26 Nationalized Market Exchanges of India

National Stock Exchange of India Limited (NSE) is the leading stock exchange of India, located in Mumbai, Maharashtra. It is under the ownership of some leading financial institutions, banks, and insurance companies. NSE was established in 1992 as the first dematerialized electronic exchange in the country. NSE was the first exchange in the country to provide a modern, fully automated screen-based electronic trading system that offered easy trading facilities to investors spread across the length and breadth of the country. Vikram Limaye is the Managing Director and Chief Executive Officer of NSE.
National Stock Exchange has a total market capitalization of more than US$3.4 trillion, making it the world’s 10th-largest stock exchange as of August 2021. NSE’s flagship index, the NIFTY 50, a 50 stock index is used extensively by investors in India and around the world as a barometer of the Indian capital market. The NIFTY 50 index was launched in 1996 by NSE. However, Vaidyanathan (2016) estimates that only about 4% of the Indian economy / GDP is actually derived from the stock exchanges in India.Unlike countries like the United States where nearly 70% of the country’s GDP is derived from large companies in the corporate sector, the corporate sector in India accounts for only 12-14% of the national GDP (as of October 2016). Of these only 7,400 companies are listed of which only 4000 trade on the stock exchanges at BSE and NSE. Hence the stocks trading at the BSE and NSE account for only around 4% of the Indian economy, which derives most of its income-related activity from the so-called unorganized sector and household spending.Economic Times estimates that as of April 2018, 6 crore (60 million) retail investors had invested their savings in stocks in India, either through direct purchases of equities or through mutual funds. Earlier, the Bimal Jalan Committee report estimated that barely 1.3% of India’s population invested in the stock market, as compared to 27% in the United States and 10% in China.

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The National Spot Exchange Limited (NSEL) is India’s first spot exchange that was established in view of the then Prime Minister’s vision to create a “single market” across the country for both manufactured and agricultural produce.
The Economic Survey of 2002-03 of the Government of India also recommended setting up a national-level, integrated market for agricultural products, as did the Planning Commission. This was followed by the Rangarajan Committee, which too sought a national spot market. It is under the ownership of Ministry of Finance, Government of India.
The Government of India granted permission to NSEL along with two other spot exchanges to start operations. The Government of India issued a Gazette Notification dated 5 June 2007 granted general exemption under Section 27 of the Forward Contracts Regulation Act (FCRA.)
NSEL commenced operations providing an electronic trading platform in October 2008 and simultaneously, as many as six state governments issued licenses under the model Agricultural Produce Market Committees (APMC) Act to NSEL.
In August 2011, the Forward Markets Commission (FMC) was appointed as the ‘designated agency’ to regulate these spot exchanges.

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Inter-connected Stock Exchange Ltd. (ISE) is an Indian national-level government owned stock exchange, providing trading, clearing, settlement, risk management and surveillance support to its trading members. It is under the ownership of Ministry of Finance , Government of India. It started its operation in 1998 in Vashi, Mumbai, and has 841 trading members, who are located in 18 cities. These intermediaries are administratively supported through the regional offices at Delhi, Kolkata, Patna, Ahmedabad, Coimbatore and Nagpur, besides Mumbai.The ISE is promoted by 12 regional stock exchanges namely at Bangalore, Bhubaneshwar, Chennai, Kochi, Coimbatore, Guwahati, Indore, Jaipur, Kanpur, Mangalore, Magadh and Vadodara. The participating exchanges of ISE have 4,500 members and listed securities. It is a stock exchange of stock exchanges, members of the stock exchanges being traders on the ISE.

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Metropolitan Stock Exchange of India Limited (MSE) is a government owned stock exchange recognized by Securities and Exchange Board of India (SEBI) under Section 4 of Securities Contracts (Regulation) Act, 1956. It is under the ownership of Ministry of Finance , Government of India. The Exchange was notified of a “recognized stock exchange” under Section 2(39) of the Companies Act, 1956 by the Ministry of Corporate Affairs, Govt. of India, on December 21, 2012. The exchange’s shareholders are some of India’s top public sector banks, private sector banks, and domestic financial institutions.
Mr. D K Mehortra, Ex Chairman, Life Insurance Corporation of India Ltd. is the Non-Executive Chairman (Public Interest Director) on the Board. Latika S Kundu took over the reins of the exchange as Managing Director & Chief Executive Officer on 12 March 2020.
Shareholders include public and private sectors banks, Exchange, Financial Institutions and private investors. Some of these shareholders are State Bank of India, Union Bank of India, UCO Bank, Canara Bank, Punjab National Bank, Indian Overseas Bank, Indian Bank, Bank of India, Bank of Baroda, HDFC Bank, Axis Bank, MCX, IL&FS, IFCI and Mr. Radhakishan S Damani, Mr. Siddhartha Balachandran, Mr. Nemish Shah.

