Stock exchanges in India form the backbone of the country’s capital markets — enabling companies to raise funds and investors to buy and sell securities.
India’s stock exchanges, their regulators, indices, and market statistics are tested regularly in UPSC Prelims, Banking, RBI Grade B, SEBI, NABARD, SSC CGL, and all finance-oriented competitive exams. This page gives you a complete, updated list of all recognised stock exchanges in India with their locations, establishment years, key indices, and exam-critical facts for confident, focused revision.
⚡ Quick Facts
- The Bombay Stock Exchange (BSE), established in 1875, is Asia’s oldest stock exchange and India’s largest by number of listed companies.
- The National Stock Exchange (NSE), established in 1992, is India’s largest stock exchange by trading volume and turnover.
- SEBI (Securities and Exchange Board of India), established in 1988 and given statutory powers in 1992, regulates all stock exchanges in India.
- BSE’s benchmark index is the SENSEX (Sensitive Index) — comprising 30 large-cap stocks; base year 1978–79.
- NSE’s benchmark index is the NIFTY 50 — comprising 50 large-cap stocks across 13 sectors; base year November 1995.
The most common trap: confusing SENSEX (BSE, 30 stocks) with NIFTY 50 (NSE, 50 stocks). Also: SEBI was established in 1988 as a non-statutory body but got statutory powers only in 1992 — both years are tested. Another frequent error: BSE is the oldest and has most listed companies, but NSE is larger by trading volume. These are two different measures. Finally, India INX (not NSE IFSC) is officially India’s first international stock exchange.
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🏦 Stock Exchanges in India — Complete List
| # ↕ | Exchange ↕ | Location ↕ | Est. ↕ | Index / Benchmark | Key Exam Fact |
|---|---|---|---|---|---|
| 1 | BSE (Bombay Stock Exchange) | Mumbai, Maharashtra | 1875 | SENSEX (30 stocks) | Asia’s oldest stock exchange; world’s ~10th largest by market cap; largest by number of listed companies (~5,500+) |
| 2 | NSE (National Stock Exchange) | Mumbai, Maharashtra | 1992 | NIFTY 50 (50 stocks) | India’s largest by trading volume; introduced screen-based electronic trading in India |
| 3 | Calcutta Stock Exchange (CSE) | Kolkata, West Bengal | 1908 | CSE Index | Second oldest in India; was India’s second largest exchange for many decades; still SEBI-recognised |
| 4 | Ahmedabad Stock Exchange (ASE) | Ahmedabad, Gujarat | 1894 | — | One of India’s oldest regional exchanges; de-recognised by SEBI in 2014 |
| 5 | Madras Stock Exchange (MSE) | Chennai, Tamil Nadu | 1920 | — | One of India’s oldest regional exchanges; de-recognised by SEBI in 2015 |
| 6 | Delhi Stock Exchange (DSE) | New Delhi | 1947 | — | Established in India’s Independence year; de-recognised; activity consolidated to NSE/BSE |
| 7 | Hyderabad Stock Exchange | Hyderabad, Telangana | 1943 | — | One of the older regional exchanges; de-recognised by SEBI |
| 8 | Bangalore Stock Exchange | Bengaluru, Karnataka | 1963 | — | Regional exchange for South India; de-recognised |
| 9 | Cochin Stock Exchange | Kochi, Kerala | 1978 | — | Served Kerala’s capital market; de-recognised |
| 10 | Pune Stock Exchange | Pune, Maharashtra | 1982 | — | Regional exchange; de-recognised by SEBI |
| 11 | Ludhiana Stock Exchange | Ludhiana, Punjab | 1983 | — | Regional exchange serving Punjab; de-recognised |
| 12 | Guwahati Stock Exchange | Guwahati, Assam | 1984 | — | Regional exchange for Northeast India; de-recognised |
| 13 | Magadh Stock Exchange | Patna, Bihar | 1986 | — | Regional exchange; de-recognised |
| 14 | Bhubaneswar Stock Exchange | Bhubaneswar, Odisha | 1989 | — | Regional exchange; de-recognised |
| 15 | Jaipur Stock Exchange | Jaipur, Rajasthan | 1989 | — | Regional exchange; de-recognised |
| 16 | MCX (Multi Commodity Exchange) | Mumbai, Maharashtra | 2003 | MCX iCOMDEX | India’s largest commodity exchange; trades metals, energy & agricultural commodities; under SEBI since 2015 |
| 17 | NCDEX (National Commodity & Derivatives Exchange) | Mumbai, Maharashtra | 2003 | NCDEX Agridex | India’s largest agricultural commodity exchange; focuses on agri-commodities |
