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Coordinates: 19°3′37″N 72°51′35″E / 19.06028°N 72.85972°E / 19.06028; 72.85972 (National Stock Exchange)
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|logo = National Stock Exchange of India (NSE) logo.svg
|logo = National Stock Exchange of India (NSE) logo.svg
|image = IT7A2275 copy (cropped).jpg
|image = IT7A2275 copy (cropped).jpg
|caption = The National Stock Exchange headquarters in July 2018
|type = [[Stock exchange]]
|type = [[Stock exchange]]
|city = [[Mumbai]], [[Maharashtra]]
|city = [[Mumbai]], [[Maharashtra]]
|country = India
|country = India
|foundation = {{Start date and age|1992}}
|foundation = 27th November 1992
|owner = Various group of domestic and global financial institutions, public and privately owned entities and individuals<ref>{{cite web|url=https://www.nseindia.com/investor-relations/shareholding|title=Shareholding|website=www.nseindia.com}}</ref>
|owner = Various group of domestic and global financial institutions, public and privately owned entities and individuals<ref>{{cite web|url=https://www.nseindia.com/investor-relations/shareholding|title=Shareholding|website=www.nseindia.com}}</ref>
|key_people = {{Unbulleted_list|Girish Chandr Chaturvedi<br />{{small|([[Chairperson]])}}|[[Ashishkumar Chauhan]]<br />{{small|([[Managing director|MD]] & [[Chief executive officer|CEO]])}}}}
|key_people = [[Ashishkumar Chauhan]]<br />{{small|([[Managing director|MD]] & [[Chief executive officer|CEO]])}}
|currency = [[Indian rupee]] ({{INR}})
|currency = [[Indian rupee]] ({{INR}})
|listings = 2,529 (July 2024)<ref>{{cite web |title=Market Statistics - September 2024 |url=https://focus.world-exchanges.org/issue/september-2024/market-statistics |website=[[World Federation of Exchanges]] |access-date=19 September 2024 |archive-date=7 September 2024 |archive-url=https://web.archive.org/web/20240907232948/https://focus.world-exchanges.org/issue/september-2024/market-statistics#:~:text=in%20the%20market.-,How%20Many%20Companies%20are%20Listed%20on%20NSE%3F,Stock%20Exchange%20is%20%E2%82%B93%2C581%2C291%2C532. |url-status=bot: unknown }}</ref>
|listings = 2,190 (December 2023)<ref>{{cite news |title=All Companies based on Market Capitalisation |url=https://www.nseindia.com/regulations/listing-compliance/nse-market-capitalisation-all-companies |access-date=24 January 2024}}</ref>
|mcap = {{INRConvert|415.9|t|link=yes}} (May 2024)<ref>{{cite news |title=$4 trillion m-cap! NSE-listed companies' market cap increased 17.5% CAGR |url=https://economictimes.indiatimes.com/markets/stocks/news/4-trillion-m-cap-nse-listed-companies-market-cap-increased-17-5-cagr/articleshow/105703250.cms |access-date=24 January 2024 |work=[[The Economic Times]]}}</ref>
|mcap = {{INRConvert|463|lc|link=yes}} (September 2024)<ref>{{cite web |title=New Stock Or Share Listing Recent -NSE India |url=https://www.nseindia.com/market-data/new-stock-exchange-listings-recent |website=nseindia.com |access-date=13 September 2024 |archive-date=30 July 2024 |archive-url=https://web.archive.org/web/20240730161259/https://www.nseindia.com/market-data/new-stock-exchange-listings-recent |url-status=bot: unknown }}</ref>
|volume =
|volume =
|indexes = {{ubl|[[NIFTY 50]]|[[NIFTY Next 50]]|[[NIFTY 500]]|NIFTY Midcap 100|NIFTY Smallcap 100}}
|indexes = {{ubl|[[NIFTY 50]]|[[NIFTY Next 50]]|[[NIFTY 500]]|NIFTY Midcap 100|NIFTY Smallcap 100}}
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|logosize=250px}}
|logosize=250px}}
[[File:IT7A2918 copy.jpg|thumb|The National Stock Exchange building in the [[Bandra Kurla Complex]] in [[Mumbai]]]]
[[File:IT7A2918 copy.jpg|thumb|The National Stock Exchange building in the [[Bandra Kurla Complex]] in [[Mumbai]]]]
[[File:NIFTY 50 Returns Graph.png|400px|thumb|upright|Performance of [[NIFTY 50]] index between 2000 and 2024]]
[[File:NIFTY Next 50 Returns Graph.png|400px|thumb|upright|Performance of the [[NIFTY Next 50]] index between 2000 and 2024]]
⚫
