List of All Stock Exchanges in India 2022

Indian stock market is among the oldest and the most robust markets in Asia. It houses Asia’s first stock exchange. Over the years this market has successfully transitioned from offline spot trading to online trading. Currently there are 14 exchanges approved by SEBI in India. This article, divided into 4 major sections highlighted below, and traces this rich history.

List of Stock Market and Stock Exchanges in India

Before we start, it is imperative to understand the difference between a stock market and a stock exchange. A stock market is the market where the trading of a company’s stock – both listed and unlisted securities takes place. So, Indian stock market includes all the stock exchanges across the nation and all transactions that take place off-exchange as well. Whereas a stock exchange is an organized marketplace where the members meet (physically or otherwise) to trade company stock or other listed securities. The members could be agents acting on behalf of their clients or could be principals representing their own accounts. Therefore when one talks about a “stock market bubble” or says that “the stock market is bullish”, one is speaking not about a particular stock exchange but of sentiments across all the exchanges that make up the stock market.

The oldest stock exchange in India

The onset of Indian stock market can be traced back to late 18th century when East India Company started to transact loan securities. By the time 1830s rolled in, trading in stocks of bank and cotton presses had started in Bombay. Principals participated in the market, and there were no more than half a dozen brokers till 1850. In mid-1950s, an informal group of 22 stock brokers started meeting under a banyan tree – that still stands at Horniman Circle Park, Mumbai – and started trading with an initial investment of Re. 1 per broker. The stock market flourished as the American Civil War broke out in 1861 disrupting the supply of cotton from the Americas to Europe.  By the end of the war, the market had at least 250 brokers participating. These brokers organized themselves in an informal group called The Native Share and Stockbrokers Association. This group was formally organized as Bombay Stock Exchange (BSE) in 1875. In 1930, BSE finally moved to the now-iconic BSE building on Dalal Street. Around the same time, the procedures and conventions for stock trade at BSE were first codified under the leadership of Premchand Roychand. It must come as no surprise that the stock broking firms of the time were all family run affairs including a few that are still going strong and are named after their founders. Among them are:
  • D.S. Prabhudas & Company (now known as DSP, a joint venture partner with Merrill Lynch)
  • Jamnadas Morarjee (now known as JM)
  • Champaklal Devidas (now called Cifco Finance)
  • Brijmohan Laxminarayan
In 1956, the government of India recognized BSE as the first national stock exchange under the Securities Contracts (Regulation) Act.

National Stock Exchange

In 1992, BSE was rocked by a major scandal. A BSE member, Harshad Mehta, was caught illegally manipulating the market. This resulted in calls for reforms from all market stakeholders. BSE was slow to respond to these calls and the government of India encouraged the creation of a rival stock exchange called the National Stock Exchange (NSE). NSE started trading on 4 November, 1994 and within a year its turnover was higher than BSE’s. The electronic stock market the NSE introduced caused a paradigm shift in the Indian stock market. BSE quickly followed suit, but was never able to catch up with NSE in overall turnover. In 1996, NSE was ready to launch equity derivative trading as well, but BSE with the help of a sympathetic SEBI chairman in D. R. Mehta was able to block the move for the time being. In the same year, NSE joined hands with Industrial Development Bank of India Limited (IDBL) and Unit Trust of India to form National Securities Depository Limited as India’s first electronic securities depository on 8th of November and ushered in the age of online trading. Derivative trading and the accompanying shift from spot market to rolling settlement had come in by 2000. NSE cornered almost the complete market share in equity derivatives trading, putting BSE firmly into a distant second place. Other stock exchanges in India At present, SEBI recognizes a total of 8 stock exchanges across India. These are:
Sr. No. Name Valid up to
1 Ahmedabad Stock Exchange Ltd. PERMANENT
3 Calcutta Stock Exchange Ltd. PERMANENT
4 India International Exchange (India INX) Dec 28, 2017
5 Magadh Stock Exchange Ltd. PERMANENT
6 Metropolitan Stock Exchange of India Ltd. Sep 15, 2018
7 National Stock Exchange of India Ltd. PERMANENT
8 NSE IFSC Ltd. May 28, 2018
The Hyderabad Securities and Enterprises Ltd (earlier known as Hyderabad Stock Exchange), Coimbatore Stock Exchange Ltd, Saurashtra Kutch Stock Exchange Ltd ,Mangalore Stock Exchange, Inter-Connected Stock Exchange of India Ltd, Cochin Stock Exchange Ltd, Bangalore Stock Exchange Ltd , Ludhiana Stock exchange Ltd, Guwahati Stock Exchange Ltd, Bhubaneswar Stock Exchange Ltd, Jaipur Stock Exchange Ltd, OTC Exchange of India , Pune Stock Exchange Ltd, Madras Stock Exchange Ltd, U.P.Stock Exchange Ltd, Madhya Pradesh Stock Exchange Ltd, Vadodara Stock Exchange Ltd and Delhi Stock Exchange Ltd have been closed by various SEBI orders starting in 2013. SEBI also recognizes 9 commodity derivative exchanges in India. Under Section 131 of Finance Act, 2015 all recognized commodity derivatives exchanges under the Forward Contracts (Regulation) Act, 1952 as on September 28, 2015 are automatically recognized as stock exchanges under the Securities Contracts (Regulation) Act, 1956 (SCRA). These are:
Sr. No. Name Valid Upto
1 Ace Derivatives and Commodity Exchange Limited PERMANENT
2 Hapur Commodity Exchange Ltd Feb 28, 2018
3 India Pepper & Spice Trade Association PERMANENT
4 Indian Commodity Exchange Limited PERMANENT
5 Multi Commodity Exchange of India Ltd. PERMANENT
6 National Commodity & Derivatives Exchange Ltd. PERMANENT
7 National Multi Commodity Exchange of India Limited. PERMANENT
8 Rajkot Commodity Exchange Ltd. Mar 31, 2018
9 Universal Commodity Exchange Ltd. PERMANENT
For more useful articles on trading, investing and market knowledge, visit our Knowledge Center section. (Note: The above list is for information purpose only. Avoid trading and investing based on the information given above. Before investing in stocks do due diligence)

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