| 18 | India INX (India International Exchange) | GIFT City, Gandhinagar, Gujarat | 2017 | GIFT Nifty (formerly SGX Nifty) | India’s first international stock exchange; BSE subsidiary; operates 22 hours/day; in GIFT City IFSC |
| 19 | NSE IFSC (NSE International Exchange) | GIFT City, Gandhinagar, Gujarat | 2017 | GIFT Nifty | NSE’s international arm in GIFT City; operates alongside India INX |
| 20 | Metropolitan Stock Exchange (MSE) | Mumbai, Maharashtra | 2008 | — | Formerly MCX-SX; SEBI-recognised; smaller equity and currency exchange |
✅ Currently SEBI-Recognised Exchanges (2026)
| Exchange | Location | Primary Segment | Status |
|---|---|---|---|
| BSE (Bombay Stock Exchange) | Mumbai | Equity, Derivatives, Debt | ✅ Fully active — premier exchange |
| NSE (National Stock Exchange) | Mumbai | Equity, Derivatives, Debt | ✅ Fully active — largest by volume |
| Calcutta Stock Exchange (CSE) | Kolkata | Equity | ✅ Recognised; limited trading |
| Metropolitan Stock Exchange (MSE) | Mumbai | Equity, Currency | ✅ Recognised; smaller volumes |
| India INX (BSE International) | GIFT City | International Securities | ✅ Active — 22 hours/day operation |
| NSE IFSC | GIFT City | International Securities | ✅ Active — GIFT City operations |
| MCX (Multi Commodity Exchange) | Mumbai | Commodity | ✅ Active — SEBI regulated since 2015 |
| NCDEX | Mumbai | Agricultural Commodities | ✅ Active — SEBI regulated |
🏛️ Key Financial Market Regulators of India
| Regulator | Full Form | Established | Regulates |
|---|---|---|---|
| SEBI | Securities and Exchange Board of India | 1988 (statutory 1992) | Stock exchanges, mutual funds, FIIs, brokers |
| RBI | Reserve Bank of India | 1935 | Banking, forex, government securities |
| IRDAI | Insurance Regulatory Development Authority of India | 1999 | Insurance sector |
| PFRDA | Pension Fund Regulatory and Development Authority | 2003 | Pension funds, NPS |
| IFSCA | International Financial Services Centres Authority | 2020 | GIFT City IFSC activities |
⚖️ Compare Two Exchanges
📝 Key Notes & Memory Tips
| Parameter | BSE | NSE |
|---|---|---|
| Established | 1875 | 1992 |
| Index | SENSEX (30 stocks) | NIFTY 50 (50 stocks) |
| Headquarters | Dalal Street, Mumbai | Bandra-Kurla Complex, Mumbai |
| Largest by | Number of listed companies (~5,500+) | Trading volume and turnover |
| Asia distinction | Asia’s oldest stock exchange | — |
| Key innovation | First stock exchange in Asia | First fully electronic screen-based exchange in India |
- Full form: Securities and Exchange Board of India
- Established: 12 April 1988 (as a non-statutory body)
- Statutory powers granted: 30 January 1992 (under SEBI Act, 1992)
- Headquarters: Bandra-Kurla Complex, Mumbai
- Objective: Protect investor interests, develop the securities market, regulate it
- SEBI has de-recognised many regional exchanges since 2005 — active exchanges shrank from 23 to fewer than 10; most regional exchanges could not meet SEBI’s norms for minimum turnover and technology
- Full name: Sensitive Index (SENSEX)
- Comprises 30 large-cap, financially sound stocks listed on BSE
- Base year: 1978–79 = 100 | First calculated: 1986
- Key milestones: Crossed 1,000 in 1990 → 10,000 in 2006 → 50,000 in January 2021 → 70,000 in December 2023 → 80,000 in 2024
- Full name: NSE NIFTY (National Stock Exchange Fifty)
- Comprises 50 large-cap stocks across 13 sectors
- Base year: November 1995 = 1,000
- Operated by NSE Indices Ltd (earlier India Index Services & Products — IISL)
- The GIFT Nifty (formerly SGX Nifty traded in Singapore) was moved to GIFT City’s India INX in 2023 — a major milestone for India’s IFSC aspirations
GIFT City (Gujarat International Finance Tec-City) in Gandhinagar is India’s first International Financial Services Centre (IFSC) — modelled on Singapore’s Marina Bay and Dubai’s DIFC. Two international exchanges operate here: India INX (BSE’s international arm, operational since 2017) and NSE IFSC. The IFSCA (International Financial Services Centres Authority) was created in 2020 as the single unified regulator for GIFT City. GIFT Nifty (moved from Singapore to GIFT City in 2023) is one of the world’s most traded index futures contracts.