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Multi Commodity Exchange of India Ltd (MCX) (BSE: 534091) is a commodity exchange based in India. It is under the ownership of Ministry of Finance , Government of India. It was established in 2003 by the Government of India and is currently based in Mumbai . It is India’s largest commodity derivatives exchange. The average daily turnover of commodity futures contracts increased by 26% to ₹32,424 crore during FY2019-20, as against ₹25,648 crore in FY2018-19. The total turnover of commodity futures traded on the Exchange stood at ₹83.98 lakh crore in FY2019-20. MCX offers options trading in gold and futures trading in non-ferrous metals, bullion, energy, and a number of agricultural commodities (mentha oil, cardamom, crude palm oil, cotton, and others).
MCX was among the top global commodity exchanges in terms of the number of futures contracts trade, the latest yearly data from Futures Industry Association (FIA) showed. MCX launched the MCX India Commodity Indices (MCX iCOMDEX) series on December 20, 2019, which conform to the global best practices set by the International Organisation of Securities Commissions (IOSCO). iCOMDEX series consists of iCOMDEX Composite, iCOMDEX Base Metals, iCOMDEX Bullion, iCOMDEX Gold, iCOMDEX Copper and iCOMDEX Crude Oil. Subsequently, MCX received regulatory approval for launch of futures contracts on MCX iCOMDEX Bullion and Base Metal indices. The exchange also set up a web-based application “ComRIS” (Commodity Receipts Information System) in order to maintain an electronic record of commodities deposited at the Exchange accredited warehouses and ensure flow of real time information from the warehouses.
SEBI issued operational guidelines for participation of Mutual Funds and Portfolio Managers in commodity derivatives in May 2019 and subsequently, approved few custodial service providers as custodians in the commodity space.
In February 2012, MCX had come out with a public issue of 6,427,378 Equity Shares of Rs. 10 face value in the price band of Rs. 860 to Rs. 1032 per equity share to raise around $134 million. It was the first-ever IPO by an Indian exchange and made MCX India’s only publicly listed exchange.
From 28 September 2015, MCX is being regulated by the Securities and Exchange Board of India (SEBI). Earlier MCX was regulated by the Forward Markets Commission (FMC), which got merged with the SEBI on 28 September 2015.
Mr Padala Subbi Reddy (Mr P S Reddy) was appointed as MD & CEO of the Company for a period of five w.e.f. May 10, 2019. Prior to this Mr Reddy worked as managing director and CEO of Central Depository Services (CDSL).Commodities traded include –

Metal – Aluminium, Copper, Lead, Nickel, Zinc
Bullion – Gold, Gold Mini, Gold Guinea, Gold Petal, Gold Petal ( New Delhi), Gold Global, Silver, Silver Mini, Silver Micro, Silver 1000.
Agro Commodities – Cardamom, Cotton, Crude Palm Oil, Kapas, Mentha Oil, Castor seed, RBD Palmolien, Black Pepper.
Energy – Crude Oil, Natural Gas.The efforts that started in the fourth quarter of FY 2018-19 to migrate to ‘Compulsory Delivery-based’ contracts in all base metals were successfully completed in FY 2019-20. The launch of indigenously benchmarked deliverable futures contracts of Copper, Aluminium, Zinc, Lead and Nickel on MCX, has paved the way for the Indian market prices for metals to be discovered on an exchange platform in a transparent manner. This fulfills an important step towards development of domestic benchmarks which reflect domestic market fundamentals, while the delivery standards are in tune with international standards.
Paving the way for introduction of Options with ‘commodities’ as underlying, the Government of India issued a notification on October 18, 2019, which widens the scope of commodity derivatives traded in recognised exchanges. Following this, SEBI permitted stock exchanges to launch ‘Option in goods’ in their commodity derivatives segment, in addition to existing ‘options on commodity futures’. MCX has launched Gold Mini Options with Gold Mini (100 grams) bar as the underlying, and plans to launch Silver Mini 5 Kg ‘option in goods’ contract soon.
Multi Commodity Exchange of India provides live feeds for all traded commodities and these are published on various websites like MoneyControl and Economic Times,.

