Stock Exchange- Priyanka Kaul 1

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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


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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 ofMrs Sreelakshmi

Ramu, MIFS Faculty, IIPM HYDERABAD.The information has beencollected 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


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Index

Topic Page Number

1.

Stock Exchanges 52. History of Stock Exchanges 53. Role of Stock Exchanges 94. Major Stock Exchanges 135. Listing Requirements 146. Top 10 Stock Exchanges in the World 15

i. New York Stock Exchange 16ii. NASDAQ OMX 19

iii. Tokyo Stock Exchange 21iv. London Stock Exchange 24v. Shanghai Stock Exchange 28

vi. Hong Kong Stock Exchange 31vii. Toronto Stock Exchange 33

viii. BM & F Bevospa 36ix. Australian Stock Exchange 40x. Deutsche Borse 44

7. Indian Stock Markets 478. Stock Exchanges in India 55

i. National Stock Exchange 56ii. Bombay Stock Exchange 61

iii. OTC Exchange of India 66iv. UP Stock Exchange 67v. Jaipur Stock Exchange 68

vi. Madras Stock Exchange 69vii. Cochin Stock Exchange 69

viii. Bangalore Stock Exchange 71ix. Guwahati Stock Exchange 72x. Madhya Pradesh Stock Exchange 74

xi. Ludhiana Stock Exchange Association 75xii. Vadodara Stock Exchange 75

xiii. Calcutta Stock Exchange Association Limited 76


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Topic Page Number

xiv. Delhi Stock Exchange 78xv. Bhubaneshwar Stock Exchange 79

xvi. Ahmedabad Stock Exchange 81xvii. Pune Stock Exchange 82

xviii. Inter- Connected Stock Exchange Ltd. 83xix. MCX Stock Exchange 87xx. Coimbatore Stock Exchange 88xxi. United Stock Exchange of India 91

xxii. Hyderabad Stock Exchange 92xxiii. Magadh Stock Exchange Association Ltd. 93xxiv. Saurashtra Kutch Stock Exchange Ltd. 94xxv. Mangalore Stock Exchange 96

9. Bibliography 97


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Stock Exchanges

A stock exchange is a form ofexchange 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 whencorporate 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.
http://en.wikipedia.org/wiki/Exchange_(organized_market)http://en.wikipedia.org/wiki/Stock_brokerhttp://en.wikipedia.org/wiki/Stock_brokerhttp://en.wikipedia.org/wiki/Trader_(finance)http://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Security_(finance)http://en.wikipedia.org/wiki/Dividendhttp://en.wikipedia.org/wiki/Shareshttp://en.wikipedia.org/wiki/Unit_trusthttp://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Electronic_networkshttp://en.wikipedia.org/wiki/Investorhttp://en.wikipedia.org/wiki/Primary_markethttp://en.wikipedia.org/wiki/Primary_markethttp://en.wikipedia.org/wiki/Secondary_markethttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Free_markethttp://en.wikipedia.org/wiki/Stock_valuationhttp://en.wikipedia.org/wiki/Over-the-counter_(finance)http://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Stock_exchange#cite_note-0http://en.wikipedia.org/wiki/Stock_exchange#cite_note-0http://en.wikipedia.org/wiki/Stock_exchange#cite_note-0http://en.wikipedia.org/wiki/Ancient_worldhttp://en.wikipedia.org/wiki/Mesopotamiahttp://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Tradehttp://en.wikipedia.org/wiki/Dutch_East_India_Companyhttp://en.wikipedia.org/wiki/Dutch_East_India_Companyhttp://en.wikipedia.org/wiki/University_of_California_at_Berkeleyhttp://en.wikipedia.org/wiki/Ancient_Romehttp://en.wikipedia.org/wiki/Ancient_Romehttp://en.wikipedia.org/wiki/University_of_California_at_Berkeleyhttp://en.wikipedia.org/wiki/Dutch_East_India_Companyhttp://en.wikipedia.org/wiki/Dutch_East_India_Companyhttp://en.wikipedia.org/wiki/Tradehttp://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Mesopotamiahttp://en.wikipedia.org/wiki/Ancient_worldhttp://en.wikipedia.org/wiki/Stock_exchange#cite_note-0http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Over-the-counter_(finance)http://en.wikipedia.org/wiki/Stock_valuationhttp://en.wikipedia.org/wiki/Free_markethttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Secondary_markethttp://en.wikipedia.org/wiki/Primary_markethttp://en.wikipedia.org/wiki/Primary_markethttp://en.wikipedia.org/wiki/Investorhttp://en.wikipedia.org/wiki/Electronic_networkshttp://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Unit_trusthttp://en.wikipedia.org/wiki/Shareshttp://en.wikipedia.org/wiki/Dividendhttp://en.wikipedia.org/wiki/Security_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Trader_(finance)http://en.wikipedia.org/wiki/Stock_brokerhttp://en.wikipedia.org/wiki/Stock_brokerhttp://en.wikipedia.org/wiki/Exchange_(organized_market)


