationAct. Earlier the Stock Exchange was having very good volume. The

broker members were doing huge volume on the floor of the stock

exchange. Subsequently after the commencement of National StockExchange and on-line computerized trading, the volume on the regionalStock Exchanges faced the decreased trend and as a result, the regionalstock exchanges were facing difficulties of reduced liquidity, volume anddept. Recently, in the month of December 1999, SEBI has permitted theregional stock exchange to acquire membership of bigger stockexchanges like BSE and NSE by forming a subsidiary company andthereby to provide trading platform to the brokers of regional stockexchanges. Accordingly, many stock exchanges have floated subsidiary

company for acquiring membership of BSE or NSE. Our stock exchangehas also floated a subsidiary company namely SKSE Securities Limitedwhich is a 100% subsidiary of Saurashtra Kutch Stock Exchange Ltd.This subsidiary has acquired membership of BSE and NSE and it has gotSEBI registration also and got permission for trading from the StockExchange, Mumbai and National Stock Exchange of India Ltd., Mumbai.Our subsidiary is also a Depository Participant of CDSL.

[1]

Automation

The stock exchange went live on October 3, 1996. Online trading wasinaugurated by Shri M. R. Maiya (Bhishmapitamaha of Capital Market).Initially, SKSE used paper based system before automation. SinceOctober 3, 1996, SKSE operates on Saurashtra Kutch Stock Exchange‘s Online Trading System called SKATE. Members of the SKSE can alsotrade on the Bombay Stock Exchange though VSAT channels. Today thestock exchange has 120 trading members.

25. Mangalore stock exchange

The Mangalore stock exchange Limited (MGSE), is located

in Mangalore, Karnataka, India. It was incorporated on 31 July 1984 as a

public limited company. The Exchange was recognized by the Central

Government for an initial period of 5 years on 9 September 1985 under

section 4 of the Securities Contracts (Regulation) Act, 1956 and later on

the period of recognition was extended by one year, from 9 September

1990 to 8 September 1991. The last recognition was valid up to



September 8, 2003. On August 31, 2004, SEBI decided to derecognize

the Mangalore Stock Exchange.

Chief Minister S.M. Krishna laid the foundation stone for the new

building of the Mangalore Stock Exchange (MgSE) at Kulur on Sept 28,2001. The MgSE has been granted 3 acres (12,000 m2) of land by the

state government.

Documents

Project Stock Exchanges