List of Stock Exchanges in India

Whether you're new to investing or a seasoned trader, one of the most important things to understand is where trades happen. These platforms, called stock exchanges, connect buyers and sellers of financial instruments like shares, bonds, ETFs, and derivatives.

India, with its rapidly growing financial market, has witnessed a transformation in the way stock exchanges operate. From a bustling ring of brokers shouting bids in regional exchanges to lightning-fast electronic trades on national platforms, the evolution has been remarkable.

In this blog, you’ll learn about the major and regional stock exchanges in India, the reasons behind the decline of regional platforms, and the role SEBI plays in regulating these institutions. We'll also answer some frequently asked questions investors commonly have.

Major Stock, Commodity & International Exchanges in India

A well-regulated ecosystem of stock, commodity, and international exchanges powers India’s financial markets. These institutions serve as the backbone of the country’s capital markets, providing efficient platforms for trading a wide range of financial instruments like equities, derivatives, commodities, currencies, and global securities.

Here’s an in-depth look at the major exchanges operating in India today.

1. National Stock Exchange (NSE)

Founded in 1992, the National Stock Exchange (NSE) modernised Indian capital markets by introducing electronic, screen-based trading. As of 2024, it is the largest exchange in India by trading volume and market capitalisation, with over 2,000 listed companies and a market cap of  ₹421 lakh crore as of May 2025.

The NSE's flagship index, the Nifty 50, tracks 50 blue-chip companies and is a benchmark for Indian equity performance. Other indices like Nifty Bank, Nifty IT, and Nifty Midcap 100 serve diverse investment strategies.

NSE handles nearly 90% of India's cash market volume and offers a wide range of instruments, including equity derivatives, ETFs, currency futures, and debt products.

2. Bombay Stock Exchange (BSE)

Established in 1875, the Bombay Stock Exchange (BSE) is Asia’s oldest stock exchange and globally renowned for its legacy and speed, processing trades in just 6 microseconds. It hosts more than 5,300 listed companies, the highest for any exchange worldwide.

The S&P BSE Sensex, its flagship index, tracks 30 of the most prominent and financially sound companies in India. As of May 2025, BSE boasts a market capitalisation of over ₹427 lakh crore.

BSE also offers trading in mutual funds, debt instruments, derivatives, and a robust SME platform, enhancing accessibility for smaller businesses.

3. Multi Commodity Exchange of India (MCX)

The Multi Commodity Exchange (MCX), launched in 2003, is India's largest commodity derivatives platform. It dominates the space with over 90% market share, offering contracts in gold, silver, crude oil, natural gas, and industrial metals.

MCX plays a critical role in price discovery and risk management for physical commodity markets. It was also India’s first exchange to get listed, in 2012.

4. National Commodity and Derivatives Exchange (NCDEX)

Also founded in 2003, the National Commodity and Derivatives Exchange (NCDEX) focuses on India’s agri-commodity segment. It provides transparent futures trading in crops like jeera, mustard seed, soybean, and chana.

The exchange collaborates with over 1,000 farmer-producer organisations (FPOs) and promotes hedging among farmers and agri-businesses. Its average daily turnover ranges between ₹1,500–2,000 crore, emphasising its vital role in agricultural price stability.

5. India International Exchange (India INX)

Launched in 2017 at GIFT City, Gujarat, India, INX is India’s first international exchange and a subsidiary of BSE. Operating for 22 hours a day, it enables global investors to trade equity derivatives, currencies, bonds, and commodities.

Its Global Securities Market (GSM) facilitates the listing of dollar-denominated bonds, including Masala Bonds and Green Bonds. As of 2024, India INX has listed over $55 billion worth of securities, positioning it as a rising global financial gateway. As India INX is an international exchange, there is no levy of capital gains or Securities Transaction Tax (STT).

6. NSE International Exchange (NSE IFSC)

Established in 2016, NSE IFSC is NSE’s international arm operating under IFSCA regulations in GIFT City. It offers trading in global equity derivatives, debt instruments, and currency contracts.

Investors can also trade in unsponsored depository receipts of international stocks like Tesla, Apple, and Amazon. NSE IFSC offers significant tax benefits— no capital gains tax or STT, making it attractive for non-resident investors and institutions.

7. Metropolitan Stock Exchange of India (MSE)

The Metropolitan Stock Exchange (MSE), launched in 2008, is a SEBI-recognised full-service exchange providing access to equities, currency derivatives, debt instruments, and interest rate futures.

With 1,500+ registered members and around 1,000 listed securities, MSE plays a niche role in promoting capital market access, especially in underserved regions. Its MSE-CDX currency index helps track major currency pairs, supporting hedging and trading activities.

Though not yet a volume leader, MSE is gradually expanding its footprint through partnerships with regional exchanges and financial literacy initiatives.

List of Regional Stock Exchanges in India

Before the rise of BSE and NSE, Regional Stock Exchanges (RSEs) catered to local companies and investors in specific cities. They once played an important role in promoting equity culture in smaller regions.

However, due to evolving regulations and a lack of technological advancement, most RSEs have ceased operations.

Major Regional Stock Exchanges and Their Status

Most of these RSEs failed to meet SEBI’s net worth and turnover norms and were either derecognised or voluntarily exited.

Why Regional Stock Exchanges Declined in India?

You might wonder, if there were so many exchanges earlier, why do we have only seven now?

Here are the major reasons regional stock exchanges lost their relevance:

1. Lack of Liquidity

Investors, especially institutions, prefer platforms with higher trading volumes. Low liquidity on RSEs made it difficult for investors to enter or exit positions efficiently.

2. Technology Gap

While BSE and NSE upgraded to automated trading platforms, most RSEs lacked the infrastructure to support electronic trades, surveillance, and transparency.

3. Non-compliance with SEBI Norms

SEBI introduced stringent compliance rules, including:

• Minimum net worth of ₹100 crore

• Minimum annual turnover

• Robust governance practices

Many RSEs could not meet these standards.

4. Investor Shift

Retail and institutional investors migrated to national exchanges due to:

• Better price discovery

• Lower transaction costs

• Higher transparency

5. SEBI's Exit Policy

In 2012, SEBI introduced an exit policy to allow RSEs to wind up operations if they couldn’t comply. This streamlined the exchange ecosystem and concentrated trading activity on BSE and NSE.

Role of SEBI in Regulating Stock Exchanges

The Securities and Exchange Board of India (SEBI) acts as the regulatory authority overseeing the functioning of all stock exchanges in India.

SEBI’s Key Responsibilities:

• Granting Recognition: SEBI approves stock exchanges under the Securities Contracts (Regulation) Act, 1956.

• Regulating Market Conduct: It monitors trades to prevent manipulation, insider trading, and price rigging.

• Implementing Compliance: Exchanges must follow listing norms, disclosure requirements, and reporting standards.

• Investor Protection: SEBI mandates exchanges to set up investor grievance redressal systems and arbitration mechanisms.

• Ensuring Market Integrity: Regular audits, inspections, and surveillance are conducted to maintain a fair trading environment.

Conclusion

India’s capital markets have evolved into one of the world’s most diversified and technology-driven ecosystems. From traditional giants like NSE and BSE to specialised platforms like MCX, NCDEX, and international hubs like India INX and NSE IFSC, each exchange serves a unique function in enabling investment, risk management, and capital access.

Together, these exchanges represent a market capitalisation of over ₹800 lakh crore, signalling India’s rising stature in global finance. Whether you're a beginner or a seasoned investor, understanding these exchanges can help you make informed, strategic decisions in a dynamic financial landscape.