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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 organizationshad 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 andearlyRenaissance 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
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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 the Muscovy 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
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Limited partnershipsA 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 capitalA 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 partnersA 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.
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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 governanceBy 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, orotherwise 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), BearStearns (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,
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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 ofsecurities known as bonds. These bonds can be raised through the

Stock Exchange whereby members of the public buy them, thus loaning money to thegovernment. The issuance of such bonds can obviate the need, in the short term, to

directly tax citizens to finance developmentthough by securing such bonds with the

full faith and credit of the government instead of with collateral, the government must

eventually tax citizens or otherwise raise additional funds to make any regular coupon

payments and refund the principal when the bonds mature.

Barometer of the economy

At the stock exchange, share prices rise and fall depending, largely, on market forces.

Share prices tend to rise or remain stable when companies and theeconomy in generalshow signs of stability and growth. An economic recession, depression, or financial

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

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

economy.

Speculations

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

the terms "speculation" and "investment" are actually quite specific. For instance,

although the word "investment" is typically used, in a general sense, to mean any act of

placing money in a financial vehicle with the intent of producing returns over a period of

time, most ventured moneyincluding funds placed in the world's stock marketsis

actually not investment but speculation.
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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
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3.Tokyo Stock Exchange

Location Tokyo, Japan

Coordinates 354057.60N1394643.71E

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


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.
http://toolserver.org/~geohack/geohack.php?pagename=Tokyo_Stock_Exchange&params=35_40_57.60_N_139_46_43.71_E_type:landmarkhttp://toolserver.org/~geohack/geohack.php?pagename=Tokyo_Stock_Exchange&params=35_40_57.60_N_139_46_43.71_E_type:landmarkhttp://en.wikipedia.org/wiki/Japanese_yenhttp://en.wikipedia.org/wiki/Market_capitalizationhttp://en.wikipedia.org/wiki/United_States_dollarhttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchange#cite_note-fm-0http://en.wikipedia.org/wiki/Tokyo_Stock_Exchange#cite_note-fm-0http://en.wikipedia.org/wiki/Tokyo_Stock_Exchange#cite_note-fm-0http://en.wikipedia.org/wiki/United_States_dollarhttp://en.wikipedia.org/wiki/Nikkei_225http://en.wikipedia.org/wiki/TOPIXhttp://www.tse.or.jp/english/http://www.tse.or.jp/english/http://en.wikipedia.org/wiki/TOPIXhttp://en.wikipedia.org/wiki/Nikkei_225http://en.wikipedia.org/wiki/United_States_dollarhttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchange#cite_note-fm-0http://en.wikipedia.org/wiki/United_States_dollarhttp://en.wikipedia.org/wiki/Market_capitalizationhttp://en.wikipedia.org/wiki/Japanese_yenhttp://toolserver.org/~geohack/geohack.php?pagename=Tokyo_Stock_Exchange&params=35_40_57.60_N_139_46_43.71_E_type:landmark


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Technology problems

The exchange was only able to operate for 90 minutes on November 1, 2005, due tobugs with a newly installed transactions system, developed by Fujitsu, which wassupposed 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 traderat UBS Warburg, the Swiss investment bank, sent an order to sell 610,000 shares in thiscompany at 1 each, while he intended to sell 1 share at 610,000. The bank lost 71million.[7]