'''National Stock Exchange of India Limited''' ('''NSE''') is one of the leading [[stock exchange]]s in India, based in [[Mumbai]]. NSE is under the ownership of various financial institutions such as banks and insurance companies. It is the world's largest [[derivatives exchange]] by number of contracts traded for the fifth consecutive year<ref name=":1">{{Cite news |last=Podishetti |first=Akash |date=2024-01-18 |title=NSE world's largest derivatives exchange for fifth year in a row; third in equity |url=https://economictimes.indiatimes.com/markets/stocks/news/nse-worlds-largest-derivatives-exchange-for-fifth-year-in-a-row-third-in-equity/articleshow/106964373.cms?from=mdr |access-date=2024-12-10 |work=The Economic Times |issn=0013-0389}}</ref><ref name=":2">{{Cite news |title=Fifth Largest Derivatives Exchange for the Fifth consecutive year and 3rd largest Equity Exchange in 2023 |url=https://www.livemint.com/market/stock-market-news/nse-emerges-as-worlds-largest-derivative-exchange-in-2023-national-stock-exchange-of-india-11705579295133.html}}</ref>{{Efn|Based on the statistics maintained by [[Futures Industry Association]] (FIA), a [[Derivative (finance)|derivatives]] trade body}} and the third largest in cash equities by number of trades<ref name=":1" /><ref name=":2" />{{Efn|As per the statistics maintained by the [[World Federation of Exchanges]] (WFE)}} for the calendar year 2023<ref name=":1" /><ref>{{cite news |title=NSE maintains its lead as largest global derivatives market for 4th year – Check its rank in equity segment |url=https://www.timesnownews.com/business-economy/markets/nse-maintains-its-lead-as-largest-global-derivatives-market-for-4th-year-check-its-rank-in-equity-segment-article-97428609 |access-date=28 February 2023 |work=Times Now |date=30 January 2023 |language=en}}</ref><ref name=":2" /><ref>{{Cite news |title=Largest Derivatives Exchange |url=https://nsearchives.nseindia.com/web/sites/default/files/2024-01/PR_cc_18012024_0.pdf}}</ref> It is the [[List of stock exchanges|7th largest stock exchange]] in the world by total [[market capitalization]], exceeding $5 trillion on May 23, 2024.<ref name="WFE">{{cite web|url=https://focus.world-exchanges.org/issue/march-2023/market-statistics|title=Market Statistics – March 2023 – World Federation of Exchanges|website=Focus.world-exchanges.org}}</ref><ref>{{Cite news |last=Deva |first=Pranati |date=24 May 2024 |title=Market Cap of NSE-listed companies surges to $5 trillion from $4 trillion in just 6 months |url=https://www.livemint.com/market/stock-market-news/market-capitalisation-of-nse-listed-companies-surges-to-5-trillion-from-4-trillion-in-just-6-months-stock-market-11716523589993.html |access-date=31 August 2024 |work=[[Mint (newspaper)|Mint]]}}</ref> NSE's flagship index, the [[NIFTY 50]], is a 50 stock index that 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.<ref>{{cite web|url=https://www.nseindia.com/global/content/about_us/history_milestones.htm |title=History & Milestones|website=Nseindia.com|access-date=23 February 2022}}</ref>


NSE has over 10 Crore unique registered investors having over 20 Crore accounts.<ref>{{Cite news |last=Podishetti |first=Akash |date=2024-08-08 |title=NSE registered investor base crosses 10 crore unique investors |url=https://economictimes.indiatimes.com/markets/stocks/news/nse-registered-investor-base-crosses-10-crore-unique-investors/articleshow/112379218.cms?from=mdr |access-date=2024-12-10 |work=The Economic Times |issn=0013-0389}}</ref><ref>{{Cite web |date=2024-08-08 |title=NSE’s unique registered investor base crosses 10-crore milestone, exchange added 1 crore investors in 5 months |url=https://www.businesstoday.in/markets/top-story/story/nses-unique-registered-investor-base-crosses-10-crore-milestone-exchange-added-1-crore-investors-in-5-months-440746-2024-08-08 |access-date=2024-12-10 |website=Business Today |language=en}}</ref><ref>{{Cite web |last=Bhattacharya |first=Shubhayan |date=2024-08-08 |title=NSE's Registered Investor Pool Crosses 10 Crore |url=https://www.ndtvprofit.com/markets/nses-registered-investor-pool-crosses-10-crore |access-date=2024-12-10 |website=NDTV Profit |language=en}}</ref>
⚫