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National Commodity & Derivatives Exchange Limited (NCDEX) is an Indian online commodity and derivative exchange based in India. It is under the ownership of Ministry of Finance , Government of India. It has an independent board of directors and provides a commodity exchange platform for market participants to trade in commodity derivatives. It is a government company, incorporated on 23 April 2003 under the Companies Act, 1956 and obtained its Certificate for Commencement of Business on 9 May 2003. It commenced operations on 15 December 2003.
As of 31 July 2013, NCDEX has 848 registered members and client base of about 20 Lakhs and offers trading on more than 49,000 terminals across 1,000 centers in India. It facilitates deliveries of commodities through a network of over 594 accredited warehouses through eight warehouse service providers, with holding capacity of around 1.5 million tonnes and offers average deliveries of 1 lakh MT at every contract expiry. NCDEX has offices in Mumbai, Delhi, Ahmedabad, Indore, Hyderabad, Jaipur, and Kolkata.

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The OTC Exchange Of India (OTCEI), also known as the Over-the-Counter Exchange of India, was based in Mumbai, Maharashtra. It is under the ownership of Ministry of Finance , Government of India. It is India’s first exchange for small companies, as well as the first screen-based nationwide stock exchange in India. OTCEI was set up to access high-technology enterprising promoters in raising finance for new product development in a cost-effective manner and to provide a transparent and efficient trading system to 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 Finance Corporation of India, and other institutions, and is a recognised stock exchange under the SCR Act.
The OTC Exchange Of India was founded in 1990 under the Companies Act 1956 and was recognized by the Securities Contracts Regulation Act, 1956 as a stock exchange. The OTCEI is no longer a functional exchange as the same has been de-recognised by SEBI vide its order dated 31 Mar 2015.

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BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange located on Dalal Street in Mumbai. Established in 1875 by cotton merchant Premchand Roychand, a Rajasthani Jain businessman, it is the oldest stock exchange in Asia, and also the tenth oldest in the world. The BSE is the 9th largest stock exchange with an overall market capitalization of more than ₹255.003 trillion, as of October 2021.

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The Calcutta Stock Exchange (CSE), located at the Lyons Range, Kolkata, India, is the oldest government owned stock exchange in Asia. It was founded on 1 December 1863 by sixteen of Calcutta’s leading stockbrokers, beginning its work in rented premises at 11 Strand Road. It was reconstituted in its current form in 1908, and is the second largest bourse in India. The Calcutta Stock Exchange has been asked to exit by SEBI, but the matter is sub judice before the Calcutta High Court; thirteen other regional stock exchanges have closed in the last three years under SEBI’s exit policy, including thr Bangalore Stock Exchange, the Hyderabad Stock Exchange and the Madras Stock Exchange. Since 2013, there has been no trading on the CSE trading platform.

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Hyderabad Stock Exchange (HSE) was a stock exchange established in 1941 located in Hyderabad, India. The exchange was disbanded in 2007 by SEBI and since January 2013, HSE was conditionally permitted to function as regular broking or corporate entity.

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Coimbatore Stock Exchange Limited, (CSE) is a defunct stock exchange in Coimbatore, India.
It was granted recognition as a stock exchange by the Securities and Exchange Board of India (SEBI) in 1991.In 1999, the exchange had refrained from restraining its members from furnishing unlimited personal guarantee to other exchanges.The Exchange had failed to renew its licence with the SEBI in 2006, and in 2009, it made a formal request to the board to exit the trading business in 2009.Prior to it becoming defunct, 170 companies were listed on the exchange. The exchange became dormant in the early 2000s due to the advent of online trading on larger stock exchanges.

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Saurashtra Kutch Stock Exchange Limited, popularly called Stock Exchange, or SKSE) is one of three Indian stock exchange in Gujarat. It is located at Sadar Bazaar, Rajkot, India. Saurashtra Kutch Stock Exchange Ltd was incorporated in the month of July 1989 and got recognition from the Government of India. The recognition have been renewed from time to time by the Central Government and SEBI. It is under the ownership of Ministry of Finance , Government of India.