During yet another initial public offering, that of J-Com, on December 8, 2005, anemployee at Mizuho Securities Co., Ltd. mistakenly typed an order to sell 600,000 sharesat 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. Bothcompanies are now trying to deal with their troubles: lack of error checking, lack ofsafeguards, 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 faultin 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, asinvestors sold stocks across the board in the wake of a raid by prosecutors on internetcompany 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 4.5million trades per day. This was called the "livedoor shock." The exchange quicklyincreased its order capacity to five million trades a day.
http://en.wikipedia.org/wiki/Fujitsuhttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchange#cite_note-theregister.co.uk-5http://en.wikipedia.org/wiki/Tokyo_Stock_Exchange#cite_note-theregister.co.uk-5http://en.wikipedia.org/wiki/Tokyo_Stock_Exchange#cite_note-theregister.co.uk-5http://en.wikipedia.org/wiki/Initial_public_offeringhttp://en.wikipedia.org/wiki/Dentsuhttp://en.wikipedia.org/wiki/UBShttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchange#cite_note-6http://en.wikipedia.org/wiki/Tokyo_Stock_Exchange#cite_note-6http://en.wikipedia.org/wiki/Tokyo_Stock_Exchange#cite_note-6http://en.wikipedia.org/wiki/Mizuho_Securities_Co.,_Ltd.http://en.wikipedia.org/wiki/Livedoorhttp://en.wikipedia.org/wiki/Livedoorhttp://en.wikipedia.org/wiki/Mizuho_Securities_Co.,_Ltd.http://en.wikipedia.org/wiki/Tokyo_Stock_Exchange#cite_note-6http://en.wikipedia.org/wiki/UBShttp://en.wikipedia.org/wiki/Dentsuhttp://en.wikipedia.org/wiki/Initial_public_offeringhttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchange#cite_note-theregister.co.uk-5http://en.wikipedia.org/wiki/Fujitsu


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- Providing access to capital for growth and raise finance for further development

- Both broadening the shareholder base and creating a market for the companys share

- Placing an objective market value on the companys business

There are also two specialised markets:

Professional Securities Market This market facilitates the raising of capital through theissue of specialist debt securities or depositary receipts (DRs) to professional investors.The market operates under the status as a Recognised Investment Exchange, and by July2011 it had 32 DRs, 108 Eurobonds and over 350 Medium Term Notes.

Specialist Fund Market Is the London Stock Exchange dedicated market, designed toaccept more sophisticated fund vehicles, governance models and security. It is suitableonly for institutional, professional and highly knowledgeable investors. The SpecialistFund 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 tothe 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 thetransparency and liquidity through several services. Feeds are also available throughproviders such as Bloomberg and Thomson Reuters. Some of the products andreferences provided by the London Stock Exchange are:
http://en.wikipedia.org/wiki/Ordinary_Shareshttp://en.wikipedia.org/wiki/Exchange_Traded_Fundshttp://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Exchange_Traded_Fundshttp://en.wikipedia.org/wiki/Ordinary_Shares


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equity offerings. Attractive valuations of Brazilian subsidiaries have led internationalcompanies to list their Brazilian subsidiaries, as was the case of Banco Santander Brasil.

On May 8, 2008, Bovespa Holding announced the merger of the So 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 inBM&FBovespa, and in turn, BM&FBovespa owns a 5% stake in CME Group. Theagreement has also created an order routing trading system between both exchanges.
http://en.wikipedia.org/wiki/Brazilian_Mercantile_and_Futures_Exchangehttp://en.wikipedia.org/wiki/CME_Grouphttp://en.wikipedia.org/wiki/CME_Grouphttp://en.wikipedia.org/wiki/CME_Grouphttp://en.wikipedia.org/wiki/CME_Grouphttp://en.wikipedia.org/wiki/Brazilian_Mercantile_and_Futures_Exchange


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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.
http://en.wikipedia.org/wiki/ASX_Limitedhttp://en.wikipedia.org/wiki/Australian_dollarhttp://en.wikipedia.org/wiki/Market_capitalizationhttp://www.asx.com.au/http://en.wikipedia.org/wiki/Time_in_Australiahttp://en.wikipedia.org/wiki/Time_in_Australiahttp://en.wikipedia.org/wiki/Single-price_auctionhttp://en.wikipedia.org/wiki/Single-price_auctionhttp://en.wikipedia.org/wiki/Time_in_Australiahttp://en.wikipedia.org/wiki/Time_in_Australiahttp://www.asx.com.au/http://en.wikipedia.org/wiki/Market_capitalizationhttp://en.wikipedia.org/wiki/Australian_dollarhttp://en.wikipedia.org/wiki/ASX_Limited