'''National Stock Exchange of India Limited''' ('''NSE''') is one of the leading [[stock exchange]]s in India, based in [[Mumbai]]. NSE is under the ownership of various financial institutions such as banks and insurance companies. It is the world's largest [[derivatives exchange]] by number of contracts traded{{Efn|Based on the statistics maintained by [[Futures Industry Association]] (FIA), a [[Derivative (finance)|derivatives]] trade body}} and the third largest in cash equities by number of trades{{Efn|As per the statistics maintained by the [[World Federation of Exchanges]] (WFE)}} for the calendar year 2022.<ref>{{cite news |title=NSE maintains its lead as largest global derivatives market for 4th year – Check its rank in equity segment |url=https://www.timesnownews.com/business-economy/markets/nse-maintains-its-lead-as-largest-global-derivatives-market-for-4th-year-check-its-rank-in-equity-segment-article-97428609 |access-date=28 February 2023 |work=Times Now |date=30 January 2023 |language=en}}</ref> It is the [[List of stock exchanges|8th largest stock exchange]] in the world by total [[market capitalization]],<ref name="WFE">{{cite web|url=https://focus.world-exchanges.org/issue/march-2023/market-statistics|title=Market Statistics – March 2023 – World Federation of Exchanges|website=Focus.world-exchanges.org}}</ref> as of May 2024. 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.<ref>{{cite web|url=https://www.nseindia.com/global/content/about_us/history_milestones.htm |title=History & Milestones|website=Nseindia.com|access-date=23 February 2022}}</ref>


==History==
==History==
National Stock Exchange was incorporated in the year 1993 to bring about transparency in the Indian equity markets. NSE was set up at the behest of the [[Government of India]], based on the recommendations laid out by the [[Manohar J. Pherwani|Pherwani committee]] in 1991<ref>{{cite news |title=Pherwani Committee report recommends setting up of NSE in New Bombay |url=https://www.indiatoday.in/magazine/economy/story/19910930-pherwani-committee-report-recommends-setting-up-of-nse-in-new-bombay-814863-1991-09-29 |access-date=28 February 2023 |work=India Today |language=en}}</ref> and the blueprint was prepared by a team of five members (Ravi Narain, Raghavan Puthran, K Kumar, Chitra Sankaran and [[Ashishkumar Chauhan]]) along with R H Patil and [[Suresh Shankar Nadkarni|SS Nadkarni]] who were deputed by IDBI in 1992.<ref name="bourses"/><ref>{{cite news |title=RH Patil: The man who revolutionized Indian stock market |url=https://economictimes.indiatimes.com/markets/stocks/news/rh-patil-the-man-who-revolutionized-indian-stock-market/articleshow/53336864.cms |access-date=28 February 2023 |work=The Economic Times}}</ref> Instead of trading memberships being confined to a group of brokers, NSE ensured that anyone who was qualified, experienced, and met the minimum financial requirements was allowed to trade.<ref>{{Cite news|url=http://www.thehindu.com/business/markets/National-Stock-Exchange-to-file-IPO-document-by-2017/article14404957.ece|title=National Stock Exchange to file IPO document by 2017|author=<!--Not stated-->|work=The Hindu|access-date=2017-02-26|language=en}}</ref>
National Stock Exchange was incorporated in the year 1992<ref>{{Cite web |title=NSE Incorporation |url=https://www.nseindia.com/national-stock-exchange/history-milestones}}</ref><ref>{{Cite web |title=NSE - National Stock Exchange of India |url=https://groww.in/p/national-stock-exchange |access-date=2024-12-10 |website=Groww |language=en}}</ref> to bring about transparency in the Indian equity markets. NSE was set up at the behest of the [[Government of India]], based on the recommendations laid out by the [[Manohar J. Pherwani|Pherwani committee]] in 1991<ref>{{cite news |title=Pherwani Committee report recommends setting up of NSE in New Bombay |url=https://www.indiatoday.in/magazine/economy/story/19910930-pherwani-committee-report-recommends-setting-up-of-nse-in-new-bombay-814863-1991-09-29 |access-date=28 February 2023 |work=India Today |language=en}}</ref> and the blueprint was prepared by a team of five members (Ravi Narain, Raghavan Puthran, K Kumar, Chitra Sankaran and [[Ashishkumar Chauhan]]) along with R H Patil and [[Suresh Shankar Nadkarni|SS Nadkarni]] who were deputed by IDBI in 1992.