INDIAN INSTITUTE OF PLANNING MANAGEMENT
HYDERABAD
Management of Financial Services (MIFS) Repot
ON
Top 10 Stock Exchanges in the world
And
Stock Exchanges in India
SUBMITTED TO:
Mrs Srilakshimi Ramu
IIPM Hyderabad
Submitted By:
NAME: Priyanka Kaul
SESSION: PGP/SS/ 11-13/IIPM-A/T3-Fin
1
DECLARATION
I Priyanka Kaul student of The Indian Institute of Planning Management
hereby declare that the project titled “Top 10 Stock Exchanges in the
world And Stock Exchanges in India” is an original piece of work carried
out by me under the guidance and supervision of Mrs Sreelakshmi
Ramu, MIFS Faculty, IIPM HYDERABAD. The information has been
collected from genuine & authentic sources. The work has been
submitted in partial fulfillment of the requirement of MBA award
degree.
Place: Hyderabad
Date: 23rd June 2012
Priyanka Kaul
2
Index
Topic
Page Number
1.
2.
3.
4.
5.
6.
Stock Exchanges
History of Stock Exchanges
Role of Stock Exchanges
Major Stock Exchanges
Listing Requirements
Top 10 Stock Exchanges in the World
i. New York Stock Exchange
ii. NASDAQ OMX
iii. Tokyo Stock Exchange
iv. London Stock Exchange
v. Shanghai Stock Exchange
vi. Hong Kong Stock Exchange
vii. Toronto Stock Exchange
viii. BM & F Bevospa
ix. Australian Stock Exchange
x. Deutsche Borse
7. Indian Stock Markets
8. Stock Exchanges in India
i. National Stock Exchange
ii. Bombay Stock Exchange
iii. OTC Exchange of India
iv. UP Stock Exchange
v. Jaipur Stock Exchange
vi. Madras Stock Exchange
vii. Cochin Stock Exchange
viii. Bangalore Stock Exchange
ix. Guwahati Stock Exchange
x. Madhya Pradesh Stock Exchange
xi. Ludhiana Stock Exchange Association
xii. Vadodara Stock Exchange
xiii. Calcutta Stock Exchange Association Limited
3
5
5
9
13
14
15
16
19
21
24
28
31
33
36
40
44
47
55
56
61
66
67
68
69
69
71
72
74
75
75
76
Topic
Page Number
xiv. Delhi Stock Exchange
xv. Bhubaneshwar Stock Exchange
xvi. Ahmedabad Stock Exchange
xvii. Pune Stock Exchange
xviii. Inter- Connected Stock Exchange Ltd.
xix. MCX Stock Exchange
xx. Coimbatore Stock Exchange
xxi. United Stock Exchange of India
xxii. Hyderabad Stock Exchange
xxiii. Magadh Stock Exchange Association Ltd.
xxiv. Saurashtra Kutch Stock Exchange Ltd.
xxv. Mangalore Stock Exchange
9. Bibliography
4
78
79
81
82
83
87
88
91
92
93
94
96
97
Stock Exchanges
A stock exchange is a form of exchange which provides services for stock
brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also
provide facilities for issue and redemption of securities and other financial instruments,
and capital events including the payment of income and dividends. Securities traded on
a stock exchange include shares issued by companies, unit trusts, derivatives, pooled
investment products and bonds.
To be able to trade a security on a certain stock exchange, it must be listed there.
Usually, there is a central location at least for record keeping, but trade is increasingly
less linked to such a physical place, as modern markets are electronic networks, which
gives them advantages of increased speed and reduced cost of transactions. Trade on an
exchange is by members only.
The initial offering of stocks and bonds to investors is by definition done in the primary
market and subsequent trading is done in the secondary market. A stock exchange is
often the most important component of a stock market. Supply and demand in stock
markets are driven by various factors that, as in all free markets, affect the price of
stocks (see stock valuation).
There is usually no compulsion to issue stock via the stock exchange itself, nor must
stock be subsequently traded on the exchange. Such trading is said to be off
exchange or over-the-counter. This is the usual way that derivatives and bonds are
traded. Increasingly, stock exchanges are part of a global market for securities.
History of Stock Exchanges
Securities markets took centuries to develop.[1] The idea of debt dates back to
the ancient world, as evidenced for example by ancient Mesopotamian clay tablets
recording interest-bearing loans. There is little consensus among scholars as to when
corporate stock was first traded. Some see the key event as the Dutch East India
Company's founding in 1602, while others point to earlier developments. Economist
Ulrike Malmendier of the University of California at Berkeley argues that a share market
existed as far back as ancient Rome.
5
In the Roman Republic, which existed for centuries before the Empire was founded,
there were societates publicanorum, organizations of contractors or leaseholders who
performed temple-building and other services for the government. One such service
was the feeding of geese on the Capitoline Hill as a reward to the birds after their
honking warned of a Gallic invasion in 390 B.C. Participants in such organizations
had partes or shares, a concept mentioned various times by the statesman and
orator Cicero. In one speech, Cicero mentions "shares that had a very high price at the
time." Such evidence, in Malmendier's view, suggests the instruments were tradable,
with fluctuating values based on an organization's success. The societas declined into
obscurity in the time of the emperors, as most of their services were taken over by
direct agents of the state.
Tradable bonds as a commonly used type of security were a more recent innovation,
spearheaded
by
the
Italian
city-states
of
the
late medieval and
earlyRenaissance periods.
In 1171, the authorities of the Republic of Venice, concerned about their war-depleted
treasury, drew a forced loan from the citizenry. Such debt, known asprestiti, paid 5
percent interest per year and had an indefinite maturity date. Initially regarded with
suspicion, it came to be seen as a valuable investment that could be bought and sold.
The bond market had begun.
From 1262 to 1379, Venice never missed an interest payment, solidifying the credibility
of the new instruments. Other Italian city-states such as Florence and Genoa became
bond issuers as well, often as a means of paying for warfare. Bonds were traded widely
in Italy and beyond, a business facilitated by bankers such as the Medicis.
War between Venice and Genoa resulted in suspension of prestiti interest payments in
the early 1380s, and when the market was restored, it was at a lower interest rate.
Venice's bonds traded at steep discounts for decades thereafter. Other blows to
financial stability resulted from the Hundred Years War, which caused monarchs of
France and England to default on debts to Italian banks, and the Black Death, which
ravaged much of Europe. Still, the idea of debt as a tradable investment endured.
As with bonds, the concept of stock developed gradually. Some scholars place its origins
as far back as ancient Rome. Partnership agreements dividing ownership into shares
date back at least to the 13th century, again with Italian city-states in the vanguard.
Such arrangements, however, typically extended only to a handful of people and were
6
of limited duration, as with shipping partnerships that applied only to a single sea
voyage.
The forefront of commercial innovation eventually shifted from Italy to northern
Europe. The Hanseatic League, an alliance of mercantile cities such
asBruges and Antwerp, operated counting houses to expedite trade.
By the late 1500s, British merchants were experimenting with joint-stock companies
intended to operate on an ongoing basis; one such was theMuscovy Company, which
sought to wrest trade with Russia away from Hanseatic dominance. The next big step
was in Amsterdam. In 1602, the Dutch East India Company was formed as a joint-stock
company with shares that were readily tradable. The stock market had begun.
The Dutch East India Company, formed to build up the spice trade, operated as a
colonial ruler in what's now Indonesia and beyond, a purview that included conducting
military operations against recalcitrant natives and competing colonial powers. Control
of the company was held tightly by its directors, with ordinary shareholders not having
much influence on management or even access to the company's accounting
statements.
However, shareholders were rewarded well for their investment. The company paid an
average dividend of over 16 percent per year from 1602 to 1650. Financial innovation in
Amsterdam took many forms. In 1609, investors led by one Isaac Le Maireformed
history's first bear syndicate, but their coordinated trading had only a modest impact in
driving down share prices, which tended to be robust throughout the 17th century. By
the 1620s, the company was expanding its securities issuance with the first use of
corporate bonds.
The Dutch West India Company was formed in 1621, bringing a new issuer to the
burgeoning securities market. Amsterdam's growth as a financial center survived the
tulip mania of the 1630s, in which contracts for the delivery of flower bulbs soared
wildly and then crashed. New techniques and instruments proliferated for securities as
well as commodities, including options, repos and margin trading.[2]
Joseph de la Vega, also known as Joseph Penso de la Vega and by other variations of his
name, was an Amsterdam trader from a Spanish Jewish family and a prolific writer as
well as a successful businessman in 17th-century Amsterdam. His 1688 book Confusion
of Confusions explained the workings of the city's stock market. It was the earliest book
about stock trading, taking the form of a dialogue between a merchant, a shareholder
7
and a philosopher, the book described a market that was sophisticated but also prone to
excesses, and de la Vega offered advice to his readers on such topics as the
unpredictability of market shifts and the importance of patience in investment.
The year that de la Vega published also brought an event that helped spread financial
techniques and talent from Amsterdam to London. This was the "glorious revolution," in
which Dutch rulerWilliam of Orange also ascended to England's throne. William sought
to modernize England's finances to pay for its wars, and thus the kingdom's first
government bonds were issued in 1693 and the Bank of England was set up the
following year. Soon thereafter, English joint-stock companies began going public.
London's first stockbrokers, however, were barred from the old commercial center
known as the Royal Exchange, reportedly because of their rude manners. Instead, the
new trade was conducted from coffee houses along Exchange Alley. By 1698, a broker
named John Castaing, operating out of Jonathan's Coffee House, was posting regular
lists of stock and commodity prices. Those lists mark the beginning of the London Stock
Exchange.
One of history's greatest financial bubbles occurred in the next few decades. At the
center of it were the South Sea Company, set up in 1711 to conduct English trade
with South America, and the Mississippi Company, focused on commerce with France's
Louisiana colony and touted by transplanted Scottish financier John Law, who was
acting in effect as France's central banker. Investors snapped up shares in both, and
whatever else was available. In 1720, at the height of the mania, there was even an
offering of "a company for carrying out an undertaking of great advantage, but nobody
to know what it is."
By the end of that same year, share prices were collapsing, as it became clear that
expectations of imminent wealth from the Americas were overblown. In London,
Parliament passed the Bubble Act, which stated that only royally chartered companies
could issue public shares. In Paris, Law was stripped of office and fled the country. Stock
trading was more limited and subdued in subsequent decades. Yet the market survived,
and by the 1790s shares were being traded in the young United States.
On February 8, 1971, NASDAQ, the world's first electronic stock exchange, started its
operations.
8
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 early2000s 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 theAlternext, CAC Small, SDAX, TecDAX, or most of the third
market companies).
9
 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,
specially 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 torational 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.
10
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 priceincreases 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 thatpublic
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), Adelphia (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,
11
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 issuance of such bonds can obviate the need, in the short term, to
directly tax citizens to 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 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 theeconomy 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 money—including funds placed in the world's stock markets—is
actually not investment but speculation.
12
Major Stock Exchanges: Year ended 31 December 2011
Table (excel no 1)
13
Listing Requirements
Listing requirements are the set of conditions imposed by a given stock exchange upon
companies that want to be listed on that exchange. Such conditions sometimes include
minimum number of shares outstanding, minimum market capitalization, and minimum
annual income.
Requirements by stock exchange
Companies must meet an exchange's requirements to have their stocks and shares
listed and traded there, but requirements vary by stock exchange:




New York Stock Exchange: To be listed on the New York Stock Exchange (NYSE) a
company must have issued at least a million shares of stock worth $100 million and
must have earned more than $10 million over the last three years
NASDAQ Stock Exchange: To be listed on the NASDAQ a company must have issued
at least 1.25 million shares of stock worth at least $70 million and must have earned
more than $11 million over the last three years.
London Stock Exchange: The main market of the London Stock Exchange has
requirements for a minimum market capitalization (£700,000), three years of
audited financial statements, minimum public float (25 per cent) and
sufficient working capital for at least 12 months from the date of listing.
Bombay Stock Exchange: Bombay Stock Exchange (BSE) has requirements for a
minimum market capitalization of 25 crore (US$4.99 million) and minimum public
float equivalent to 10 crore (US$2 million)
Ownership
Stock exchanges originated as mutual organizations, owned by its member stock
brokers. There has been a recent trend for stock exchanges to demutualize, where the
members sell their shares in an initial public offering. In this way the mutual
organization becomes a corporation, with shares that are listed on a stock exchange.
Examples are Australian Securities Exchange (1998), Euronext (merged with New York
Stock Exchange), NASDAQ (2002), the New York Stock Exchange (2005), Bolsas y
Mercados
Españoles,
and
the São
Paulo
Stock
Exchange (2007).
The Shenzhen and Shanghai stock exchanges can been characterized as quasi-state
institutions insofar as they were created by government bodies in China and their
leading personnel are directly appointed by theChina Securities Regulatory Commission.
14
Table
15
10 International Stock Exchanges
1. New York Stock Exchange (NSE)
Location
New York City, New York, United States
Founded
March 8, 1817
Owner
NYSE Euronext
Key people
Duncan L. Niederauer (CEO)
Currency
United States dollar
No. of listings
2,308
MarketCap
US$ 14.242 trillion (Dec 2011)[1]
Volume
US$ 20.161 trillion (Dec 2011)
Indexes
Dow Jones Industrial Average
S&P 500
NYSE Composite
Website
NYSE.com
Trading Hours: 9:30 am – 4:00 pm
16
The New
York
Stock
Exchange,
commonly referred to as NYSE is a stock
exchange located
at
11 Wall
Street, Lower Manhattan, New York
City, New York, and United States. It is
by far the world's largest stock
exchange by market capitalization of its
listed companies at US$14.242 trillion as
of Dec 2011. Average daily trading value
was approximately US$153 billion in
2008.
The NYSE is operated by NYSE Euronext (NYSE: NYX), which was formed by the NYSE's
2007 merger with the fully electronic stock exchange Euronext. The NYSE trading floor is
located at 11 Wall Street and is composed of four rooms used for the facilitation of
trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007.
The main building, located at 18 Broad Street, between the corners of Wall Street and
Exchange Place, was designated a National Historic Landmark in 1978, as was the 11
Wall Street building.
Trading
The New York Stock Exchange (sometimes referred to as "the Big Board") provides a
means for buyers and sellers to trade shares of stock in companies registered for public
trading. The NYSE is open for trading Monday through Friday from 9:30 am –
4:00 pm ET, with the exception of holidays declared by the Exchange in advance.
On the trading floor, the NYSE trades in a continuous auction format, where traders can
execute stock transactions on behalf of investors. They will gather around the
appropriate post where a specialist broker, who is employed by an NYSE member firm
(that is, he/she is not an employee of the New York Stock Exchange), acts as an
auctioneer in an open outcry auction market environment to bring buyers and sellers
together and to manage the actual auction. They do on occasion (approximately 10% of
the time) facilitate the trades by committing their own capital and as a matter of course
disseminate information to the crowd that helps to bring buyers and sellers together.
The auction process moved toward automation in 1995 through the use of wireless
hand held computers (HHC). The system enabled traders to receive and execute orders
17
electronically via wireless transmission. On September 25, 1995, NYSE member Michael
Einersen, who designed and developed this system, executed 1000 shares of IBM
through this HHC ending a 203 year process of paper transactions and ushering in an era
of automated trading.
As of January 24, 2007, all NYSE stocks can be traded via its electronic Hybrid
Market (except for a small group of very high-priced stocks). Customers can now send
orders for immediate electronic execution or route orders to the floor for trade in the
auction market. In the first three months of 2007, in excess of 82% of all order volume
was delivered to the floor electronically. NYSE works with US regulators like
the SEC and CFTC to coordinate risk management measures in the electronic trading
environment through the implementation of mechanisms like circuit breakers and
liquidity replenishment points.
Until 2005, the right to directly trade shares on the exchange was conferred upon
owners of the 1366 "seats". The term comes from the fact that up until the 1870s NYSE
members sat in chairs to trade. In 1868, the number of seats was fixed at 533, and this
number was increased several times over the years. In 1953, the number of seats was
set at 1,366. These seats were a sought-after commodity as they conferred the ability to
directly trade stock on the NYSE, and seat holders were commonly referred to as
members of the NYSE. The Barnes family is the only known lineage to have five
generations of NYSE members: Winthrop H. Barnes (admitted 1894), Richard W.P.
Barnes (admitted 1926), Richard S. Barnes (admitted 1951), Robert H. Barnes (admitted
1972) and Derek J. Barnes (admitted 2003). Seat prices varied widely over the years,
generally falling during recessions and rising during economic expansions. The most
expensive inflation-adjusted seat was sold in 1929 for $625,000, which, today, would be
over six million dollars. In recent times, seats have sold for as high as $4 million in the
late 1990s and as low as $1 million in 2001. In 2005, seat prices shot up to $3.25 million
as the exchange entered into an agreement to merge with Archipelago and become a
for-profit, publicly traded company. Seat owners received $500,000 in cash per seat and
77,000 shares of the newly formed corporation. The NYSE now sells one-year licenses to
trade directly on the exchange. Licences for floor trading are available for $40,000 and a
licence for bond trading is available for as little as $1,000 as of 2010. Neither is resellable, but may be transferable in during the change of ownership of a cooperation
holding a trading licence.
18
2. NASDAQ OMX
Location
New York City, New York, U.S.
Founded
February 4, 1971
Owner
NASDAQ OMX Group
Currency
United States dollar
No. of listings
2,784 (Dec 2011)
MarketCap
US$ 4.44 trillion (Jan 2012)
Volume
US$982 billion (Feb 2011)
Indexes
NASDAQ Composite
NASDAQ-100
NASDAQ Biotechnology Index
Website
NASDAQ.com
Trading Hours: NASDAQ has a pre-market session from 7:00am to 9:30am, a normal
trading session from 9:30am to 4:00pm and a post-market session from 4:00pm to
8:00pm
19
The NASDAQ Stock Market, also known
as
simply
the NASDAQ,
is
an
American stock exchange. "NASDAQ"
originally stood for "National Association
of Securities Dealers Automated
Quotations". It
is
the secondlargest stock
exchange
by market
capitalization in the world, after the
New York Stock Exchange. As of January
25, 2011, there are 2,711 listings, with a
total capitalization of over $4.5
trillion. The NASDAQ has more trading
volume than any other electronic stock
exchange in the world. The exchange is
owned by NASDAQ OMX Group, which
also owns the OMX stock exchange
network.
NASDAQ quotes are available at three levels:



Level 1 shows the highest bid and lowest offer—the inside quote.
Level 2 shows all public quotes of market makers together with information of
market dealers wishing to sell or buy stock and recently executed orders.
Level 3 is used by the market makers and allows them to enter their quotes and
execute orders.
20
3. Tokyo Stock Exchange
Location
Tokyo, Japan
Coordinates
35°40′57.60″N139°46′43.71″E
Founded
1878
Owner
Tokyo Stock Exchange Group, Inc.
Key people
Taizo Nishimuro, Chairman
Atsushi Saito, President & CEO
Yasuo Tobiyama, MD, COO & CFO
Currency
Japanese yen
No. of listings
2,292
MarketCap
US$3.3 trillion (Dec 2011)[1]
Volume
US$3.9 trillion (Dec 2011)
Indexes
Nikkei 225
TOPIX
Website
TSE.or.jp
Trading Hours: The exchange's normal trading sessions are from 09:00am to 11:30am
and from 12:30pm to 3:00pm on all days of the week except Saturdays, Sundays and
holidays declared by the Exchange in advance.
21
The Tokyo Stock Exchange or TSE for
short, is a stock exchange located
inTokyo, Japan. It is the third largest
stock exchange in the world by
aggregate market capitalization of its
listed companies. It had 2,292 listed
companies with a combined market
capitalization of US$3.3 trillion as of Dec
2011.
The Tokyo Stock Exchange was established on May 15, 1878, as the Tokyo Kabushiki
Torihikijo (東京株式取引所) under the direction of then-Finance Minister Okuma
Shigenobu and capitalist advocate Shibusawa Eiichi. Trading began on June 1, 1878.
In 1943, the exchange was combined with ten other stock exchanges in major Japanese
cities to form a single Japanese Stock Exchange (ja:日本証券取引所 Nippon Shōken
Torihikisho?). The combined exchange was shut down and reorganized shortly after the
bombing of Nagasaki.
The Tokyo Stock Exchange reopened under its current Japanese name on May 16, 1949,
pursuant to the new Securities Exchange Act.
The TSE runup from 1983 to 1990 was unprecedented, in 1990 it accounted for over
60% of the world's stock market capitalization (by far the world's largest) before falling
precipitously in value and rankings today, but still remains one of the 3 largest
exchanges in the world by market capitalization of listed shares.
The trading floor of the TSE was closed on April 30, 1999, and the exchange switched to
electronic trading for all transactions. A new facility, called TSE
Arrows (ja:東証アローズ Tōshō Arrows?), opened on May 9, 2000. In 2010, the TSE
launched its Arrowhead trading facility. [5]
In 2001, the TSE restructured itself as a stock company: before this time, it was
structured as an incorporated association (ja:社団法人 shadan hōjin?) with its members
as shareholders.
22
Technology problems
The exchange was only able to operate for 90 minutes on November 1, 2005, due to
bugs with a newly installed transactions system, developed by Fujitsu, which was
supposed to help cope with higher trading volumes. The interruption in trading was the
worst in the history of the exchange.[6] Trading was suspended for four-and-a-half hours.
During the initial public offering of advertising giant Dentsu, in December 2001, a trader
at UBS Warburg, the Swiss investment bank, sent an order to sell 610,000 shares in this
company at ¥1 each, while he intended to sell 1 share at ¥610,000. The bank lost £71
million.[7]
During yet another initial public offering, that of J-Com, on December 8, 2005, an
employee at Mizuho Securities Co., Ltd. mistakenly typed an order to sell 600,000 shares
at ¥1, instead of an order to sell 1 share at ¥600,000. Mizuho failed to catch the error;
the Tokyo Stock Exchange initially blocked attempts to cancel the order, resulting in a
net loss of US$347 million to be shared between the exchange and Mizuho. Both
companies are now trying to deal with their troubles: lack of error checking, lack of
safeguards, lack of reliability, lack of transparency, lack of testing, loss of confidence,
and loss of profits. On 11 December, the TSE acknowledged that its system was at fault
in the Mizuho trade. On 21 December, Takuo Tsurushima, chief executive of the TSE,
and two other senior executives resigned over the Mizuho affair.
On January 17, 2006, the Nikkei 225 fell 2.8%, its fastest drop in nine months, as
investors sold stocks across the board in the wake of a raid by prosecutors on internet
company livedoor. The Tokyo Stock Exchange closed early on January 18 due to the
trade volume threatening to exceed the exchange's computer system's capacity of 4.5
million trades per day. This was called the "livedoor shock." The exchange quickly
increased its order capacity to five million trades a day.
23
4. London Stock Exchange
Location
London, England, United Kingdom
Coordinates:
Coordinates
Founded
Owner
Key people
51.5150°N 0.0990°W
1801
London Stock Exchange Group
Christopher S. Gibson-Smith,(Chairman)
Xavier Rolet, (CEO)
GBX
2,864 (as of December 2011)
US$3.2 trillion (Dec 2011)[1]
US$1.7 trillion (Dec 2009)
FTSE 100 Index
FTSE 250 Index
FTSE 350 Index
FTSE SmallCap Index
FTSE All-Share Index
londonstockexchange.com
Currency
No. of listings
MarketCap
Volume
Indexes
Website
Trading Hours: Normal trading sessions on the main orderbook (SETS) are from 08:00 to
16:30 every day of the week except Saturdays, Sundays and holidays declared by the
Exchange in advance. The detailed schedule is as follows:
1.
2.
3.
4.
5.
6.
Trade Reporting 07:15 - 07:50
Opening Auction 07:50 - 08:00
Continuous Trading 08:00 - 16:20
Closing Auction 16:30 - 16:35
Order Maintenance 16:35 - 17:00
Trade Reporting Only 17:00 - 17:15
24
The London Stock Exchange is a stock
exchange located
in
the City
of
London in the United Kingdom. As of
December 2011, the Exchange had a
market capitalisation of US$3.266 trillion
(short scale), making it the fourthlargest stock exchange in the world by
this measurement (and the largest in
Europe). The Exchange was founded in
1801 and its current premises are
situated in Paternoster Square close
to St Paul's Cathedralin the City of
London. The Exchange is part of
the London Stock Exchange Group.
Activities
Primary markets
Issuer services help companies from around the world to join the London equity market
in order to gain access to capital. The LSE allows company to raise money, increase their
profile and obtain a market valuation through a variety of routes, thus following the
firms throughout the whole IPO process.
The London Stock Exchange runs several markets for listing, giving an opportunity for
different sized companies to list. International companies can list a number of products
in London including shares, depositary receipts and debt, offering different and costeffective ways to raise capital. In 2004 the Exchange opened a Hong Kong Office and has
attracted more than 200 companies from the Asia-Pacific region.
For the biggest companies exists the Premium Listed Main Market. This operates a
Super Equivalence method where conditions of both the UK Listing Authority as well as
London Stock Exchange’s own criteria have to be met. The largest IPO (Initial Publical
Offering) on the Exchange was completed in May 2011 by Glencore International plc.
The company raised $10bn at admission, making it one of the largest IPO ever.
In terms of smaller SME’s the Stock Exchange operates the Alternative Investment
Market (AIM). For international companies that fall outside of the EU, it operates the
Depository Receipt (DR) scheme as a way of listing and raising capital.
Amongst the benefits of joining one of the Exchanges markets are:
25
- Providing access to capital for growth and raise finance for further development
- Both broadening the shareholder base and creating a market for the company’s share
- Placing an objective market value on the company’s business
There are also two specialised markets:
Professional Securities Market This market facilitates the raising of capital through the
issue of specialist debt securities or depositary receipts (DRs) to professional investors.
The market operates under the status as a Recognised Investment Exchange, and by July
2011 it had 32 DRs, 108 Eurobonds and over 350 Medium Term Notes.
Specialist Fund Market Is the London Stock Exchange dedicated market, designed to
accept more sophisticated fund vehicles, governance models and security. It is suitable
only for institutional, professional and highly knowledgeable investors. The Specialist
Fund Market is an EU Regulated Market and thus securities admitted to the market are
eligible for most investor mandates providing a pool of liquidity for issuers admitted to
the market
Secondary markets
The securities available for trading on the London Stock Exchange are:








Ordinary Shares
Exchange Traded Funds
Exchange Traded Commodities
Covered Warrants
Structured Products
Bonds
Retail Bonds
Global Depositary Receipts (GDRs)
Information Services
The LSE supply its participants with real time prices and trading data creating the
transparency and liquidity through several services. Feeds are also available through
providers such as Bloomberg and Thomson Reuters. Some of the products and
references provided by the London Stock Exchange are:
26



Unavista – LSE’s business solution for Post-Trade Services, Data Solutions and
Reconciliations. It offers customers a global hosted platform for integrating
matching, validation and reconciliations.
RNS – Regulatory News Service is both a regulatory and financial communications
channel for companies to communicate with the professional investor. Around
175,000 announcements are processed by RNS each year.
Proquote – the London Stock Exchange’s data provider and information display
system. It offers both Pre and Post trade Execution Monitoring and Analysis tools.
27
5. Shanghai Stock Exchange
Location
Shanghai, China
Founded
1891
Key people
Geng Liang (Chairman)
Zhang Yujun (President)
Currency
RMB
No. of listings
932 (May 2012)
MarketCap
US$2.3 trillion (Dec 2011)[1]
Volume
US$0.5 trillion (Dec 2009)
Indexes
SSE Composite
SSE 50
Website
www.sse.com.cn
Trading Hours: Equities 09:30-11:30, 13:00-15:00, 15:00-15:30 - Treasury Bonds 09:3011:30, 13:00-15:00. The SSE is open for trading every Monday to Friday. The morning
session begins with centralized competitive pricing from 09:15 to 09:25, and continues
with consecutive bidding from 09:30 to 11:30. This is followed by the afternoon
consecutive bidding session, which starts from 13:00 to 15:00. The market is closed on
Saturday and Sunday and other holidays announced by the SSE.
28
The Shanghai Stock Exchange (SSE) is
a stock exchange that is based in the city
of Shanghai, China. It is one of the two
stock
exchanges
operating
independently in the People's Republic
of China; the other is the Shenzhen
Stock Exchange. Shanghai Stock
Exchange is the world's 5th largest stock
market by market
capitalization at
US$2.3 trillion as of Dec 2011. Unlike the
Hong Kong Stock Exchange, the
Shanghai Stock Exchange is still not
entirely open to foreign investors due to
tight capital account controls exercised
by the Chinese mainland authorities.
The current exchange was re-established on November 26, 1990 and was in operation
on December 19 of the same year. It is a non-profit organization directly administered
by the China Securities Regulatory Commission (CSRC).
Indices
The SSE Composite (also known as Shanghai Composite) Index is the most commonly
used indicator to reflect SSE's market performance. Constituents for the SSE Composite
Index are all listed stocks (A shares and B shares) at the Shanghai Stock Exchange. The
Base Day for the SSE Composite Index is December 19, 1990. The Base Period is the total
market capitalization of all stocks of that day. The Base Value is 100. The index was
launched on July 15, 1991. At the end of 2006, the index reaches 2,675.47. Other
important indexes used in the Shanghai Stock Exchanges include the SSE 50 Index and
SSE 180 Index.
Listing Requirements
According to the regulations of Securities Law of the People’s Republic of
China and Company Law of the People’s Republic of China, limited companies applying
for the listing of shares must meet the following criteria:
29




The shares must have been publicly issued following approval of the State Council
Securities Management Department.
The company’s total share capital must not be less than RMB 30 million.
The company must have been in business for more than 3 years and have made
profits over the last three consecutive years. This requirement also applies to former
state-owned enterprises reincorporating as private or public enterprises. In the case
of former state-owned enterprises re-established according to the law or founded
after implementation of the law and if their issuers are large and medium state
owned enterprises, it can be calculated consecutively. The number of shareholders
with holdings of values reaching in excess of RMB 1,000 must not be less than 1,000
persons. Publicly offered shares must be more than 25% of the company’s total
share capital. For company whose total share capital exceeds RMB 400 million, the
ratio of publicly offered shares must be more than 15%.
The company must not have committed any major illegal activities or false
accounting records in the last three years.
Other conditions stipulated by the State Council.

