List Of Stock Exchanges In India (2023)

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There are various stock exchanges in every country; therefore, it is a valid question to ask how many stock exchanges are in India? Most people think that there are just two in India- Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

But, the truth is that the list is huge. There are other stock exchanges too such as India INX, Calcutta Stock Exchange, Metropolitan Stock Exchange, etc. India’s stock market is very renowned as it is one of the oldest and robust markets in Asia. Initially, the trading was done offline, but with the advent of the internet, the trading has become entirely online.

What is the Stock Market?

Before we check out the list of Stock Exchanges in India, we must understand what a stock market is. It is an organization that hosts a market where bonds, shares, bonds, currencies, commodities, stocks, futures, and options, etc., are traded. For trading in the stock exchange, the company must be listed here.

In simple language, here, investors and traders buy and sell financial securities during a particular time of business days. These trading hours, days, and holidays are decided as per the product trade and the investor base targeted.

Also, it is substantial for you to understand that the stock market and stock exchange are two different things.

What is the Stock Exchange?

List Of Stock Exchanges In India

It is an authorized workplace where members assemble physically to exchange company stock or other registered securities. Members can also be representatives acting on account of their clients or could be the prominent people impersonating their own accounts. The Exchange has their rules & regulations which the firms and brokers have to follow.

Types of Stock Exchange

There are two types of Stock Exchange in India-

  • Stock Exchange that works at National level
  • Stock Exchanges that work at the regional level

Let us have a look at both the categories and gain insight into how they work and when were they established.

List Of Stock Exchanges In India

It is imperative to know in detail about these stock exchanges so that you get a fair idea about which suits your needs and is best for you. Here is the list-

1. Bombay Stock Exchange Limited (BSE)

It is the first stock exchange in India, which is located at Dalal Street, Mumbai. It was established in 1875 and is said to be the world’s 10th largest Stock Exchange with a market capitalization of $2.2 trillion and has more than 5500 companies listed in it.

The history of this stock exchange is worth knowing as it is very interesting. In the 1850s which is more than 160 years ago, there were an informal group of 22 stockbrokers who met under a Banyan tree in front of Mumbai Town Hall. Now, the Horniman circle is situated there.

They began trading there with just an investment of Rs.1 per broker, and it started flourishing as more and more people joined them. It was in 1861 when the American Civil War broke when it succeeded immensely and had around 250 brokers. Then these brokers created a group named The Native Share and Stockbrokers Association.

Later, this group was organized formally in 1875 and was named the Bombay Stock Exchange (BSE). They worked there for a lot of years; it was in 1930 that they shifted to the now BSE building on Dalal Street. Their main leader was Premchand Roychand, and it was under his supervision that the codes and rules were framed.

The government of India acknowledged BSE as the first National Stock Exchange under the Securities Contracts Act in 1956. Since then, it has promoted the growth of the Indian Corporate Sector by giving it a capital-raising platform.

2. National Stock Exchange of India (NSE)

This is also established in Mumbai and is the leading stock exchange of India. It was established in 1992, but the trading started in 1994. It desisted the monopoly of BSE and became the first demutualized electronic exchange in the country and had a fully-automated screen-based electronic trading system.

The purpose it was established was because there was a member of BSE who was exposed illegally manipulating the market. Plus, BSE was very slow in responding to the calls, and; there were a few fraudulent activities were happening the government of India planned to open rival stock exchange.

It totally modified the way the country bought and sold shares. The significant impact that it brought was that people from every part of the world could trade from anywhere. Stock price information was available for everyone and was not just confined to a few people.

There are fast executing systems installed in this Exchange which makes the process transparent, easy, and approachable. NSE has been ranked 4th in aspects of trade volume in equity. It has a total market capitalization value of $2.41 trillion and is far ahead of BSE in terms of volume and turnover.

Initially, NSE could handle two orders in one second, but it enhanced its technology, and by 2011 it could handle 60 orders per second. You would be surprised to know that it can take 1, 60, 000 orders every second. NSE has been stable in maintaining its reputation in terms of reliability, innovation, trust, and expertise.

