Complete Guide to Stock Exchanges in India (2025): Major, Regional & International Hubs
- How Many Stock Exchanges Operate in India Today?
- Which Are the Major Stock Exchanges in India?
- What Commodity Exchanges Dominate India?
- Where Can Indians Trade Global Assets?
- Why Did Regional Exchanges Like Calcutta Stock Exchange Decline?
- How Does SEBI Keep Exchanges in Check?
- FAQs: Stock Exchanges in India
India's financial landscape is powered by a dynamic mix of stock, commodity, and international exchanges. From the towering dominance of NSE and BSE to the niche roles of regional exchanges, this guide explores every platform shaping India's ₹800+ lakh crore market. Whether you're tracking the Nifty 50 or hedging agri-commodities on NCDEX, understanding these exchanges is key to navigating Asia's third-largest economy.
How Many Stock Exchanges Operate in India Today?
As of 2025, India hosts 7 functional exchanges - 2 national stock exchanges (NSE and BSE), 2 commodity specialists (MCX and NCDEX), 2 international platforms (India INX and NSE IFSC), and 1 multi-asset exchange (MSE). This streamlined ecosystem emerged after SEBI's 2012 exit policy led to the derecognition of 15+ regional exchanges. The consolidation created deeper liquidity pools, with NSE alone handling 90% of cash equity volumes.
Which Are the Major Stock Exchanges in India?
The titans of Indian finance:
1. National Stock Exchange (NSE)
Founded in 1992, NSE revolutionized Indian markets with electronic trading. Key 2025 stats:
- Market Cap: ₹421 lakh crore
- Listed Companies: 2,000+
- Flagship Index: Nifty 50 (50 blue-chip stocks)
- Daily Derivatives Volume: ₹1.2 lakh crore
2. Bombay Stock Exchange (BSE)
Asia's oldest exchange (1875) now blends heritage with hyper-speed:
- Market Cap: ₹427 lakh crore
- Listed Companies: 5,300+ (world record)
- Trade Speed: 6 microseconds
- SME Listings: 900+ startups
What Commodity Exchanges Dominate India?
India's $1.2 trillion commodity market runs on:
3. Multi Commodity Exchange (MCX)
Controls 90% of derivatives trade in:
- Gold (Daily volume: ₹8,000 crore)
- Crude Oil (₹5,200 crore)
- Silver (₹3,500 crore)
4. National Commodity and Derivatives Exchange (NCDEX)
The farmers' exchange:
- Agri-Contracts: 25+ (Jeera, Chana, Soybean)
- FPO Partnerships: 1,000+
- Price Stability: Reduces volatility by 40%
Where Can Indians Trade Global Assets?
GIFT City's dollar-powered gateways:
5. India INX (BSE Subsidiary)
22-hour trading in:
- Masala Bonds ($55B listed)
- Tax Benefits: Zero STT/CGT
6. NSE IFSC
Tracks global giants:
- Tesla DRs: $25M daily volume
- Currency Pairs: 12 including EUR/INR
Why Did Regional Exchanges Like Calcutta Stock Exchange Decline?
The rise and fall of 15+ RSEs:
| Exchange | City | Fate |
|---|---|---|
| Ahmedabad SE | Ahmedabad | Derecognized |
| Delhi SE | New Delhi | Derecognized |
| Madras SE | Chennai | Derecognized |
Death by four factors:
- Liquidity Trap: NSE's daily turnover (₹65,000 crore) dwarfed CSE's ₹50 crore
- Tech Debt: Most RSEs clung to open-outcry trading until 2010s
- SEBI's Hammer: ₹100 crore net worth requirement broke smaller exchanges
- Investor Exodus: 98% brokers migrated to NSE/BSE by 2015
How Does SEBI Keep Exchanges in Check?
The watchdog's toolkit:
- Surveillance: 200+ algo patterns monitored daily
- Circuit Filters: 10-20% price bands on volatile stocks
- Settlement Guarantee: ₹5,000 crore core fund for defaults
FAQs: Stock Exchanges in India
Which is bigger - NSE or BSE?
NSE leads in trading volume (₹75 lakh crore daily), while BSE has more listings (5,300+).
Can I trade US stocks on Indian exchanges?
Yes, through NSE IFSC's Tesla/Apple DRs or BTCC's crypto indices tracking Nasdaq.
Do regional exchanges still operate?
Only Calcutta SE exists technically, with negligible trading.
How are commodity exchanges different?
MCX/NCDEX deal in futures contracts, not equity ownership.
What's special about GIFT City exchanges?
Dollar settlements, 22-hour trading, and zero capital gains tax.