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Mangalore stock exchange Limited (MGSE), is located in Mangalore, Karnataka, India. It is under the ownership of Ministry of Finance , Government of India. It was incorporated on 31 July 1984 as a public limited company. The Exchange was recognised by the Central Government for an initial period of 5 years on 9 September 1985 under section 4 of the Securities Contracts (Regulation) Act, 1956 and later on the period of recognition was extended by one year, from 9 September 1990 to 8 September 1991. The last recognition was valid up to 8 September 2003. On 31 August 2004, SEBI decided to derecognize the Mangalore Stock Exchange.Chief Minister S.M. Krishna laid the foundation stone for the new building of the Mangalore Stock Exchange (MgSE) at Kulur on Sept 28, 2001. The MgSE has been granted 3 acres (12,000 m2) of land by the state government.

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Cochin Stock Exchange (CSE or CoSE) was an Indian stock exchange in Kochi, Kerala fully owned by Government of India. It was incorporated in 1978. At its peak, it had almost 500 Indian companies listed, and with a daily turnover of ₹70–₹100 crore (equivalent to ₹506 crore or US$67 million in 2020), it was the fourth largest exchange in India.Cochin Stock Brokers, which provides trading facilities on the Bombay Stock Exchange, and CSE Institute, an educational organisation, continue to operate beyond the closure of the exchange.

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Bangalore Stock Exchange (BgSE), was a public stock exchange based in Bangalore, India fully owned by Government of India. It was founded in 1963 and had 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 was managed by a Council of Management, consisting of members appointed by the Securities and Exchange Board of India. It was the first stock exchange in South India to start electronic trading of securities in 1996.
To keep pace with the fast changing technology and financial system, the Exchange went online in 1996. The Exchange had came a long way since the launch of BEST (Bangalore Electronic Securities Trading), its online trading system on 29 July 1996.
The Exchange had 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. As on 7 Jan 2014, 330 companies were listed on the Exchange.In December 2008, SEBI had issued guidelines and laid down the framework for exit by stock exchanges. As per SEBI norms, a stock exchange, whose annual trading turnover on its platform was less than Rs 1,000 crore, can apply for voluntary surrender of recognition and exit, while a bourse which fails to achieve a turnover of Rs 1,000 crore, would be subject to compulsory exit process.
The shareholders of BgSE in its annual general body meeting held on 21 September 2013 passed the resolution to apply to SEBI for exiting as a stock exchange through voluntary surrender of recognition. Following this, BgSE had made a request to SEBI for its exit as stock exchange on 8 October 2013.
SEBI on 26 December 2014 permitted BgSE to exit from the bourse business.

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Ludhiana Stock Exchange (LSE) is a defunct stock exchange that was fully owned by Government of India. It was established in the year 1983. By 1999-2000, the exchange had a total of 285brokers, 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 2 sub-brokers registered.
Ludhiana Stock Exchange became the second bourse in India to introduce modified carry forward system after Bombay Stock Exchange on 6 April 1998. On the same date, LSE also introduced a settlement guarantee fund (SGF). The SGF guarantees settlement of transactions and the carry forward facility provides liquidity to the stock 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 Limited.

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Guwahati Stock Exchange (GSE) is a defunct stock exchange located in Gauhati, Assam.It was incorporated on 29 November 1983 and it was recognised by the Government of India on 1 May 1984 and was permitted to be closed by market regulator SEBI on January 2015.By 1999-2000, the exchange had a total of 206 brokers, out of which 5 were corporate brokers. Among 206 brokers, there were 200 proprietor brokers, 1 partnership broker and 5 corporate brokers; only 4 sub-brokers registered. At the time of exit, the GSE had 290 listed companies.
The GSE was inter-connected with the National Stock Exchange of India (NSE) through the ISE Securities and Services Ltd. (ISS). ISS is the subsidiary of Inter-connected Stock Exchange of India Ltd. and GSE is one of the associated exchange of it. The trading of GSE is done through screen-based trading system.