Also Read: How To Invest In Foreign Stocks From India (Guide 2022)

3. Calcutta Stock Exchange Limited (CSE)

This stock exchange also has a great story which is very interesting. It was back in 1830 under a neem tree where a group of brokers gathered and commenced their dealings. Later in 1908 CSE was made and at that time it was name Calcutta Stock Exchange Association, and its location was China Bazar Street, Kolkata.

In the year 1928, the building was changed, and it was shifted to the Lyons Range in Kolkata. It is the second oldest Stock Exchange in South Asia. CSE started using an electronic trading system in 1997. You would be amazed to know that BSE also has its 5% stake in CSE.

It also has an index called CSE-40 just like Sensex and Nifty 50. But, now no trading happens in CSE, and it has also stopped updating its index since April 2013. Just like other small stock exchanges, SEBI has asked to close CSE, but the matter is still in court. Although it’s an inactive stock exchange, yet it is deemed to be an active stock exchange.

4. India International Exchange (INDIA INX)

This is the leading international Exchange of India, and it is located at the International Financial Services Centre (IFSC), GIFT city in Gujarat. Prime Minister Narendra Modi inaugurated it on January 9, 2017, and the trading started on January 16.

It is not like the other regular stock exchange where individual stocks are traded instead here they function in derivates and debt. It is the world’s speediest Exchange and is also one of the most advanced technology platforms as it runs on the Eurex T7 platform.

Its recognition is valid till December 28, 2020. INDIA INX operated 22 hours a day and opens six days a week so that it is convenient for NRI’s and global investors who work under distinct time zones. It was open as a substitute for the offshore banking activities done by Indian companies. The offshore transactions take place in Dubai, Singapore, and Hong Kong.

Before the advent of INDIA INX, people who wanted to invest in foreign currency had to reach out to exchanges abroad which caused a loss of investment domestically. But now, the process has become cheap, easy, and fast.

5. Multi Commodity Exchange of India (MCX)

It is the first listed commodity exchange which was made under the regulatory body FMC, but later it was merged with SEBI. It was instituted in 2003, and its operation started on November 10, 2003, and is located in Mumbai. It is the most comprehensive commodity derivates exchange in India.

In 2018, it completed 15 years, and it touched the height of trading by generating a turnover of $50 trillion. Recently, they have also launched a web-based app called “ComRIS” for keeping a record of transactions. Because of these achievements, MCX was ranked 7th among the global commodity exchanges.

One important thing to know is that companies are not traded here. They just trade in gold, silver, rubber, cotton, crude oil, etc. The stock of MCX is also listed on NSE and BSE.

6. National Commodity and Derivates Exchange (NCDEX)

It is an online commodity trading exchange that is managed by professionals. It was founded on April 23, 2003, and its headquarter is in Mumbai, but it provides facilities to its members from multiple centers located across the country. Most of the shares of NCDEX are owned by companies, national-level institutions, and large public sector banks.

Here you only find commodity derivates; therefore, here you can trade on different kinds of seeds, turmeric, wheat, chickpeas, grains, barley, refined oils, etc. NCDEX has also helped in improving agricultural practices because it has made trading easy and also promotes growth for people who are linked with agriculture.

It is a permanently recognized stock exchange that has more than 30 lakh clients who trade on over 50, 000 terminals across 1000 centers in India. Their trading time is from 10 a.m.-11:30 p.m. and is open five days a week.

Also read: 20 Must-Read Books For Stock Market Investors

7. Indian Commodity Exchange Limited (ICEX)

It is not a stock exchange, but a SEBI regulated commodity derivate exchange. Its headquarter are based in Mumbai, and it has been registered at SEBI since August 2017. It permits the registered brokers to deal in particular financial instruments across the country.

It is recognized as a permanent exchange and is the only Exchange worldwide to launch a diamond derivative contract in 2017. In ICEX, you also have the opportunity to trade in mutual funds and commodity derivates as well.

8. Metropolitan Stock Exchange of India Limited (MSE)

It was established in November 2008 and started trading in 2009. It is one of three stock exchanges in India (the other two are NSE and BSE) where you can trade individual stocks. Here you can trade in financial segments such as equity, debt, SME platform, currency & equity derivates.

