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Role of Stock Exchanges

Stock exchanges have multiple roles in the economy. This may include
the following:
Raising capital for businesses
The 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 of
capital 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 for
several 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), Enron
Corporation (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 developmentthough 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 economy
At 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, most
ventured moneyincluding 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 gives
assurance 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 investors
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 of
liberalization in most other sectors of the economy. However, the creation
of an independent capital market regulator was the initiation of this
reform process. After the formation of the Securities Market regulator,
the Securities and Exchange Board of India (SEBI), attention were drawn
towards the inefficiencies of the bourses and the need was felt for better
regulation, discipline and accountability. A Committee recommended the
creation of a 2nd stock exchange in Mumbai called the "National Stock
Exchange". The Committee suggested the formation of an exchange
which would provide investors across the country a single, screen based
trading platform, operated through a VSAT network. It was on this
recommendation that setting up of NSE as a technology driven exchange
was conceptualized. NSE has set up its trading system as a nation-wide,
fully automated screen based trading system. It has written for itself the
mandate to create a world-class exchange and use it as an instrument of
change for the industry as a whole through competitive pressure. NSE
was incorporated in 1992 and was given recognition as a stock exchange
in April 1993. It started operations in June 1994, with trading on the
Wholesale Debt Market Segment. Subsequently it launched the Capital
Market Segment in November 1994 as a trading platform for equities and
the Futures and Options Segment in June 2000 for various derivative
instruments

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 an
appropriate 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 the
investors.
The technology has been harnessed to deliver the services to the investors
across the country at the cheapest possible cost. It provides a nation-wide,
screen-based, automated trading system, with a high degree of
transparency and equal access to investors irrespective of geographical
location. The high level of information dissemination through on-line
system 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 and
are being replicated by other market participants.
Within a very short span of time, NSE has been able to achieve all the
objectives for which it was set up. It has been playing a leading role as a
change agent in transforming the Indian Capital Markets to its present
form. The Indian Capital Markets are a far cry from what they used to be
a decade ago in terms of market practices, infrastructure, technology, risk
management, 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 securities
market 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 has
helped NSE to aggressively pursue policies and practices within a public
interest framework.
NSE's nationwide, automated trading system has helped in shifting the
trading 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 innovative
endeavors 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 risk
management 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, insurance
companies 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 promoter
institutions and eminent professionals, without having any representation
from trading members. While the Board deals with the broad policy
issues, the Executive Committees which include trading members,
formed under the Articles of Association and the Rules of NSE for
different market segments, set out rules and parameters to manage the
day-to-day affairs of the Exchange. The ECs have constituted several
committees, like
Committee on Trade Related Issues (COTI), Committee on Settlement
Issues (COSI) etc., comprising mostly of trading members, to receive
inputs from the market participants and implement suggestions which are
in the best interest of the investors and the market. The day-to-day
management of the Exchange is delegated to the Managing Director and
CEO who is supported by a team of professional staff. Therefore, though
the role of trading members at NSE is to the extent of providing only
trading services to the investors, the Exchange involves trading members
in the process of consultation and participation in vital inputs towards
decision 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., which
makes 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 for
trading 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-NSE
MIBID/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 is
the 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 these
rates 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 substantial
investments in sovereign papers, NSE also started the dissemination of its
yet 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 government
securities 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 average
daily 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 options
segment 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 stocks
are 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 of
the 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-Counter
Exchange of India based in Mumbai, Maharashtra. It is the first exchange
for small companies. It is the first screen based nationwide stock
exchange in India. It was set up to access high-technology enterprising
promoters in raising finance for new product development in a cost
effective manner and to provide transparent and efficient trading system
to the investors.
OTCEI is promoted by the Unit Trust of India, the Industrial Credit and
Investment Corporation of India, the Industrial Development Bank of
India, the Industrial Finance Corporation of India and others and is a
recognized stock exchange under the SCR Act.