“BSE is Old (1875), NSE is Volume”
BSE = Oldest (1875) + Most listed companies | NSE = Largest by trading volume + Electronic trading pioneer
SENSEX vs NIFTY — “S30B78 | N50B95”
SENSEX = 30 stocks, Base 78 (1978–79) | NIFTY = 50 stocks, Base 95 (November 1995)
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The Bombay Stock Exchange (BSE), established in 1875, is Asia’s oldest stock exchange. Located on Dalal Street in Mumbai, it is India’s largest exchange by the number of listed companies (over 5,500). It introduced the SENSEX in 1986 as its benchmark 30-stock index.
The SENSEX (Sensitive Index) is the benchmark index of the Bombay Stock Exchange (BSE), comprising 30 large-cap, financially sound stocks. It was first calculated in 1986 with a base year of 1978–79 = 100. The NSE’s benchmark index is the NIFTY 50, which comprises 50 stocks.
SEBI was established as a non-statutory body on 12 April 1988. It was granted statutory powers under the Securities and Exchange Board of India Act, 1992, on 30 January 1992. SEBI regulates India’s securities market, protects investor interests, and oversees stock exchanges, mutual funds, and market intermediaries.
India INX (India International Exchange), a subsidiary of BSE, is India’s first international stock exchange. Located in GIFT City (Gujarat International Finance Tec-City) in Gandhinagar, Gujarat — India’s first IFSC — India INX began operations in January 2017 and operates 22 hours a day, making Indian financial products accessible to global investors across time zones.
The Multi Commodity Exchange (MCX), established in 2003 and headquartered in Mumbai, is India’s largest commodity exchange. It facilitates trading in metals (gold, silver, copper, aluminium), energy products (crude oil, natural gas), and agricultural commodities. MCX came under SEBI’s regulatory jurisdiction in 2015 (previously under the Forward Markets Commission — FMC).
✅ Key Takeaways
❓ Frequently Asked Questions
India currently has several SEBI-recognised stock exchanges, though the number of active exchanges has fallen significantly from 23 in the early 2000s to fewer than 10 today, as SEBI de-recognised many regional exchanges that failed to meet minimum trading and technology requirements. The two most important are BSE (1875) and NSE (1992), which together account for almost all equity and derivatives trading. The Calcutta Stock Exchange (1908) remains recognised with limited volumes. In the international space, India INX and NSE IFSC operate from GIFT City. In commodities, MCX and NCDEX are the major active exchanges.
BSE (Bombay Stock Exchange), established in 1875, is Asia’s oldest stock exchange and India’s largest by number of listed companies (over 5,500). Its benchmark index is the SENSEX (30 stocks). NSE (National Stock Exchange), established in 1992, is India’s largest exchange by trading volume and market turnover. Its benchmark index is NIFTY 50 (50 stocks). NSE was the first fully electronic, screen-based exchange in India and revolutionised trading by eliminating the open-outcry system. While BSE has more listed companies, NSE handles more trades and has become the dominant platform for derivatives (futures and options) trading in India.
SEBI (Securities and Exchange Board of India) is the statutory regulator of India’s securities markets. Established as a non-statutory body on 12 April 1988 and given statutory powers under the SEBI Act on 30 January 1992, SEBI is headquartered in Mumbai. Its primary mandate is to protect investors, develop the securities market, and regulate all market participants. SEBI regulates stock exchanges (BSE, NSE), mutual funds, Foreign Institutional Investors (FIIs), stockbrokers, merchant bankers, portfolio managers, and other market intermediaries. SEBI also has the power to de-recognise stock exchanges — which it has used extensively to close non-functioning regional exchanges since 2005.
Indian stock exchanges and capital markets are tested in UPSC GS Paper III (Economy), and Banking Awareness sections of IBPS, SBI, RBI Grade B, SEBI Grade A/B, NABARD, LIC AAO, and SSC CGL. Key tested facts include BSE’s establishment year (1875) and Asia’s oldest distinction, NSE’s establishment (1992) and largest by volume, SENSEX (BSE, 30 stocks, base 1978–79) and NIFTY 50 (NSE, 50 stocks, base 1995), SEBI’s formation (1988 non-statutory; 1992 statutory), GIFT City and India INX as India’s first international exchange (2017), MCX as India’s largest commodity exchange, GIFT Nifty’s move from Singapore to GIFT City (2023), and key SENSEX milestones (first crossed 1,000 in 1990; 80,000 in 2024). SEBI’s de-recognition of regional exchanges is also a commonly tested regulatory GK question.