Its electronic system is very transparent and high tech. Here you can trade in more than 1500 companies; it also has various big financial institutions as shareholders.

9. National Stock Exchange IFSC Limited

It is similar to India INX and is located in the International Financial Service Centre, at GIFT city, Gujarat. It is the subsidiary of NSE, and the purpose of launching NSE IFSC was to expand India’s financial market and improve the capital brought to the Indian markets.

It was established in November 2016, and its SEBI recognition is till May 2022. They do not trade in individual stocks; they just trade in derivate segments such as equity, currency, and commodity.

They work in two sessions, and each session is of 8 hours. The first sessions begin from 8 a.m. to 5 p.m., and the second session is from 5:30 p.m. to 11:30 p.m.

This was the list of stock exchanges in India that are active. Also, there were 20 stock exchanges in India that got closed. Let us discuss some of them and know the reasons why they got closed.

Old Stock Exchanges in India

List Of Stock Exchanges In India

1. Ahmadabad Stock Exchange

It was the second oldest stock exchange in India, which means after BSE, Ahmadabad Stock Exchange was opened. It operated under the old heritage building for 90 years and that was till 1996. This building is now named as “Old Stock Exchange.”

After 1996 they shifted to a new building that was entirely electronic and advanced. But, after some time SEBI planned to shut down all the units which have a turnover of less than 1000 crore and their net worth is less than 100 crore. It ultimately closed in April 2018.

2. Delhi Stock Exchange

It was the 5th stock exchanged opened in India. It was authorized on June 25, 1947, and SEBI allowed DSE to exit the stock exchange business in January 2017. It played a significant role in the development of the economy by facilitating investments in various sectors.

It was a big stock exchange with over 3000 companies listed, and the best thing was that it was connected well with major cities. Since its inception, it has always helped the companies around in aspects of creating capital ad net-worth. Also, it has helped in spreading financial literacy among people.

Also Read: Stock Market Timings in India

3. Gauhati Stock Exchange

It was also called Guwahati Stock Exchange and was established on November 29, 1983, and was recognized by the government of India on May 1, 1984. GSE was connected well with NSE, and its members were permitted to do screen-based training. It was a small exchange and had only 290 companies listed in it.

GSE was said to be a Non –Government Company and was registered at Registrar of Companies, Shillong. It exited the stock exchange business with the permission of SEBI in January 2015.

4. Jaipur Stock Exchange

It became the third-largest stock exchange at one point in time. It was founded and organized in 1989 and became one of the 15 regional stock exchanges that promoted the inter-connected stock exchange of India by paying an initial investment of 1 crore.

By 1996, there were more than 750 companies listed on JSE, and its average turnover became over eight crores for a day. But, in 2008 SEBI issued the guidelines and laid down a framework for exit by stock exchanges.

The guideline was that any exchange whose turnover was less than Rs.1, 000 would have to surrender and shut down.

5. Madhya Pradesh Stock Exchange

It is the third oldest stock exchange in India, and during the floor outcry system, it was said to be one of the leading stock exchanges. It was set up in 1919 with around 150 members. Under the provisions of the Securities Contract Act of, 1956 it was granted permission to trade.

MPSE joined NSE in 2012 and BSE in 2013, after that it became the only regional stock exchange in India to offer an independent trading platform for its members. Later in 2014, SEBI asked MPSE to create its own trading platform with a worth of Rs.100 crores, when it failed to do so, SEBI de-recognized MPSE in 2015.

6. Pune Stock Exchange

It was established in 1982 and SEBI allowed it to exit on April 13, 2015. In fact, the central government initially gave it permission for 5 years but then because of its outstanding performance, the membership was renewed from time to time.

But, when SEBI announced the rule about Rs.1, 000 crore turnovers, PSE had to exit because it was doing much less.

7. Mangalore Stock Exchange

It is located in Mangalore, Karnataka, India, and was established on July 31, 1984, but was officially recognized by the government in September 1985. Initially, it got 5 years renewal, but then it was renewed multiple times and got its last renewal till September 8, 2003.

SEBI decided to de-recognize it in August 2004; it was after Karnataka’s Chief Minister had laid the foundation of a new building on September 8, 2001.