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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 managementsoftware 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.
http://en.wikipedia.org/wiki/Australian_Securities_Exchange#Interest_rate_markethttp://en.wikipedia.org/wiki/Australian_Securities_Exchange#Settlementhttp://en.wikipedia.org/wiki/Futures_contracthttp://en.wikipedia.org/wiki/Low_Exercise_Price_Optionhttp://en.wikipedia.org/wiki/Australian_Securities_Exchange#Low_exercise_price_optionshttp://en.wikipedia.org/wiki/Stamp_dutyhttp://en.wikipedia.org/wiki/Government_of_Queenslandhttp://en.wikipedia.org/wiki/Brisbanehttp://en.wikipedia.org/wiki/Goods_and_Services_Tax_(Australia)http://en.wikipedia.org/wiki/Australian_Securities_and_Investments_Commissionhttp://en.wikipedia.org/wiki/Australian_Securities_Exchange#cite_note-13http://en.wikipedia.org/wiki/Australian_Securities_Exchange#cite_note-13http://en.wikipedia.org/wiki/Australian_Securities_Exchange#cite_note-13http://en.wikipedia.org/wiki/IRESShttp://en.wikipedia.org/wiki/Stamp_dutyhttp://en.wikipedia.org/wiki/Sydney_Futures_Exchangehttp://en.wikipedia.org/wiki/Singapore_Exchangehttp://en.wikipedia.org/wiki/Wayne_Swanhttp://en.wikipedia.org/wiki/Wayne_Swanhttp://en.wikipedia.org/wiki/Singapore_Exchangehttp://en.wikipedia.org/wiki/Sydney_Futures_Exchangehttp://en.wikipedia.org/wiki/Stamp_dutyhttp://en.wikipedia.org/wiki/IRESShttp://en.wikipedia.org/wiki/Australian_Securities_Exchange#cite_note-13http://en.wikipedia.org/wiki/Australian_Securities_and_Investments_Commissionhttp://en.wikipedia.org/wiki/Goods_and_Services_Tax_(Australia)http://en.wikipedia.org/wiki/Brisbanehttp://en.wikipedia.org/wiki/Government_of_Queenslandhttp://en.wikipedia.org/wiki/Stamp_dutyhttp://en.wikipedia.org/wiki/Australian_Securities_Exchange#Low_exercise_price_optionshttp://en.wikipedia.org/wiki/Low_Exercise_Price_Optionhttp://en.wikipedia.org/wiki/Futures_contracthttp://en.wikipedia.org/wiki/Australian_Securities_Exchange#Settlementhttp://en.wikipedia.org/wiki/Australian_Securities_Exchange#Interest_rate_market


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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 couldonly 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 transactingbusiness.

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


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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 operationsinvolve institutional investors and corporate bodies entering into transactions of highvalue in financial instruments like treasury bills, government securities, commercialpapers etc.

Trading at NSE

1. Fully automated screen-based trading mechanism.2. Strictly follows the principle of an order-driven market.3. Trading members are linked through a communication network.4. This network allows them to excuse trade from their offices.5. 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 India2. Fully automated screen based system that provides higher degree of

transparency3. Investors can transact from any pary of the country at uniform prices4. Greater functional efficiency supported by totally computerized network


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23 Stock Exchanges in India

1. National Stock Exchange

Location Mumbai, India

Coordinates 19337N725135E

Founded 1992

Owner National Stock Exchange of India Limited

Key people Ravi Narain (MD)

Currency Indian rupee ( )


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
http://toolserver.org/~geohack/geohack.php?pagename=National_Stock_Exchange_of_India&params=19_3_37_N_72_51_35_E_region:IN_type:landmarkhttp://toolserver.org/~geohack/geohack.php?pagename=National_Stock_Exchange_of_India&params=19_3_37_N_72_51_35_E_region:IN_type:landmarkhttp://toolserver.org/~geohack/geohack.php?pagename=National_Stock_Exchange_of_India&params=19_3_37_N_72_51_35_E_region:IN_type:landmarkhttp://en.wikipedia.org/wiki/Managing_Directorhttp://en.wikipedia.org/wiki/Indian_rupeehttp://en.wikipedia.org/wiki/Market_capitalizationhttp://en.wikipedia.org/wiki/Market_capitalizationhttp://en.wikipedia.org/wiki/United_States_dollarhttp://en.wikipedia.org/wiki/S%26P_CNX_Niftyhttp://en.wikipedia.org/wiki/CNX_Nifty_Juniorhttp://en.wikipedia.org/wiki/S%26P_CNX_500http://www.nseindia.com/http://www.nseindia.com/http://www.nseindia.com/http://en.wikipedia.org/wiki/S%26P_CNX_500http://en.wikipedia.org/wiki/CNX_Nifty_Juniorhttp://en.wikipedia.org/wiki/S%26P_CNX_Niftyhttp://en.wikipedia.org/wiki/United_States_dollarhttp://en.wikipedia.org/wiki/Market_capitalizationhttp://en.wikipedia.org/wiki/Indian_rupeehttp://en.wikipedia.org/wiki/Managing_Directorhttp://toolserver.org/~geohack/geohack.php?pagename=National_Stock_Exchange_of_India&params=19_3_37_N_72_51_35_E_region:IN_type:landmark


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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 9:00-

9:15 am).