History
OTC Exchange of India was founded in 1990 under the Companies Act
1956 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 Trading
System (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 was
founded and was recognized in 1989. JSE is the third largest exchange in
India in terms of membership. It was established in the year 1989. In the
same year, the exchange was granted recognition in the month of January
and 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, the
exchange managed to attract 750 companies who were listed on the
exchange. Then the volume of the daily turnover rose to an average of
Rs.80 million.
Jaipur Stock Exchange was one of the 15 regional Stock Exchanges
which promoted the Inter-connected Stock Exchange of India Ltd. by
paying the Initial Capital of Rs.1 crore (Rs.5 lakhs as admission fee and
Rs.95 lakhs as infrastructure fee).


6. Madras Stock Exchange
The Madras Stock Exchange (MSE) is a stock
exchange in Chennai, India. The MSE is the fourth stock exchange to be
established 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 Stock
Exchange 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 and
around Chennai through wide area networking.
The MSE has about 120 live members and 1,785 companies listed. The
exchange follows the Rolling Settlement system, as per the January
2000 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 further
reference, through which investors can keep track of the action taken by
the exchange as regards their complaint.
A subsidiary company - MSE Financial Services Ltd, has been
established. A member of the Bombay Stock Exchange, MSE Financial
Services will help create greater broker and investor flexibility through
multi-market access. Hereafter the members will be able to trade in both
BSE 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 corporate
member 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 based
in Bangalore, India. It was founded in 1963 and currently has
595 regional and non-regional companies listed. In September 2005, the
BgSE announced plans to go public by divesting at least 51% of its
ownership. The stock exchange is managed by a Council of Management,
consisting of members appointed by the Securities and Exchange Board
of India. First stock exchange in South India to start electronic trading of
securities 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-regulatory
organization located in the garden city of India. The Exchange is
managed by the Governing Board consisting of members nominated by
Securities Exchange Board of India (SEBI), Public Representatives,
Elected members and an Executive Director. The Exchange has been
serving the investor community continuously since its inception in the
year 1963.
Over the decades, it has been a journey of progress to the Exchange from
the pith to the pinnacle, from the alcove to the acme and, has emerged as
a premier Exchange in India.
The continuous change alone is the changeless law.
As the saying goes, to keep pace with the fast changing technology and
financial system, the Exchange went On-line in 1996. The Exchange has
come a long way since the launch of BEST (Bangalore Electronic
Securities Trading), its On-line trading system on 29 July 1996.
Empowerment of the investors in the market has been the focus of the
Exchange. Information needs of market participants are met through the
Service Centers established by the Exchange at various places in
Karnataka. In addition to this, Investment Education Centre at Bangalore
plays a vital role in enhancing the knowledge base of the participants
through several short and long duration programs.
Members The Exchange has 241 members serving the diverse needs of
investors. The corporate members constitute more than 25% of the total
membership of the Exchange. Members operate within the overall
framework of policies and practices developed over a period of time by
the Exchange.
Listing the securities listed at the Exchange includes a number of
innovative and seasoned corporates from different sectors of industry. As
on 31 March 2006, the number of companies listed on the Exchange are
384 consisting of 186 regional and 198 non regional companies.
Investor Services Centre With a view to support the investors to resolve
their grievances expeditiously, Exchange has established an Investor
Services Committee composed of Public Representatives, members and
Executive Director, who oversee the functioning of the Cell and they take
appropriate 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 varied
information needs of investors, corporates members and others. The
Centre has a collection of wide range of books, periodicals, journals,
annual reports, and prospectus and research publications relating to
Capital markets. Circulars, notifications issued by authorities are
available. Draft prospectus, offer documents and other related
information are displayed regularly.
In addition, information on over 4000 companies is available in the
corporate data-bank for investors, corporates and members to help them
in investment decision making process. This data bank consists of details
of promoters, previous public issues, track record, digital form annual
reports, and financial performance of companies. Fundamental analysis
and Technical analysis, other general information on industry, sector and
economic scenario etc., are available.
Investment Education Centre Empowerment of investors through
education is the focus of the Exchange. The Exchange has established an
exclusive 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 continuously
holds 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 locate
in Guwahati, Assam, India. It was incorporated on 29 November 1983
and it was recognized by the Government of India on 1 May 1984. The
GSE is limited by guarantee by the member-brokers.
By 1999-2000, the exchange had a total of 206 brokers, out of which 5
were corporate brokers. Among 206 brokers, it was further classifies as
200 proprietor broker, 1 partnership broker and 5 corporate broker. Then,
there was only 4 sub-brokers registered. Currently there are 290
companies listed in the GSE.