China currently has a preference for domestic firms only to list onto their stock
exchanges; India has similar rules. However, China is considering opening up their
capital markets to foreign firms in 2010.
The conditions for applications for the listing of shares by limited companies involved in
high and new technology are set out separately by the State Council.
30
6. Hong Kong Stock Exchange
Location
Victoria, Hong Kong, Hong Kong
Founded
1891
Owner
Hong Kong Exchanges and Clearing
Currency
Hong Kong dollar
No. of listings
1,421
MarketCap
HK$16.985 trillion (Nov 2011)
Indexes
Hang Seng Index
Website
hkex.com.hk
Trading Hours: The trading day consists of:




A pre-opening auction session from 9:00 am to 9:30 am. The opening price of a
security is reported shortly after 9:20 am.
A morning continuous trading session from 09:30 am to 12:00 pm
An extended morning session from 12:00 noon to 1:00 pm, also referred to as the
lunch break. Continuous trading proceeds in specifically-designated securities
(currently two ETFs, 4362 and 4363). Trading in other securities is not possible.
However, previously-placed orders in any securities can be cancelled from 1:00 pm
onwards.
An afternoon continuous trading session from 1:00 pm to 4:00 pm
31
The Hong Kong Stock Exchange (SEHK)
is a stock exchange located in Hong
Kong. It is Asia's third largest stock
exchange
in
terms
of market
capitalization behind the Tokyo Stock
Exchange and
the Shanghai
Stock
Exchange, and the sixth largest in the
world. As of 30 November 2011, the
Hong Kong Stock Exchange had 1,477
listed companies with a combined
market
capitalization
of
HK$16.985 trillion. Hong
Kong
Exchanges and Clearing is the holding
company for the exchange.
Trading Characteristics