5 November 2010 BSE SENSEX crossed the 21000 mark (exactly 21004.96).

27 December 2010 BSE SENSEX is at 20,028.93.


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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 valuesof 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 day-

to-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.
http://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Calcuttahttp://en.wikipedia.org/wiki/Delhihttp://en.wikipedia.org/wiki/Ahmedabadhttp://en.wikipedia.org/wiki/Madrashttp://en.wikipedia.org/wiki/Madrashttp://en.wikipedia.org/wiki/Ahmedabadhttp://en.wikipedia.org/wiki/Delhihttp://en.wikipedia.org/wiki/Calcuttahttp://en.wikipedia.org/wiki/Mumbai


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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]


Website Official Website

OTC Exchange Of India (OTCEI) also known as Over-the-Counter Exchange of India basedin Mumbai, Maharashtra. It is the first exchange for small companies. It is the first

screen based nationwide stock exchange in India. It was set up to access high-

technology enterprising promoters in raising finance for new product development in a

cost effective manner and to provide transparent and efficient trading system to the

investors.

OTCEI is promoted by the Unit Trust of India, the Industrial Credit and Investment

Corporation of India, the Industrial Development Bank of India, the Industrial FinanceCorporation 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 gotrecognized by the Securities Contracts Regulation Act, 1956 as a stock exchange.
http://en.wikipedia.org/wiki/Stock_Exchangehttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Managing_Directorhttp://en.wikipedia.org/wiki/Managing_Directorhttp://en.wikipedia.org/wiki/OTC_Exchange_of_India#cite_note-1http://en.wikipedia.org/wiki/OTC_Exchange_of_India#cite_note-1http://en.wikipedia.org/wiki/Indian_rupeehttp://www.otcei.net/http://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Maharashtrahttp://en.wikipedia.org/wiki/SME_exchangehttp://en.wikipedia.org/wiki/Unit_Trust_of_Indiahttp://en.wikipedia.org/wiki/Industrial_Credit_and_Investment_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Industrial_Credit_and_Investment_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Industrial_Development_Bank_of_Indiahttp://en.wikipedia.org/wiki/Industrial_Finance_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Industrial_Finance_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Companies_Act_1956http://en.wikipedia.org/w/index.php?title=Securities_Contracts_Regulation_Act&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Securities_Contracts_Regulation_Act&action=edit&redlink=1http://en.wikipedia.org/wiki/Companies_Act_1956http://en.wikipedia.org/wiki/Industrial_Finance_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Industrial_Finance_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Industrial_Development_Bank_of_Indiahttp://en.wikipedia.org/wiki/Industrial_Credit_and_Investment_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Industrial_Credit_and_Investment_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Unit_Trust_of_Indiahttp://en.wikipedia.org/wiki/SME_exchangehttp://en.wikipedia.org/wiki/Maharashtrahttp://en.wikipedia.org/wiki/Mumbaihttp://www.otcei.net/http://en.wikipedia.org/wiki/Indian_rupeehttp://en.wikipedia.org/wiki/OTC_Exchange_of_India#cite_note-1http://en.wikipedia.org/wiki/Managing_Directorhttp://en.wikipedia.org/wiki/Managing_Directorhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Stock_Exchange


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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. Itwas 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).
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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, consistingof 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 beenserving the investor community continuously since its inception in the year 1963.

Over the decades, it has been a journey of progress to the Exchange 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 Centresestablished 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.
http://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Bangalorehttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Regionalhttp://en.wikipedia.org/wiki/Public_ownershiphttp://en.wikipedia.org/wiki/Securities_and_Exchange_Board_of_Indiahttp://en.wikipedia.org/wiki/Infosyshttp://en.wikipedia.org/wiki/Wiprohttp://en.wikipedia.org/wiki/Wiprohttp://en.wikipedia.org/wiki/Infosyshttp://en.wikipedia.org/wiki/Securities_and_Exchange_Board_of_Indiahttp://en.wikipedia.org/wiki/Public_ownershiphttp://en.wikipedia.org/wiki/Regionalhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Bangalorehttp://en.wikipedia.org/wiki/Stock_exchange


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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 havebeen 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-bankfor 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, theExchange continuously holds monthly Investors Meet at Bangalore on last Sunday of

every month on various current topics and issues.