Guwahati Stock Exchange Investors Service
To settle down the grievances of investors and also to guide them in all
respect, 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 are
nominated from public eminent, another three are the nominee
of 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 elected
from the broker directors. The tenure of the Council is for one year.

Guwahati Stock Exchange Operating System
The GSE is inter-connected with the NSE through the ISE Securities and
Services Ltd. (ISS). ISS is the subsidiary of Inter-connected Stock
Exchange 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 next
week 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 to
the clearing house of GSE on the following Thursday. On the same day
the Delivery Statement of Shares is distributed among all the receivable
members. The PAY-IN day is Friday and the PAY-OUT day is Saturday.
The entire process of the settlement is done through the Clearing House
of 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 to
different 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 to
connect 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 start
derivative 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)
Currency Indian rupee ( )
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 under
a neem tree.
[2]
The earliest record of dealings in securities in India is
the British East India Companys 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 stock
trading 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
Committee
The 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 exchange
is 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 located
in Bhubaneswar, Orissa, India. It was incorporated on 17
th
of April, 1989,
and granted recognition to the Stock Exchange on 5
th
June, 1989, by the
Ministry of Finance, Govt. of India. It is one among the 21 odd regional
stock exchanges in India.

Operations
By 1999-2000, the exchange had a total of 234 brokers, out of which 15
were corporate brokers. Among 234 brokers, it was further classified as
209 proprietor and 15 corporate broker. Then, there was only 17 sub-
brokers registered. The trading membership strength of Bhubaneswar
Stock 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 8
Directors 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 and
demutualization schemes of the Bhubaneshwar Stock Exchange which
were required in accordance with the provisions of the Securities
Contracts (Regulation) Act, 1956.


16. Ahmedabad Stock Exchange



Ahmedabad Stock Exchange or ASE is the second oldest exchange
of India located in the city of Ahmedabad in the western part of the
country. It is recognized by Securities Contract (Regulations) Act, 1956
as permanent stock exchange. It has adopted a Swastika in its logo which
is 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 the
Bombay Securities Contracts Act, 1925. Following the passage of The
Securities Contract Regulations Act, 1956 the Gujarat Share & Stock
Exchange, Indian Share and General Exchange Association and Bombay
Share and Stock Exchange, Share and Stock Brokers Association merged
with the Ahmedabad Share and Stock Brokers Association and gave rise
to ASE as it stands today.

Automation
The stock exchange went live on December 12, 1996. Initially, ASE used
a system provided by IBM. Since June 1999, ASE operates on
Ahmedabad 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 Stock
Exchange though a system called IBOSS. Today the stock exchange has
333 trading members.



Current governing board
The governing board of ASE comprises elected directors as well as
directors appointed by SEBI. The governing board meets every 15 days to
review the working of the stock Exchange. The executive director is the
administrative 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
investors interests and ensures redressal of their grievances. It also
strives to educate and enlighten investors by making available necessary
information 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
Location Mumbai, India
Founded 1998
Owner Inter-connected Stock Exchange of
India Limited
Currency Indian rupee ( )
Website Official Website