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Bhubaneswar Stock Exchange (BhSE) is a defunct stock exchange located in Bhubaneswar, Odisha, India. It was incorporated on 17 April 1989, and granted recognition to the Stock Exchange on 5 June 1989, by the Ministry of Finance, Govt. of India. It is one among the 21 odd regional stock exchanges in India.
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 corporate broker. 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.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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Jaipur Stock Exchange (JSE) was located in Jaipur Rajasthan. JSE closed operations and was issued closure by SEBI in March 2015.JSE was founded and recognized in 1989. JSE was at one time third largest exchange in India in terms of membership. Dr. J N Dhankhar started as Executive Director of JSE. Within seven years of its incorporation, i.e. by January 1996, JSE managed to list 750 companies and volume of daily turnover rose to average of Rs.80 million.
JSE was one of the 15 regional Stock Exchanges which promoted 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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Pune Stock Exchange (PSE) was established in 1982. The Securities and Exchange Board of India (SEBI) allowed the exchange to exit bourse business with an order on 13 April 2015. Earlier, the SEBI had allowed various stock exchanges including OTC Exchange of India, Cochin Stock Exchange, Ludhiana Stock Exchange, Gauhati Stock Exchange, Bhubaneswar Stock Exchange, Hyderabad Stock Exchange, Coimbatore Stock Exchange, Inter-connected Stock Exchange of India and Bangalore Stock Exchange to exit from the bourse business.

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The Madras Stock Exchange (MSE) was a stock exchange in Chennai, India. The now defunct MSE was the fourth stock exchange to be established in the country and the first in South India. It had a turnover (2001) of ₹ 3,090 crore ($440 million), but was a fraction (below 3.5 per cent) of the turnover generated by the Bombay Stock Exchange and National Stock Exchange of India. The turnover of the stock exchange was 19,907 Crore as of the financial year 2012.

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UP Stock Exchange (UPSE) is a Kanpur-based stock exchange. It occupied a prominent place among the Stock Exchanges in India. The Exchange was inaugurated on 27 August 1982 by the then Finance Minister Pranab Mukherjee. It played an important role in the development of the capital market of North India. Initially, it had only 350 members which grew up to 540.
UPSE is the only stock exchange in Uttar Pradesh and the membership is not restricted to the territories of Uttar Pradesh only. Members living outside Kanpur has contributed a lot by creating the equity cult in whole of the Uttar Pradesh.

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Madhya Pradesh Stock Exchange (MPSE) was a stock exchange located at Indore, Madhya Pradesh, India. It was a SEBI recognized Permanent Stock Exchange, until its de-recognition in 2015. Established in 1919, it was 3rd oldest stock exchange in India, and a leading stock exchange under outcry system.

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Vadodara Stock Exchange (VSE) is a defunct stock exchange located in the city of Vadodara and fully owned by Government of India in Western India. It was established in 1990 at Vadodara. It is the only existing stock exchange in the state of Gujarat along with Ahmedabad. 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 22 January 1990 as Vadodara Stock Exchange Limited. By 1999, the exchange had a total of 321 brokers, of which 65 were corporate brokers, 253 were proprietor brokers, and 3 were partnership brokers. Then, there were only 85 sub-brokers registered.

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Delhi Stock Exchange (DSE) is a defunct stock exchange located in New Delhi.
It was incorporated on 25 June 1947 and was allowed to exit business by SEBI in January 2017.The exchange is an amalgamation of Delhi Stock and Share Brokers’ Association Limited and the Delhi Stocks and Shares Exchange Limited. It was India’s fifth exchange and was one of the premier stock exchanges in India.
The Delhi Stock Exchange was well connected to 50 cities with terminals in North India and had over 3,000 listed companies. It had received the market regulator’s permission from BSE and had become a member. It used to facilitate the DSE members to trade on the BSE terminals. The exchange was also considered the same from NSE.
Delhi Stock Exchange has paired up with the National Securities 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 initialised its Rs. 1.25 billion Trade Guarantee Fund on 27 July 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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The Ahmedabad Stock Exchange (ASE) is the second oldest exchange of India located in the city of Ahmedabad in the Western part of the country and is fully owned by Government of India. It is recognised by Securities Contract (Regulations) Act, 1956 as permanent stock exchange. Its logo consists of the Swastika which is one of the most auspicious symbols of Hinduism depicting wealth and prosperity.
In April 2018, the SEBI permitted the Ahmedabad stock exchange to exit the stock exchange business. Under the agreement, ASE will cease its activities and change its name to remove the phrase “stock exchange” from it.

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