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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 theClearing 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.
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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 ofVadodara in Western India. It

was established in 1990 at Vadodara. It is the third largest stock exchange in the state

ofGujarat 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 corporatebrokers, 253 were proprietor brokers, and 3 were partnership brokers. Then, there were

only 85 sub-brokers registered.
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13. Calcutta Stock Exchange Association Limited

Type Stock Exchange

Location Kolkata, India

Founded 1908

Owner The Calcutta Stock Exchange Limited

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

B. Madhav Reddy (MD & CEO)


No. of listings 2,700~

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.
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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 Companys loan

securities. In 1908, the stock exchange was incorporated and consisted of 150 members.

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

Exchange has been granted permanent recognition by the Central Government with

effect from April 14, 1980 under the relevant provisions of the Securities Contracts

(Regulation) Act, 1956. The Calcutta stock exchange followed the familiar outcry system

for stock trading up until 1997, when it was replaced by an electronic (eTrading) system

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

Alliance

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

Exchange, acquiring 5% of its shares.

Profile

Committee

The Calcutta Stock Exchange Limited

Board Of Directors

Sunil Mitra, IAS (Retd.) - Shareholder Director and Chairman of the Board B Madhav Reddy - Managing Director & Chief Executive Officer Satyabrata Ganguly - Public Interest Director Jayanta Mitra - Public Interest Director Prasad Ranjan Ray, IAS (Retd.) - Public Interest Director Sanjay Budhia - Shareholder Director Mukul Somany - Shareholder Director V. Balasubramanium - Shareholder Director Jagdish Prasad Chowdhary - Shareholder Director Harsha Bardhan Agarwal - Shareholder Director Ajit Khandelwal - Trading Member Director Suresh Kumar Kaushik - Trading Member Director Sharad Chandra Jhunjhunwala - Trading Member Director
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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'spermission 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.
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15.Bhubaneswar Stock Exchange

Type Stock Exchange

Location Bhubaneshwar, India

Founded 1989

Owner Bhubaneswar Stock Exchange Association

Limited

Key people Vivekananda PattanayakChairman DebarajBiswal CEO

Currency

Website www.bhseindia.com

Origin

Bhubaneswar Stock Exchange Association Ltd, (BhSE) is locatedin Bhubaneswar, Orissa, India. It was incorporated on 17th 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 corporatebroker. 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]
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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.
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16.Ahmedabad Stock Exchange

Ahmedabad Stock Exchange or ASE is the second oldest exchange ofIndia located in the

city ofAhmedabad in the western part of the country. It is recognized by SecuritiesContract (Regulations) Act, 1956 as permanent stock exchange. It has adopted

a Swastika in its logo which is one of the most auspicious symbols ofHinduismdepicting

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 exchangefunctioned 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 BombayShare 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 asystem called IBOSS. Today the stock exchange has 333 trading members.
http://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Ahmedabadhttp://en.wikipedia.org/w/index.php?title=Securities_Contract_(Regulations)_Act&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Securities_Contract_(Regulations)_Act&action=edit&redlink=1http://en.wikipedia.org/wiki/Swastikahttp://en.wikipedia.org/wiki/Hinduismhttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/IBMhttp://en.wikipedia.org/wiki/Tata_Consultancy_Serviceshttp://en.wikipedia.org/wiki/Tata_Consultancy_Serviceshttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/Tata_Consultancy_Serviceshttp://en.wikipedia.org/wiki/Tata_Consultancy_Serviceshttp://en.wikipedia.org/wiki/IBMhttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/Hinduismhttp://en.wikipedia.org/wiki/Swastikahttp://en.wikipedia.org/w/index.php?title=Securities_Contract_(Regulations)_Act&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Securities_Contract_(Regulations)_Act&action=edit&redlink=1http://en.wikipedia.org/wiki/Ahmedabadhttp://en.wikipedia.org/wiki/India


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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
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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, 2005Approval of ISEs Corporatisation and Demutualisation Scheme bySEBI.

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 sinceits incorporation.

September 13, 2007ISE was notified by SEBI as a Demutualised Exchange.

January 30, 2008Restructuring 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 andpartnership firms who fulfill the eligibility criteria laid down by

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