Inter-connected Stock Exchange Ltd. (ISE) started its operation in
1998
[1]
in Vashi, Mumbai. It is a national-level stock exchange, providing
trading, clearing, settlement, risk management and surveillance support to
its trading members. It has 841 trading members, who are located in 18
cities. These intermediaries are administratively supported through the
regional offices at Delhi, Kolkata, Patna, Ahmedabad, Coimbatore and
Nagpur, besides Mumbai.
The ISE is promoted by 12 regional stock exchanges namely at
Bangalore, Bhubaneshwar,
Chennai, Cochin, Coimbatore, Guwahati, Indore,
Jaipur, Kanpur, Mangalore, Magadh and Vadodara. The participating
exchanges of ISE have 4,500 members and listed securities. It is a stock
exchange of stock exchanges, members of the stock exchanges being
traders 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 at
Hyderabad.
January 4, 1997 Pricewater House Coopers, the management
consultancy firm, submitted a feasibility report and recommended the
establishment 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 share
capital.
February 24, 2000 SEBI registers ISS for the Capital Market segment of
NSE.
May 3, 2000 Commencement of trading by ISS in the Capital Market
segment of NSE.
January 10, 2001 Turnover in the Capital Market segment of NSE
crosses Rs. 1000 million per day.
February 28, 2001 Turnover of Rs. 1508.80 million recorded by ISS in
the Capital Market segment of NSE.
May 4, 2001 Internet trading for clients started by ISS for the NSE
segment through DotEx Plaza.
May 19, 2001 ISEs website, www.iseindia.com, launched.
February 13, 2002 SEBI registers ISS for the Futures & Options
segment of NSE.
May 6, 2002 ISS commences trading in the Futures & Options segment
of NSE.
March 12, 2003 ISS admitted as a member of the Equities segment of
BSE.
April 1, 2003 DP services through CDSL launched by ISE.
June 21, 2003 First Investor Education Program under the Securities
Market Awareness Campaign (SMAC) of SEBI conducted at Vashi.
January 9, 2004 Peak turnover of Rs. 3034.90 million recorded by ISS in
the 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 Station
Complex 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 ISEs Corporatization and
Demutualization Scheme by SEBI.
October 20, 2005 Switchover to Direct Client Dealing commences in
ISS.
November 24, 2005 ISE re-registered as a for profit company, limited
by shares.
November 24, 2005 Board of ISE reconstituted in tune with the
Corporatization and Demutualization provisions.
July 28, 2007 ISE declared a dividend of 400% to its shareholders for the
first time since its incorporation.
September 13, 2007 ISE was notified by SEBI as a Demutualized
Exchange.
January 30, 2008 Restructuring of Board of ISE in accordance with the
Corporatization and Demutualization Scheme, 2005.
March 4, 2010 ISE awarded the contract to TCS for reviving its Trading
Platform.

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 in
the Capital Markets Segment. Membership of the Exchange is open to
corporate entities, individuals and partnership firms who fulfill the
eligibility criteria laid down by SEBI and ISE
Depository services
Inter-connected Stock Exchange is a Depository Participant of Central
Depository Service
[9]
(India) Limited (CDSL) and National Securities
Depository 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 corporate
investors 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 a
classroom training program on subjects related to the capital market, such
as equities trading and settlement procedure, derivatives trading, day
trading, arbitrage operations, technical analysis, financial planning, and
compliance 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]
. Scrips
which are already being traded on stock exchanges across India are traded
on the Exchange. ISEs 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 platform
for trading in currency futures under the regulatory control of Securities
and Exchange Board of India (SEBI) and Reserve Bank of India (RBI). It
is jointly promoted by Financial Technologies and MCX. It started
operations on the 6th of October 2008.
Products
MCX-SXs product is a currency futures contract. It started live
operations on 7 October, 2008, by launching monthly contracts in the
USD/INR currency pair. Each USD/INR contract on MCX-SX has a life
of 12 months from the month in which it was launched. Specifications of
the 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
cycle
12 month trading cycle.
Last trading day
Two working days prior to the last business day of the
expiry month at 12 noon.
Final settlement
day
Last working day (excluding Saturdays) of the expiry
month.
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 Currency
Futures 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 - 14
Cost 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 of
Interconnected 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
Location Mumbai, India
Coordinates 19337N 725135E
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 following
currency 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 in
each of the above currency pair, Outright contracts as well as calendar
spread contracts are available in each pair for trading.