Also Read: Difference Between Face Value, Market Value And Book Value Of A Share

8. Vadodara Stock Exchange

It is situated in the city of Vadodara in Western India, and it began its operations on January 22, 1990. It got the recognition of the permanent stock exchange by the Securities Contract Act of 1956. It had over 150 members when it was started.

But, in just 9 years the members rose to 321 brokers in which 253 were proprietor brokers, 65 were corporate brokers, and 3 were partnership brokers. It shut down because of the Rs.1,000 crore rule levied by SEBI.

9. Uttar Pradesh Stock Exchange

This stock exchange was inaugurated on August 27, 1982, by the former President of India, Late Pranab Mukherjee. It was based in Kanpur and had a great place among the other stock exchanges in North India as it had more than 550 members.

When it was established at that point internet did not exist, but UPSE was instrumental in enhancing the interest in the capital market, particularly in Uttar Pradesh.

10. Bangalore Stock Exchange (BGSE)

It was a public stock exchange that was established in 1963. It is based in Bangalore and had 595 regional and non-regional companies listed. It was managed by the Council of Management including the members appointed by SEBI.

It became the first stock exchange in India that started electronic trading of securities; it went online in 1996. By 2014, there were more than 330 companies that were listed on the Exchange. But then as per the SEBI rule of Rs.1000 crore turnovers, BGSE had to take a voluntary exit on December 26, 2014.

Also Read: Top 25 Indian Companies by Market Capitalization

11. Madras Stock Exchange

It was the fourth stock exchange established in Chennai and the first in South India. It was founded in the year 1937, but just like other stock exchanges, MSE also had to shut down because of the SBI ruling. MSE closed on May 14, 2015, after SEBI granted its permission to exit.

It was considered to be a big stock exchange as it had 1800 listed companies on it. In 1996, it became entirely computerized, and online trading became operational.

12. Cochin Stock Exchange

It became the fourth largest stock exchange during its peak as it had 500 Indian companies listed, of course, the difference between the first two (BSE and NSE) was huge. It was located in Kochi, Kerala in 1978. It closed its operations in 2005 and completely shut down in 2014.

A Complete List of active stock exchanges in India

Name Location
Bombay Stock Exchange Mumbai
Calcutta Stock Exchange Kolkata
India International Exchange (India INX) Gandhinagar
Indian Commodity Exchange Navi Mumbai
Metropolitan Stock Exchange of India Mumbai
Multi Commodity Exchange of India Mumbai
National Commodity & Derivatives Exchange Mumbai
National Stock Exchange of India Mumbai
NSE IFSC Gandhinagar

List of Stock Exchanges that were closed

S.No. Stock Exchange Closing Year
1. Ahmadabad Stock Exchange 2018
2.      Delhi Stock Exchange 2017
3.      Guwahati Stock Exchange 2015
4.      Jaipur Stock Exchange 2015
5.      Madhya Pradesh Stock Exchange 2015
6.      Madras Stock Exchange 2015
7.      Pune Stock Exchange 2015
8.      Vadodara Stock Exchange 2015
9.      Bangalore Stock Exchange 2014
10.  OTC Exchange of India 2015
11.  Inter-connected Stock Exchange of India 2014
12.  Cochin Stock Exchange 2014
13.  Ludhiana Stock Exchange 2014
14.  Bhubaneshwar Stock Exchange 2005
15.  Coimbatore Stock Exchange 2009
16.  Magadh Stock Exchange 2007
17.  Trivandrum Stock Exchange 2010
18.  Mangalore Stock Exchange 2004
19.  Hyderabad Stock Exchange 2007
20.  UP Stock Exchange 2015

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A stock exchange is a place where people buy and sell commodities. India has 8 active National Stock Exchanges, and 21 regional stock exchanges in this only one, i.e. Calcutta is operative. All these exchanges render the facility to trade in numerous financial segments such as equity, currency, derivates, etc. You can opt for any financial component as per your interest. Ensure that you choose it wisely and invest attentively.

Happy investing!

Sushma Singh

Sushma is a full-time blogger and financial expert. Join Sushma and 10,000 monthly readers here to learn how to save and invest your money wisely.

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