It is perfectly normal for Hong Kong stocks of even well-known companies to trade
at prices that correspond to less than HK$4 a share. A Hong Kong stock would not be
considered a penny stock unless its price was less than about HK$ 0.50.
Each stock has its own individual board lot size (an online broker will usually display
this along with the stock price when you get a quote); purchases in amounts which
are not multiples of the board lot size are done in a separate "odd lot market".
There is a close-in-price rule for limit orders, which must be within 24 ticks of the
current price. Individual brokers may impose an even stricter rule; for
instance, HSBC requires limit orders to be within 10 ticks of the current price. Broker
support for triggered order types such as market-if-touched orders would allow
placing orders further away, which would be sent to the exchange when the price
condition was established.
32
7. Toronto Stock Exchange
Location
Toronto, Ontario, Canada
Founded
October 25, 1861
Owner
TMX Group
Key people
Wayne Fox (Chairman)
Tom Kloet (CEO)
Kevan Cowan (President)[1]
Currency
Canadian dollar
No. of listings
1,498
MarketCap
US$10.92 trillion (January 2012)[2]
Indexes
S&P/TSX Composite
S&P/TSX 60
S&P/TSX Completion Index
Website
www.tmx.com
Trading Hours: The exchange has a normal trading session from 09:30am to 04:00pm ET
and a post-market session from 04:15pm to 05:00pm ET on all days of the week except
Saturdays, Sundays and holidays declared by the Exchange in advance.
33
Toronto
Stock
Exchange (TSX,
formerly TSE) is the largest stock
exchange in Canada, the third largest in
North America and the seventh largest
in the world by market capitalization.
Based in Canada's largest city, Toronto,
it is owned by and operated as a
subsidiary of the TMX Group for the
trading of senior equities. A broad range
of businesses from Canada, the United
States, Europe, and other countries are
represented on the exchange. In
addition to conventional securities, the
exchange lists various exchange-traded
funds, split share corporations, income
trusts and investment funds. The
Toronto Stock Exchange is the leader in
the mining and oil & gas sector; more
mining and oil & gas companies are
listed on Toronto Stock Exchange than
any other exchange in the world.
The Toronto Stock Exchange likely descended from the Association of Brokers, a group
formed by Toronto businessmen on July 26, 1852. No official records of the group's
transactions have survived. On October 25, 1861, twenty-four men gathered at the
Masonic Hall to officially create the Toronto Stock Exchange. The exchange was formally
incorporated by an act of the Legislative Assembly of Ontario in 1878.
The TSX grew continuously in size and in shares traded, save for a three month period in
1914 when the exchange was shut down for fear of financial panic due to World War I.
In 1934, the Toronto Stock Exchange merged with its key competitor the Standard Stock
and Mining Exchange. The merged markets chose to keep the name Toronto Stock
Exchange. In 1977, the TSX introduced CATS (Computer Assisted Trading System), an
automated trading system that started to be used for the quotation of less liquid
equities.
On April 23, 1997, the TSX's trading floor closed, making it the second-largest stock
exchange in North America to choose a floorless, electronic (or virtual trading)
environment. The old TSX building would later become the Design Exchange a museum
34
and education centre. In 1999, the Toronto Stock Exchange announced the appointment
of Barbara G. Stymiest to the position of President & Chief Executive Officer.
Through a realignment plan, Toronto Stock Exchange became Canada's sole exchange
for the trading of senior equities. The Bourse de Montréal/Montreal Exchange assumed
responsibility for the trading of derivatives and the Vancouver Stock
Exchange and Alberta Stock Exchange merged to form the Canadian Venture
Exchange (CDNX) handling trading in junior equities. The Canadian Dealing
Network, Winnipeg Stock Exchange, and equities portion of the Montreal Exchange later
merged with CDNX.
In 2000, the Toronto Stock Exchange became a for-profit company and in 2001 its
acronym was changed to TSX. In 2001, the Toronto Stock Exchange acquired the
Canadian Venture Exchange, which was renamed the TSX Venture Exchange in 2002.
This resulted in the creation of a parent to the TSX, the TSX Group. This ended 123 years
of the usage of TSE as a Canadian Stock Exchange. On May 11, 2007, the S&P/TSX
Composite, the main index of the Toronto Stock Exchange, traded above the 14,000
point level for the first time ever.
On February 9, 2011, the London Stock Exchange announced that they had agreed to
merge with the TMX Group, Toronto Stock Exchange's parent, hoping to create a
combined entity with a market capitalization of $5.9 trillion (£3.7 trillion). Xavier Rolet,
who currently is CEO of the LSE Group, would head the new enlarged company, while
TMX Chief Executive Thomas Kloet would become the new firm president. Based on
data from December 30, 2010 the new stock exchange would be the second largest in
the world with a market cap 48% greater than the Nasdaq. 8 of the 15 board members
of the combined entity will be appointed by LSE, 7/15 by TMX. The provisional name for
the combined group would be LTMX Group plc. About two weeks after Maple Group
launched a competing bid the LSEG-TMX deal was terminated after failing to receive the
minimum 67% voter approval from shareholders of TMX Group. The rejection came
amidst new concerns raised by bank of Canada governor Mark Carney regarding foreign
control of clearing systems and opposition to the deal by Ontario's finance minister.
On June 13, 2011, a rival, and hostile bid from the Maple Group of Canadian interests,
was unveiled. A cash and stock bid of $3.7 billion CAD, in hopes of blocking the LSE
Group's takeover of TMX. The group is composed of the leading banks and financial
institutions of Canada.
35
8. BM & F BEVOSPA
Location
São Paulo, Brazil
Founded
August 23, 1890
Owner
BM&FBovespa S.A.
(BM&FBovespa: BVMF3)
Key people
Edemir Pinto (CEO)
Arminio Fraga (Chairman)
Currency
Brazilian real
No. of listings
470
MarketCap
USD 1.22 trillion (Dec 2011)[1]
Indexes
Ibovespa
Website
www.bmfbovespa.com.br
Trading Hours: The exchange has a pre-market session from 09:45am to 10:00am, a
normal trading session from 10:00am to 5:00pm and a post-market session from
5:30pm to 7:00pm weekdays and holidays declared by the Exchange in advance.
36
The BM&FBOVESPA (Portuguese
pronunciation: [boˈvespa]; in full, Bolsa
de Valores, Mercadorias & Futuros de
São Paulo) is a stock exchangelocated
at São Paulo, Brazil. As of December 31,
2011 it had a market capitalization of US
$1.22 Trillion, making it in the 8th largest
stock exchange in the world. On May 8,
2008, the São Paulo Stock Exchange
(Bovespa) and the Brazilian Mercantile
and Futures Exchange (BM&F) merged,
creating BM&FBOVESPA. The
benchmark indicator of BM&FBOVESPA
is the Índice Bovespa. There were
381 companies traded at Bovespa as of
April 30, 2008.
On May 20, 2008 the Ibovespa index reached its 10th consecutive record mark closing at
73,516 points, with a traded volume of USD 4.2 billion orR$ 7.4 billion, and in August
17, 2011 the Ibovespa made its biggest traded volume in its history, with a volume
of USD 14.8 billion or R$ 23.7 billion.
BM&FBOVESPA has offices in New York, Shanghai and London.
Founded on August 23, 1890 by Emilio Rangel Pestana, the "Bolsa de Valores de São
Paulo" (São Paulo Stock Exchange, in English) has had a long history of services provided
to the stock market and the Brazilian economy. Until the mid-1960s, Bovespa and the
other Brazilian stock markets were state-owned companies, tied with the Secretary of
Finances of the states they belonged to, and brokers were appointed by the
government.
After the reforms of the national financial system and the stock market implemented in
1965/1966, Brazilian stock markets assumed a more institutional role. In 2007, the
Exchange demutualized and became a for-profit company.
Through self-regulation, Bovespa operates under the supervision of the Comissão de
Valores Mobiliários (CVM), analogous to the American SEC. Since the 1960s, it has
constantly evolved with the help of technology such as the introduction of computerbased systems, mobile phones and the internet. In 1972, Bovespa was the first Brazilian
stock market to implement an automated system for the dissemination of information
online and in real-time, through an ample network of computer terminals.
At the end of the 1970s, Bovespa also introduced a telephone trading system in Brazil;
the "Sistema Privado de Operações por Telefone" or "SPOT" (Private System of
37
Telephone Trading, in English). At the same time, Bovespa developed a system of
fungible safekeeping and online services for brokerage firms.
In 1990, the negotiations through the Sistema de Negociação Electrônica - CATS
(Computer Assisted Trading System) was simultaneously operated with the traditional
system of "Pregão Viva Voz" (open outcry). Currently, BM&FBOVESPA is a fully
electronic exchange.
In 1997, a new system of electronic trading, known as the Mega Bolsa, was
implemented successfully. The Mega Bolsa extends the potential volume of processing
of information and allows the Exchange to increase its overall volume of activities.
With the goal to increase popular access to the stock markets, Bovespa introduced in
1999 the "Home Broker", an internet-based trading systems that allows individual
investors to trade stocks. The system enables users to execute buy and sell orders
online.
In 2000, Bovespa created three new listing segments, the Novo Mercado (New Market),
Level 2 and Level 1 of Corporate Governance Standards, allowing companies to accede
voluntarily to more demanding disclosure, governance and compliance obligations. The
new listing segments mostly languished until 2004, when a growing number of newly
public companies began to list on the Novo Mercado and other segments as part of a
capital-raising effort. From 2004 to 2010, the vast majority of new listings on the
Bovespa were made by Novo Mercado, Level 2 and Level 1 companies. The Novo
Mercado, Level 2 and Level 1 segments are based on a contractual agreement of the
listed company, its controlling shareholder, and its management to comply with
specified regulations. In addition, listed companies must submit to arbitration as a
method of resolving disputes. The set of protections entailed by a Novo Mercado listing
is apparently deemed by market participants to increase the attractiveness of
companies. The stock market index of Novo Mercado listed companies (the IGC) has
consistently outperformed the broader Ibovespa index since its launch.
The recent success of the Brazilian equity capital markets is attributed to a significant
extent to the credibility engendered by the Novo Mercado regulations. In 2007, only the
United States and China equity markets had a greater number of initial public offerings.
The availabiltity of a "market exit" has also encouraged the development of a private
equity industry, a growing Brazilian investment banking market and a thriving asset
management industry. Another side benefit of a thriving equity market has been access
to equity financing for the international expansion of Brazilian business. Brazilian
multinational companies have used the proceeds of equity offerings to fund a growing
number of international acquisitions. Vale, Embraer, Gerdau, Brazil Foods, Marfrig
Alimentos and JBS have acquired businesses outside Brazil using the proceeds from
38
equity offerings. Attractive valuations of Brazilian subsidiaries have led international
companies to list their Brazilian subsidiaries, as was the case of Banco Santander Brasil.
On May 8, 2008, Bovespa Holding announced the merger of the São Paulo Stock
Exchange (Bovespa) and the Brazilian Mercantile and Futures Exchange (BM&F),
creating the world's third largest stock exchange.
As a result of an early 2008 stock swap, Chicago's CME Group owns a 5% stake in
BM&FBovespa, and in turn, BM&FBovespa owns a 5% stake in CME Group. The
agreement has also created an order routing trading system between both exchanges.
39
9. Australian Stock Exchange
Location
Sydney, Australia
Founded
1987
Owner
ASX Limited
Currency
Australian dollar
No. of listings
2,221 (January 2012)
Market Cap
$1.2 trillion (January 2012)
Website
www.asx.com.au
Trading Hours: ASX has a pre-market session from 07:00am to 10:00am AEST and a
normal trading session from 10:00am to 04:00pm AEST. The market opens
alphabetically in single-price auctions, phased over the first ten minutes, with a small
random time built in to prevent exact prediction of the first trades. There is also a
single-price auction between 4:10pm and 4:12pm to set the daily closing prices.
40
The Australian
Securities
Exchange (ASX) was created by the
merger of the Australian Stock Exchange
and the Sydney Futures Exchange in July
2006.
It
is
the
primary stock
exchange group in Australia.
ASX is a multi-asset class, vertically
integrated exchange group, ranked one
of the world’s top-10 largest by market
capitalisation. Its activities span: primary and secondary market services,
including the raising, allocation and
hedging of capital flows, trading and
investing, and price and volume
discovery (via Australian Securities
Exchange); - central counterparty risk
transfer (via subsidiaries of ASX Clearing
Corporation);
and
transaction
settlement for both the equities and
fixed income markets (via subsidiaries of
ASX Settlement Corporation).
ASX functions as a market operator, clearing house, payments system facilitator and
central securities depository. ASX also oversees compliance with its operating rules,
promotes standards of corporate governance among Australia’s listed companies and
helps to educate retail investors. The domestic and international customer base of ASX
is diverse. It includes issuers (such as corporations and trusts) of a variety of listed
securities and financial products, investment and trading banks, fund managers, hedge
funds, commodity trading advisers, brokers and proprietary traders, market data
vendors and retail investors, as well as other listing and trading venues.
Underpinning ASX’s activities as a market operator is the quality of the monitoring and
enforcement of compliance with its operating rules performed by its wholly owned
subsidiary, ASX Compliance. By providing its systems, processes and services reliably and
fairly, ASX seeks to promote confidence in the markets that depend on its infrastructure.
This is integral to ASX’s long-term commercial success.
Confidence in the operations of the companies within the Group is reinforced by the
whole-of-market regulation undertaken by the Australian Securities and Investments
Commission (ASIC) across all listing and trading venues, as well as the oversight by the
41
Reserve Bank of Australia of the Group’s clearing and settlement facilities for financial
system stability. ASIC also supervises ASX’s own compliance as a public company with
ASX Listing Rules.
ASX offers products and services including shares; futures, exchange traded options,
warrants, contracts for difference, exchange traded funds, real estate investment trusts,
listed investment companies and interest rate securities.
The biggest stocks traded on the ASX, in terms of their market capitalisation,
include BHP Billiton, Commonwealth Bank of Australia, Westpac,Telstra Corporation, Rio
Tinto, National Australia Bank and Australia and New Zealand Banking Group. As at
March 2010 the three largest sectors by market capitalisation were financial (36%),
metal and mining (22%) and consumer (13%).
The major market index is the S&P/ASX 200, an index made up of the top 200 shares in
the ASX. This supplanted the previously significant All Ordinaries index, which still runs
parallel to the S&P ASX 200. Both are commonly quoted together. Other indices for the
bigger stocks are the S&P/ASX 100 and S&P/ASX 50.
The current Managing Director and CEO, Mr Elmer Funke Kupper, was appointed in
October 2011. Prior to joining ASX he was Managing Director and CEO of Tabcorp from
September 2007 to June 2011.
Timeline of significant events
1969–1970: The Poseidon bubble (a mining boom triggered by a nickel discovery in
Western Australia) caused Australian mining shares to soar and then crash, prompting
regulatory recommendations that ultimately led to Australia's national companies and
securities legislation.
1976: The Australian Options Market was established, trading call options.
1980: The separate Melbourne and Sydney stock exchange indices were replaced by
Australian Stock Exchange indices.
1984: Brokers' commission rates were deregulated. Commissions have gradually fallen
ever since, with rates today as low as 0.12% or 0.05% from discount internet-based
brokers.
1987: Following work begun in 1985, the separate exchanges merged to form the ASX.
Also in 1987, the all-electronic SEATS trading system (below) was introduced. It started
on just a limited range of stocks; progressively all stocks were moved to it and the
trading floors were closed in 1990.
1990: A warrants market was established.
42
1993: Fixed-interest securities were added (see Interest rate market below). Also in
1993, the FAST system of accelerated settlement was established, and the following
year the CHESS system (see Settlement below) was introduced, superseding FAST.
1994: The Sydney Futures Exchange announced trading in futures over individual ASX
stocks. The ASX responded with the Low Exercise Price Option or LEPO (see below). The
SFE went to court, claiming that LEPOs were futures and therefore that the ASX could
not offer them. However, the court held they were options and so LEPOs were
introduced in 1995.
1995: Stamp duty on share transactions was halved from 0.3% to 0.15%. The ASX had
agreed with the Queensland State Government to locate staff in Brisbanein exchange
for the stamp duty reduction there, and the other states followed suit so as not to lose
brokerage business to Queensland. In 2000 stamp duty was abolished in all states as
part of the introduction of the GST.
1996: The exchange members (brokers etc.) voted to demutualise. The exchange was
incorporated as ASX Limited and in 1998 the company was listed on the ASX itself, with
the Australian Securities and Investments Commission enforcing the listing rules for ASX
Limited.
1997: Electronic trading commences as the option market moves from floor to
screen.[14] A phased transition to the electronic CLICK system for derivatives began.
2000: In October, ASX acquires a 15% stake in the trading and order management
software company IRESS (formerly BridgeDFS Ltd).
2001: Stamp duty on marketable securities was abolished.
2006: The ASX announced a merger with the Sydney Futures Exchange, the primary
derivatives exchange in Australia.
2010: The ASX announced a merger with Singapore Exchange.
2011: Treasurer Wayne Swan finds the proposed merger with the Singapore Stock
Exchange to not be in the best interests of Australia and refuses to grant permission for
the merger.
43
10. Deutsche Börse
Industry
Finance
Founded
1993
Headquarters
Frankfurt am Main, Germany
Key people
Reto Francioni (CEO and Chairman of the executive
board), Joachim Faber (Chairman of thesupervisory
board)
Services
Equity
trading platforms,derivatives markets, clearing,market
data
Revenue
€2.106 billion (2010)[1]
Operating income
€527.8 million (2010)[1]
Profit
€417.8 million (2010)[1]
Total assets
€148.85 billion (end 2010)[1]
Total equity
€3.410 billion (end 2010)[1]
Employees
3,588 (FTE, average 2010)[1]
Subsidiaries
Frankfurt Stock
Exchange,Clearstream, Xetra, Eurex(joint
venture with SIX Swiss Exchange)
Website
www.deutsche-boerse.com
44
Deutsche
Börse
AG (German
pronunciation: [ˈdɔʏtʃə ˈbœʁzə]) or
the Deutsche Börse Group, is a
marketplace organizer for the trading
of shares and other securities. It also is
a transaction services provider. It gives
companies
and investors access
to
global capital markets. It is a joint stock
company and was founded in 1993. The
headquarters are in Frankfurt, Germany.
As of December 2010, the over 765
companies
listed
had
a
combined market capitalization of EUR
1.4 trillion.
More than 3,200 employees service customers in Europe, the U.S. and Asia. Deutsche
Börse has locations in Germany, Luxembourg, Switzerland,Czech Republic and Spain, as
well as representative offices in Beijing, London, Paris, Chicago, New York, Hong Kong,
and Dubai.
FWB Frankfurter Wertpapierbörse (Frankfurt Stock Exchange), is one of the world's
largest trading centers for securities. With a share in turnover of around 90 percent, it is
the largest of the German stock exchanges. Deutsche Börse AG operates the Frankfurt
Stock Exchange.
Deutsche Börse is the owner of Clearstream, a clearing house based in Luxembourg,
and Market News International (MNI), a global financial news agency.
On 7 December 2008, Deutsche Börse rebuffed rumors that it might join with NYSE
Euronext (the company formed as a result of the NYSE/ Euronext merger) to create the
world's leading stock exchange. While the company claims that it pursued the matter,
on December 8, 2008 it reported that talks with which began on November 25, 2008
were closed without any result due to differences in valuation of the company.
Deutsche Börse had also considered the acquisition again in 2009.
On 9 February 2011, reports suggested that NYSE Euronext and Deutsche Börse were in
advanced talks about an all-stock merger. Deutsche Börse was in advanced talks to buy
NYSE Euronext in a deal that would create the world's largest trading powerhouse. The
shares of both companies were temporarily frozen on the news due to the risk of large
price movements and clarifications of the deal. A successful deal would see the new
company becoming the world's largest stock exchange operator with a market
45
capitalisation of listed companies equal to US$15 Trillion, US$13.39 Trillion of which is
part of the much larger NYSE Euronext, which is approximately 6 times the size of
Deutsche Börse.
President and deputy CEO of NYSE Euronext Dominique Cerutti would become the new
company's president and head of commercial and internal technology. Roland
Bellegarde, also of NYSE Euronext, would become the head of European cash equities.
The new company would potentially have 300 million euros (US$410 million) in cost
savings. However, the merger would be subject to review in both the United States and
European Union under concerns it could create a "de facto monopoly." NYSE
Euronext shareholders approved the Deutsche Börse’s all-stock deal on July 7, 2011, and
Deutsche Börse shareholders had accepted the deal by July 15, 2011.
On Dec 22 2011, Deutsche Boerse won U.S. antitrust approval to buy NYSE Euronext, on
condition that a Deutsche Boerse subsidiary, the International Securities Exchange,
divest its 31.5 percent interest in Direct Edge. NYSE Euronext and Deutsche Boerse AG
delayed the deadline for completing their merger until March 31, 2012 as the exchange
operators try to persuade European regulators to approve the deal.
The European Commission blocked the merger on 1 February 2012, citing the fact that
the merged company would have a near monopoly. This is an extreme measure by the
European Commission, with this being only the 4th blocking in over a decade.
46
Indian Stock Markets
Stock markets refer to a market place where investors can buy and sell stocks. The price
at which each buying and selling transaction takes is determined by the market forces
(i.e. demand and supply for a particular stock).
Let us take an example for a better understanding of how market forces determine
stock prices. ABC Co. Ltd. enjoys high investor confidence and there is an anticipation of
an upward movement in its stock price. More and more people would want to buy this
stock (i.e. high demand) and very few people will want to sell this stock at current
market price (i.e. less supply). Therefore, buyers will have to bid a higher price for this
stock to match the ask price from the seller which will increase the stock price of ABC
Co. Ltd. On the contrary, if there are more sellers than buyers (i.e. high supply and low
demand) for the stock of ABC Co. Ltd. in the market, its price will fall down.
In earlier times, buyers and sellers used to assemble at stock exchanges to make a
transaction but now with the dawn of IT, most of the operations are done electronically
and the stock markets have become almost paperless. Now investors dont have to
gather at the Exchanges, and can trade freely from their home or office over the phone
or through Internet.
History of the Indian Stock Market - The Origin
One of the oldest stock markets in Asia, the Indian Stock Markets have a 200 years old
history.
18th Century
East India Company was the dominant institution and by end of the century,
busuness in its loan securities gained full momentum
1830's
Business on corporate stocks and shares in Bank and Cotton presses started
in Bombay. Trading list by the end of 1839 got broader
1840's
Recognition from banks and merchants to about half a dozen brokers
1850's
Rapid development of commercial enterprise saw brokerage business
attracting more People into the business
1860's
The number of brokers increased to 60
1860-61
The American Civil War broke out which caused a stoppage of cotton supply
from United States of America; marking the beginning of the "Share Mania"
47
in India
1862-63
The number of brokers increased to about 200 to 250
1865
A disastrous slump began at the end of the American Civil War
(as an example, Bank of Bombay Share which had touched Rs. 2850 could
only be sold at Rs. 87)
Pre-Independence Scenario - Establishment of Different Stock Exchanges
1874
With the rapidly developing share trading business, brokers used to gather
at a street (now well known as "Dalal Street") for the purpose of transacting
business.
1875
"The Native Share and Stock Brokers' Association" (also known as
"The Bombay Stock Exchange") was established in Bombay
1880's
Development of cotton mills industry and set up of many others
1894
Establishment of "The Ahmedabad Share and Stock Brokers' Association"
1880 - 90's
Sharp increase in share prices of jute industries in 1870's was followed by a
boom in tea stocks and coal
1908
"The Calcutta Stock Exchange Association" was formed
1920
Madras witnessed boom and business at "The Madras Stock Exchange"
was transacted with 100 brokers.
1923
When recession followed, number of brokers came down to 3 and the
Exchange was closed down
1934
Establishment of the Lahore Stock Exchange
1936
Merger of the Lahoe Stock Exchange with the Punjab Stock Exchange
1937
Re-organisation and set up of the Madras Stock Exchange Limited (Pvt.)
Limited led by improvement in stock market activities in South India with
establishment of new textile mills and plantation companies
1940
Uttar Pradesh Stock Exchange Limited and Nagpur Stock Exchange Limited
48
was established
1944
Establishment of "The Hyderabad Stock Exchange Limited"
1947
"Delhi Stock and Share Brokers' Association Limited" and "The Delhi Stocks
and Shares Exchange Limited" were established and later on merged into
"The Delhi Stock Exchange Association Limited"
Post Independence Scenario
The depression witnessed after the Independence led to closure of a lot of exchanges in
the country. Lahore Stock Exchange was closed down after the partition of India, and
later on merged with the Delhi Stock Exchange. Bangalore Stock Exchange Limited was
registered in 1957 and got recognition only by 1963. Most of the other Exchanges were
in a miserable state till 1957 when they applied for recognition under Securities
Contracts (Regulations) Act, 1956. The Exchanges that were recognized under the Act
were:
 Bombay
 Calcutta
 Madras
 Ahmadabad
 Delhi
 Hyderabad
 Bangalore
 Indore
Many more stock exchanges were established during 1980's, namely:










Cochin Stock Exchange (1980)
Uttar Pradesh Stock Exchange Association Limited (at Kanpur, 1982)
Pune Stock Exchange Limited (1982)
Ludhiana Stock Exchange Association Limited (1983)
Gauhati Stock Exchange Limited (1984)
Kanara Stock Exchange Limited (at Mangalore, 1985)
Magadh Stock Exchange Association (at Patna,1986)
Jaipur Stock Exchange Limited (1989)
Bhubaneswar Stock Exchange Association Limited (1989)
Saurashtra Kutch Stock Exchange Limited (at Rajkot, 1989)
49
 Vadodara Stock Exchange Limited (at Baroda, 1990)
 Coimbatore Stock Exchange
 Meerut Stock Exchange
At present, there are twenty one recognized stock exchanges in India which does not
include the Over The Counter Exchange of India Limited (OTCEI) and the National Stock
Exchange of India Limited (NSEIL).
Government policies during 1980's also played a vital role in the development of the
Indian Stock Markets. There was a sharp increase in number of Exchanges, listed
companies as well as their capital, which is visible from the following table:
S.
As on 31st December
No.
1
No. of Stock Exchanges
2
1946 1961 1971 1975 1980 1985
20
22
No. of Listed Cos.
1125 1203 1599 1552 2265 4344
6229
8593
3
No. of Stock Issues of Listed Cos.
1506 2111 2838 3230 3697 6174
8967 11784
4
Capital of Listed Cos. (Cr. Rs.)
6
7
8
Market value of Capital of Listed Cos. (Cr.
Rs.)
Capital per Listed Cos. (4/2)(Lakh Rs.)
Market Value of Capital per Listed Cos.
(Lakh Rs.) (5/2)
Appreciated value of Capital per Listed
Cos. (Lak Rs.)
7
8
8
9
1995
14
5
7
1991
270 753 1812 2614 3973 9723 32041 59583
971 1292 2675 3273 6750 25302 110279 478121
24
63 113 168 175
224
514
693
86 107 167 211 298
582
1770
5564
358 170 148 126 170
260
344
803
50
Trading Pattern of the Indian Stock Market
Indian Stock Exchanges allow trading of securities of only those public limited
companies that are listed on the Exchange(s). They are divided into two categories:
51
Types of Transactions
The flowchart below describes the types of transactions that can be carried out on the
Indian stock exchanges:
Indian stock exchange allows a member broker to perform following activities:
 Acts as an agent,
 Buy and sell securities for his clients and charge commission for the same,
 Act as a trader or dealer as a principal,
 Buy and sell securities on his own account and risk.
Over The Counter Exchange of India (OTCEI)
Traditionally, trading in Stock Exchanges in India followed a conventional style where
people used to gather at the Exchange and bids and offers were made by open outcry.
This age-old trading mechanism in the Indian stock markets used to create many
functional inefficiencies. Lack of liquidity and transparency, long settlement periods and
benami transactions are a few examples that adversely affected investors. In order to
overcome these inefficiencies, OTCEI was incorporated in 1990 under the Companies
Act 1956. OTCEI is the first screen based nationwide stock exchange in India created by
52
Unit Trust of India, Industrial Credit and Investment Corporation of India, Industrial
Development Bank of India, SBI Capital Markets, Industrial Finance Corporation of India,
General Insurance Corporation and its subsidiaries and CanBank Financial Services.
Advantages of OTCEI
 Greater liquidity and lesser risk in intermediary charges due to widely spread
trading mechanism across India.
 The screen-based scrip less trading ensures transparency and accuracy of prices.
 Faster settlement and transfer process as compared to other exchanges.
 Shorter allotment procedure(in case of a new issue) than other exchanges.
National Stock Exchange
In order to lift the Indian stock market trading system on par with the international
standards. On the basis of the recommendations of high powered Pherwani Committee,
the National Stock Exchange was incorporated in 1992 by Industrial Development Bank
of India, Industrial Credit and Investment Corporation of India, Industrial Finance
Corporation of India, all Insurance Corporations, selected commercial banks and others.
53
NSE provides exposure to investors in two types of markets, namely:
 Wholesale debt market
 Capital Market
Wholesale Debt Market - Similar to money market operations, debt market operations
involve institutional investors and corporate bodies entering into transactions of high
value in financial instruments like treasury bills, government securities, commercial
papers etc.
Trading at NSE
1.
2.
3.
4.
5.
Fully automated screen-based trading mechanism.
Strictly follows the principle of an order-driven market.
Trading members are linked through a communication network.
This network allows them to excuse trade from their offices.
The prices at which the buyer and seller are willing to transact will appear on the
screen.
6. When the prices match the transaction will be completed.
7. A confirmation slip will be printed at the office of the trading member
Advantages of trading at NSE
1. Integrated network for trading in stock market of India
2. Fully automated screen based system that provides higher degree of
transparency
3. Investors can transact from any pary of the country at uniform prices
4. Greater functional efficiency supported by totally computerized network
54
Table
55
23 Stock Exchanges in India
1. National Stock Exchange
Location
Mumbai, India
Coordinates
19°3′37″N 72°51′35″E
Founded
1992
Owner
National Stock Exchange of India Limited
Key people
Ravi Narain (MD)
Currency
Indian rupee ( )
No. of listings
1,646
MarketCap
US$985 billion (Dec 2011)
Indexes
S&P CNX Nifty
CNX Nifty Junior
S&P CNX 500
Website
www.nseindia.com
Trading Hours: 9:15 AM TO 3:15(3:30) pm
56
The National Stock Exchange (NSE)
(Hindi: राष्ट्रीय शेयर बाजार Rashtriya
Śhare
Bāzaār)
is
a stock
exchange located at Mumbai, India. It is
the16th largest stock exchange in the
world by market
capitalization and
largest in India by daily turnover and
number of trades, for both equities and
derivative trading. NSE has a market
capitalization of around US$985
billion and over 1,646 listings as of
December 2011. Though a number of
other exchanges exist, NSE and
the Bombay Stock Exchange are the two
most significant stock exchanges in
India, and between them are
responsible for the vast majority of
share transactions. The NSE's key index
is the S&P CNX Nifty, known as the
NSE NIFTY (National Stock Exchange
Fifty), an index of fifty major stocks
weighted by market capitalisation.
NSE is mutually owned by a set of leading financial institutions, banks, insurance
companies and other financial intermediaries in India but its ownership and
management operate as separate entities. There are at least 2 foreign investors NYSE
Euronext and Goldman Sachs who have taken a stake in the NSE. As of 2006, the
NSE VSAT terminals, 2799 in total, cover more than 1500 cities across India. NSE is the
third largest Stock Exchange in the world in terms of the number of trades in equities. It
is the second fastest growing stock exchange in the world with a recorded growth of
16.6%.
Markets
Currently, NSE has the following major segments of the capital market:



Equity
Futures and options
Retail debt market
57




Wholesale debt market
Currency futures
Mutual fund
Stocks lending and borrowing
In August 2008 currency derivatives were introduced in India with the launch of
Currency Futures in USD INR by NSE. Currently it has also launched currency futures in
euros, pounds and yen. Interest Rate Futures were introduced for the first time in India
by NSE on 31 August 2009, exactly one year after the launch of Currency Futures.
NSE became the first stock exchange to get approval for interest rate futures, As
recommended by SEBI-RBI committee, on 31 August 2009, a futures contract based on
7% 10 Year Government of India (Notional) was launched with quarterly maturities.
Milestones






















November 1992 Incorporation
April 1993 Recognition as a stock exchange
May 1993 Formulation of business plan
June 1994 Wholesale Debt Market segment goes live
November 1994 Capital Market (Equities) segment goes live
March 1995 Establishment of Investor Grievance Cell
April 1995 Establishment of NSCCL, the first Clearing Corporation
June 1995 Introduction of centralised insurance cover for all trading members
July 1995 Establishment of Investor Protection Fund
October 1995 Became largest stock exchange in the country
April 1996 Commencement of clearing and settlement by NSCCL
April 1996 Launch of S&P CNX Nifty
June 1996 Establishment of Settlement Guarantee Fund
November 1996 Setting up of National Securities Depository Limited, first depository
in India, co-promoted by NSE
November 1996 Best IT Usage award by Computer Society of India
December 1996 Commencement of trading/settlement in dematerialised securities
December 1996 Dataquest award for Top IT User
December 1996 Launch of CNX Nifty Junior
February 1997 Regional clearing facility goes live
November 1997 Best IT Usage award by Computer Society of India
May 1998 Promotion of joint venture, India Index Services & Products Limited (IISL)
May 1998 Launch of NSE's Web-site: www.nse.co.in
58




































July 1998 Launch of NSE's Certification Programme in Financial Market
August 1998 CYBER CORPORATE OF THE YEAR 1998 award yes.
February 1999 Launch of Automated Lending and Borrowing Mechanism
April 1999 CHIP Web Award by CHIP magazine
October 1999 Setting up of NSE.IT
January 2000 Launch of NSE Research Initiative
February 2000 Commencement of Internet Trading
June 2000 Commencement of Derivatives Trading (Index Futures)
September 2000 Launch of 'Zero Coupon Yield Curve'
November 2000 Launch of Broker Plaza by Dotex International, a joint venture
between NSE.IT Ltd. and i-flex Solutions Ltd.
December 2000 Commencement of WAP trading
June 2001 Commencement of trading in Index Options
July 2001 Commencement of trading in Options on Individual Securities
November 2001 Commencement of trading in Futures on Individual Securities
December 2001 Launch of NSE VaR for Government Securities
January 2002 Launch of Exchange Traded Funds (ETFs)
May 2002 NSE wins the Wharton-Infosys Business Transformation Award in the
Organization-wide Transformation category
October 2002 Launch of NSE Government Securities Index
January 2003 Commencement of trading in Retail Debt Market
June 2003 Launch of Interest Rate Futures
August 2003 Launch of Futures & options in CNXIT Index
June 2004 Launch of STP Interoperability
August 2004 Launch of NSE’s electronic interface for listed companies
March 2005 ‘India Innovation Award’ by EMPI Business School, New Delhi
June 2005 Launch of Futures & options in BANK Nifty Index
December 2006 'Derivative Exchange of the Year', by Asia Risk magazine
January 2007 Launch of NSE – CNBC TV 18 media centre
March 2007 NSE, CRISIL announce launch of IndiaBondWatch.com
June 2007 NSE launches derivatives on Nifty Junior & CNX 100
October 2007 NSE launches derivatives on Nifty Midcap 50
January 2008 Introduction of Mini Nifty derivative contracts on 1 January 2008
March 2008 Introduction of long term option contracts on S&P CNX Nifty Index
April 2008 Launch of India VIX
April 2008 Launch of Securities Lending & Borrowing Scheme
August 2008 Launch of Currency Derivatives
August 2009 Launch of Interest Rate Futures
59




November 2009 Launch of Mutual Fund Service System
December 2009 Commencement of settlement of corporate bonds
February 2010 Launch of Currency Futures on additional currency pairs
October 2010 Launch of 15-minute special pre-open trading session, a mechanism
under which investors can bid for stocks before the market opens.
Indices
NSE also set up as index services firm known as India Index Services & Products Limited
(IISL) and has launched several stock indices, including:





S&P CNX Nifty(Standard & Poor's CRISIL NSE Index)
CNX Nifty Junior
CNX 100 (= S&P CNX Nifty + CNX Nifty Junior)
S&P CNX 500 (= CNX 100 + 400 major players across 72 industries)
CNX Midcap (introduced on 18 July 2005 replacing CNX Midcap 200)
60
2. Bombay Stock Exchange
Location
Mumbai, India
Coordinates
18.929681°N 72.833589°E
Founded
1875
Owner
Bombay Stock Exchange Limited
Key people
Madhu Kannan (CEO & MD)
Currency
Indian rupee ( )
No. of listings
5,133
MarketCap
US$1 trillion (Dec 2011)[1]
Volume
US$231 billion (Nov 2010)
Indexes
BSE SENSEX
BSE Small Cap
BSE Mid-Cap
BSE 500
Website
www.bseindia.com
61
Hours of Operation
Session
Timing
Beginning of the Day Session
Pre-open trading session
Trading Session
Position Transfer Session
Closing Session
8:30 - 9:00
9:00 - 9:15
9:15 - 15:30
15:30 - 15:50
15:50 - 16:05
Timeline
Following is the timeline on the rise of the SENSEX through Indian stock market history.
1830's Business on corporate stocks and shares in Bank and Cotton presses started in
Mumbai.
1860-1865 Cotton price bubble as a result of the American Civil War.
1870 - 90's Sharp increase in share prices of jute industries followed by a boom in tea
stocks and coal
1978-79 Base year of SENSEX, defined to be 100.
1986 SENSEX first compiled using a market Capitalization-Weighted methodology for 30
component stocks representing well-established companies across key sectors.
30 October 2006 The SENSEX on October 30, 2006 crossed the magical figure of 13,000
and closed at 13,024.26 points, up 117.45 points or 0.9%. It took 135 days for the
SENSEX to move from 12,000 to 13,000 and 123 days to move from 12,500 to 13,000.
5 December 2006 The SENSEX on December 5, 2006 crossed the 14,000-mark to touch
14,028 points. It took 36 days for the SENSEX to move from 13,000 to the 14,000 mark.
6 July 2007 The SENSEX on July 6, 2007 crossed the magical figure of 15,000 to touch
15,005 points in afternoon trade. It took seven months for the SENSEX to move from
14,000 to 15,000 points.
19 September 2007 The SENSEX scaled yet another milestone during early morning
trade on September 19, 2007. Within minutes after trading began, the SENSEX crossed
62
16,000, rising by 450 points from the previous close. The 30-share Bombay Stock
Exchange's sensitive index took 53 days to reach 16,000 from 15,000. Nifty also touched
a new high at 4659, up 113 points.
The SENSEX finally ended with a gain of 654 points at 16,323. The NSE Nifty gained 186
points to close at 4,732.
26 September 2007 The SENSEX scaled yet another height during early morning trade on
September 26, 2007. Within minutes after trading began, the SENSEX crossed the
17,000-mark. Some profit taking towards the end saw the index slip into red to 16,887 down 187 points from the day's high. The SENSEX ended with a gain of 22 points at
16,921.
9 October 2007 The BSE SENSEX crossed the 18,000-mark on October 9, 2007. It took
just 8 days to cross 18,000 points from the 17,000 mark. The index zoomed to a new alltime intra-day high of 18,327. It finally gained 789 points to close at an all-time high of
18,280. The market set several new records including the biggest single day gain of 789
points at close, as well as the largest intra-day gains of 993 points in absolute term
backed by frenzied buying after the news of the UPA and Left meeting on October 22
put an end to the worries of an impending election.
15 October 2007 The SENSEX crossed the 19,000-mark backed by revival of funds-based
buying in blue chip stocks in metal, capital goods and refinery sectors. The index gained
the last 1,000 points in just four trading days. The index touched a fresh all-time intraday high of 19,096, and finally ended with a smart gain of 640 points at 19,059.The Nifty
gained 242 points to close at 5,670.
29 October 2007 The SENSEX crossed the 20,000 mark on the back of aggressive buying
by funds ahead of the US Federal Reserve meeting. The index took only 10 trading days
to gain 1,000 points after the index crossed the 19,000-mark on October 15. The major
drivers of today's rally were index heavyweights Larsen and Toubro, Reliance Industries,
ICICI Bank, HDFC Bank and SBI among others. The 30-share index spurted in the last five
minutes of trade to fly-past the crucial level and scaled a new intra-day peak at
20,024.87 points before ending at its fresh closing high of 19,977.67, a gain of 734.50
points. The NSE Nifty rose to a record high 5,922.50 points before ending at 5,905.90,
showing a hefty gain of 203.60 points.
63
8 January 2008 The SENSEX peaks. It crossed the 21,000 mark in intra-day trading after
49 trading sessions. This was backed by high market confidence of increased FII
investment and strong corporate results for the third quarter. However, it later fell back
due to profit booking.
13 June 2008 The SENSEX closed below 15,200 mark, Indian market suffer with major
downfall from January 21, 2008
25 June 2008 The SENSEX touched an intra day low of 13,731 during the early trades,
then pulled back and ended up at 14,220 amidst a negative sentiment generated on the
Reserve Bank of India hiking CRR by 50 bps. FII outflow continued in this week.
2 July 2008 The SENSEX hit an intra day low of 12,822.70 on July 2, 2008. This is the
lowest that it has ever been in the past year. Six months ago, on January 10, 2008, the
market had hit an all time high of 21206.70. This is a bad time for the Indian markets,
although Reliance and Infosys continue to lead the way with mostly positive results.
6 October 2008 The SENSEX closed at 11801.70 hitting the lowest in the past 2 years.
10 October 2008 The SENSEX today closed at 10527, 800.51 points down from the
previous day having seen an intraday fall of as large as 1063 points. Thus, this week
turned out to be the week with largest percentage fall in the SENSEX
18 May 2009 After the result of 15th Indian general election SENSEX gained 2100.79
points from the previous close of 12173.42, a record one-day gain. In the opening trade
itself the SENSEX evinced a 15% gain over the previous close which led to a two-hour
suspension in trading. After trading resumed, the SENSEX surged again, leading to a full
day suspension of trading.
19 October 2010 BSE introduced the 15-minute special pre-open trading session, a
mechanism under which investors can bid for stocks before the market opens. The
mechanism, known as 'pre-open session call auction', lasted for 15 minutes (from 9:009:15 am).
5 November 2010 BSE SENSEX crossed the 21000 mark (exactly 21004.96).
27 December 2010 BSE SENSEX is at 20,028.93.
64
Indices
The launch of SENSEX in 1986 was later followed up in January 1989 by introduction of
BSE National Index (Base: 1983-84 = 100). It comprised 100 stocks listed at five major
stock exchanges in India - Mumbai, Calcutta, Delhi, Ahmedabad and Madras. The BSE
National Index was renamed BSE-100 Index from October 14, 1996 and since then, it is
being calculated taking into consideration only the prices of stocks listed at BSE. BSE
launched the dollar-linked version of BSE-100 index on May 22, 2006. BSE launched two
new index series on 27 May 1994: The 'BSE-200' and the 'DOLLEX-200'. BSE-500 Index
and 5 sectoral indices were launched in 1999. In 2001, BSE launched BSE-PSU Index,
DOLLEX-30 and the country's first free-float based index - the BSE TECk Index. Over the
years, BSE shifted all its indices to the free-float methodology (except BSE-PSU index).
BSE disseminates information on the Price-Earnings Ratio, the Price to Book Value Ratio
and the Dividend Yield Percentage on day-to-day basis of all its major indices. The values
of all BSE indices are updated on real time basis during market hours and displayed
through the BOLT system, BSE website and news wire agencies. All BSE Indices are
reviewed periodically by the BSE Index Committee. This Committee which comprises
eminent independent finance professionals frames the broad policy guidelines for the
development and maintenance of all BSE indices. The BSE Index Cell carries out the dayto-day maintenance of all indices and conducts research on development of new
indices.
SENSEX is significantly correlated with the stock indices of other emerging markets.
65
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 hightechnology 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 recognised 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.
66
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
67
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, Taxation with other relevant
books.
The UPSE has been organising 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
organises 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).
68
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.
69
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 exchang 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
Industrialisation 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.
70
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 organisation 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 Centres
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 programmes.
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.
71
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, Centres 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, 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, 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
centre 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.
72
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 recognised 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.
73
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.
74
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
carryforward 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 carryforward 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 dematerialised 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 afterAhmedabad 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.
75
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~
MarketCap
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.
76
History
In 1830, the bourse activities in Kolkata used to conducted under a 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 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
77
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 dematerialised 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 initialised its Rs.125 crore Trade Guarantee Fund on July 27, 1998. TGF guarantees
all the transactions of the DSE interse through the stock exchange. If a member fails to
honour the settlement commitment, TGF undertakes to fulfil the commitment and
complete all the settlement without disruption.
78
15.Bhubaneswar Stock Exchange
Type
Stock Exchange
Location
Bhubaneshwar, India
Founded
1989
Owner
Bhubaneswar Stock Exchange Association
Limited
Key people
Vivekananda PattanayakChairman Debaraj
Biswal CEO
Currency
Website
www.bhseindia.com
Origin
Bhubaneswar
Stock
Exchange Association
Ltd,
(BhSE)
is
located
th
in Bhubaneswar, Orissa, India. It was incorporated on 17 of April, 1989, and granted
recognition to the Stock Exchange on 5th 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]
79
Organisation 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 corporatisation and demutualisation
schemes of the Bhubaneshwar Stock Exchange which were required in accordance with
the provisions of the Securities Contracts (Regulation) Act, 1956.
80
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 bySecurities
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 Hinduismdepicting
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.
81
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 computerised 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 Centralised 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
82
activities of PSE.
Pune Stock Exchange has been looking into the possibilitioes 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
[1]
1998 in Vashi, Mumbai.
It
is
a
national-level stock
exchange,
providingtrading, clearing, settlement, risk management and surveillance support to its
trading members. It has 841 trading members, who are located in 18 cities. These
83
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 Banglore, 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 ISE’s 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.
84
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 ISE’s Corporatisation and Demutualisation 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 Corporatisation and
Demutualisation 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 “Demutualised Exchange”.
January 30, 2008 Restructuring of Board of ISE in accordance with the Corporatisation
and Demutualisation 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,
85
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.






Dematerialisation (Demat)
Rematerialisation (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 centre 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 programmes 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. ISE’s trading members in
India trade on the scrips and provide liquidity and visibility to such scrips.
86
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-SX’s 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:
87
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.
Last working day (excluding Saturdays) of the expiry month.
Final settlement day
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
88

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, Tamilnadu, 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,
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 centre. Apart from the infrastructure, the
89
exchange is planning for the set up of a Training
Development, Research Centre and other useful activities.
Academy, Software
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.
90
21.United Stock Exchange of India (USE)
Type
Stock Exchange
Location
Mumbai, India
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 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.
91
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. Nizam’s 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 m2) (including cellar of 70,857
square feet (6,582.8 m2)).
92
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 subbrokers registered.
In September 2005, the Magadh Stock Exchange was corporatised and demutualised 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.
93
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 Exchange Limited
Key people
Mr. S. G. Raval (Executive Director)
Currency
Website
Saurashtra Kutch Stock Exchange
Saurashtra Kutch Stock Exchange Limited (Gujarati: શેર બજાર, popularly called Stock
Exchange, or SKSE) is one of three stock exchange inGujarat. 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.
94
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 paperbased
system before automation. Since October 3, 1996, SKSE operates on Saurashtra Kutch
Stock Exchanges's 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.
95
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 recognised 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 Exchage (MgSE) at Kulur on Sept 28, 2001. The MgSE has been granted
3 acres (12,000 m2) of land by the state government.
96
Bibliography
http://en.wikipedia.org/wiki/Stock_exchange
http://en.wikipedia.org/wiki/List_of_stock_exchanges
http://www.world-stock-exchanges.net/
http://www.world-stock-exchanges.net/indices.html
http://www.tdd.lt/slnews/Stock_Exchanges/Stock.Exchanges.html
http://www.rediff.com/money/2008/jul/15slide1.htm
http://www.wikinvest.com/wiki/List_of_Stock_Exchanges
http://www.investopedia.com/articles/07/stock-exchange-history.asp
http://www.foreign-trade.com/finance.htm
http://en.wikipedia.org/wiki/NYSE_Euronext
http://en.wikipedia.org/wiki/NASDAQ_OMX
http://en.wikipedia.org/wiki/Tokyo_Stock_Exchange
http://en.wikipedia.org/wiki/London_Stock_Exchange
http://en.wikipedia.org/wiki/Shanghai_Stock_Exchange
http://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchange
http://en.wikipedia.org/wiki/Toronto_Stock_Exchange
http://en.wikipedia.org/wiki/BM%26F_Bovespa
http://en.wikipedia.org/wiki/Australian_Securities_Exchange
http://en.wikipedia.org/wiki/Deutsche_B%C3%B6rse
97
http://www.surfindia.com/finance/stock-exchanges-india.html
http://www.world-stock-exchanges.net/india.html
http://business.mapsofindia.com/india-stocks/
http://www.appuonline.com/appu/investment/about.html
http://www.iseindia.com/
http://www.bseindia.com/
http://www.nseindia.com/
http://www.sebi.gov.in/investor/recog.html
http://en.wikipedia.org/wiki/Bombay_Stock_Exchange
http://en.wikipedia.org/wiki/National_Stock_Exchange_of_India
http://en.wikipedia.org/wiki/MCX_Stock_Exchange
http://en.wikipedia.org/wiki/OTC_Exchange_of_India
http://en.wikipedia.org/wiki/Madras_Stock_Exchange
http://www.punestockexchange.com/aboutpse.html
http://en.wikipedia.org/wiki/Ahmedabad_Stock_Exchange
http://en.wikipedia.org/wiki/Bhubaneshwar_Stock_Exchange
http://en.wikipedia.org/wiki/Cochin_Stock_Exchange
http://en.wikipedia.org/wiki/Hyderabad_Stock_Exchange
http://en.wikipedia.org/wiki/Calcutta_Stock_Exchange_Association_Limited
http://en.wikipedia.org/wiki/Delhi_Stock_Exchange_Association
http://en.wikipedia.org/wiki/Bangalore_Stock_Exchange
98
http://en.wikipedia.org/wiki/Madhya_Pradesh_Stock_Exchange
http://en.wikipedia.org/wiki/Jaipur_Stock_Exchange
http://en.wikipedia.org/wiki/Magadh_Stock_Exchange
http://en.wikipedia.org/wiki/UP_Stock_Exchange
http://en.wikipedia.org/wiki/Vadodara_Stock_Exchange
99
Thank You
100