22. Hyderabad Stock Exchange (HSE)
The Hyderabad Stock Exchange (HSE) was a stock
exchange established in 1941 located in Hyderabad, India. The exchange
was disbanded in 2007.
History
In November 1941, some leading bankers and brokers formed the share
and stock Brokers Association. In 1942, Mr. Gulab Mohammed,
the Finance Minister, formed a committee for the purpose of constituting
rules and regulations of the Stock Exchange. Sri Purushothamdas
Thakurdas, president and founding member of the Hyderabad Stock
Exchange performed the opening ceremony of the exchange on
November 14, 1943 under Hyderabad Companies Act. Mr. Kamal Yar
Jung Bahadur was the first president of the exchange. The HSE started
functioning under Hyderabad Securities Contract Act of No. 21 of 1352
under H.E.H. Nizams government as a company limited by guarantee. It
was the 6th Stock Exchange recognized under Securities Contract Act,
after the Premier Stock
Exchanges, Ahmedabad, Bombay, Calcutta, Madras, and Bangalore
Stock Exchange. All deliveries were completed every Monday or the next
working day.
The HSE was first recognized by the Government of India on 29
September, 1958 as Securities Regulation Act was made applicable to
twin cities of Hyderabad and Secunderabad from that date. In view of
substantial growth in trading activities, and for the yeoman services
rendered by the exchange, the exchange was bestowed with permanent
recognition with effect from 29 September, 1983.
Operations
The Hyderabad Stock Exchange Ltd. started its operations in a small way
in a rented building in the Koti, Hyderabad area. It moved to Aiyangar
Plaza, Bank Street in 1987. In September 1989, the then Vice-President
of India, Shankar Dayal Sharma inaugurated the Stock Exchange's own
building at Himayatnagar, Hyderabad. Later, in order to bring all the
trading members under one roof, the exchange acquired still larger
premises situated at 6-3-654/A ; Somajiguda, Hyderabad - 82, with a six
storied 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 odd
regional 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 NSE
through ISE.

24. Saurashtra Kutch Stock Exchange Limited


Type Stock exchange
Location Rajkot, India
Coordinates 2218N 7047E
Founded July, 1989
Owner Saurashtra Kutch Stock Exchange
Limited
Key people Mr. S. G. Raval (Executive Director)
Currency

Website Saurashtra Kutch Stock Exchange

Saurashtra Kutch Stock Exchange Limited (Gujarati: ,
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 Regulation
Act. 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 Stock
Exchange and on-line computerized trading, the volume on the regional
Stock Exchanges faced the decreased trend and as a result, the regional
stock exchanges were facing difficulties of reduced liquidity, volume and
dept. Recently, in the month of December 1999, SEBI has permitted the
regional stock exchange to acquire membership of bigger stock
exchanges like BSE and NSE by forming a subsidiary company and
thereby to provide trading platform to the brokers of regional stock
exchanges. Accordingly, many stock exchanges have floated subsidiary
company for acquiring membership of BSE or NSE. Our stock exchange
has also floated a subsidiary company namely SKSE Securities Limited
which is a 100% subsidiary of Saurashtra Kutch Stock Exchange Ltd.
This subsidiary has acquired membership of BSE and NSE and it has got
SEBI registration also and got permission for trading from the Stock
Exchange, 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 was
inaugurated by Shri M. R. Maiya (Bhishmapitamaha of Capital Market).
Initially, SKSE used paper based system before automation. Since
October 3, 1996, SKSE operates on Saurashtra Kutch Stock Exchanges
Online Trading System called SKATE. Members of the SKSE can also
trade on the Bombay Stock Exchange though VSAT channels. Today the
stock 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 m
2
) of land by the
state government.