<ref name="bourses"/><ref>{{cite news |title=RH Patil: The man who revolutionized Indian stock market |url=https://economictimes.indiatimes.com/markets/stocks/news/rh-patil-the-man-who-revolutionized-indian-stock-market/articleshow/53336864.cms |access-date=28 February 2023 |work=The Economic Times}}</ref> Instead of trading memberships being confined to a group of brokers, NSE ensured that anyone who was qualified, experienced, and met the minimum financial requirements was allowed to trade.<ref>{{Cite news|url=http://www.thehindu.com/business/markets/National-Stock-Exchange-to-file-IPO-document-by-2017/article14404957.ece|title=National Stock Exchange to file IPO document by 2017|author=<!--Not stated-->|work=The Hindu|access-date=2017-02-26|language=en}}</ref>


NSE commenced operations on 30 June 1993 starting with the wholesale debt market (WDM) segment and equities segment on 3 November 1994 .<ref name="india75"/> It was the first exchange in India to introduce an [[Electronic trading platform|electronic trading facility]].<ref>{{cite news |title=NSE vs BSE: Where's the competition? |url=https://www.livemint.com/market/stock-market-news/despite-its-travails-the-nse-towers-over-bse-11658849390923.html |access-date=28 February 2023 |work=mint |date=26 July 2022 |language=en}}</ref> Within one year of the start of its operations, the daily turnover on NSE exceeded that of the [[Bombay Stock Exchange|BSE]].<ref name="bourses">{{cite news |title=NSE and NSDL: Institutions that revolutionised Indian bourses |url=https://indianexpress.com/article/explained/manmohan-singh-indian-economy-indian-rupee-devaluation-nse-nsdl-stock-exchange-bombay-stock-exchange-2924639/ |access-date=28 February 2023 |work=The Indian Express |date=20 July 2016 |language=en}}</ref>
NSE commenced operations on 30 June 1994<ref>{{Cite web |title=Debt Segment Operations NSE |url=https://www.nseindia.com/products/content/debt/wdm/ndm.htm}}</ref> starting with the wholesale debt market (WDM) segment and equities segment on 3 November 1994.<ref name="india75"/> It was the first exchange in India to introduce an [[Electronic trading platform|electronic trading facility]].<ref>{{cite news |title=NSE vs BSE: Where's the competition? |url=https://www.livemint.com/market/stock-market-news/despite-its-travails-the-nse-towers-over-bse-11658849390923.html |access-date=28 February 2023 |work=mint |date=26 July 2022 |language=en}}</ref> Within one year of the start of its operations, the daily turnover on NSE exceeded that of the [[Bombay Stock Exchange|BSE]].<ref name="bourses">{{cite news |title=NSE and NSDL: Institutions that revolutionised Indian bourses |url=https://indianexpress.com/article/explained/manmohan-singh-indian-economy-indian-rupee-devaluation-nse-nsdl-stock-exchange-bombay-stock-exchange-2924639/ |access-date=28 February 2023 |work=The Indian Express |date=20 July 2016 |language=en}}</ref>


Operations in the derivatives segment commenced on 12 June 2000.<ref name="india75">{{cite news |title=India@75: History of stocks in India |url=https://www.livemint.com/news/india/india75-history-of-stocks-in-india-11660492412764.html |access-date=28 February 2023 |work=Mint |date=15 August 2022 |language=en}}</ref> In August 2008, NSE introduced [[Foreign exchange derivative|currency derivatives]].<ref>{{cite news |last1=Roy |first1=Anup |last2=Laskar |first2=Anirudh |last3=Mohan |first3=Vyas |title=NSE to charge trades in currency derivatives |url=https://www.livemint.com/Home-Page/TSlohUtvuNKds9Ciz6cpYJ/NSE-to-charge-trades-in-currency-derivatives.html |access-date=28 February 2023 |work=mint |date=12 August 2011 |language=en}}</ref>
Operations in the derivatives segment commenced on 12 June 2000.<ref name="india75">{{cite news |title=India@75: History of stocks in India |url=https://www.livemint.com/news/india/india75-history-of-stocks-in-india-11660492412764.html |access-date=28 February 2023 |work=Mint |date=15 August 2022 |language=en}}</ref> In August 2008, NSE introduced [[Foreign exchange derivative|currency derivatives]].<ref>{{cite news |last1=Roy |first1=Anup |last2=Laskar |first2=Anirudh |last3=Mohan |first3=Vyas |title=NSE to charge trades in currency derivatives |url=https://www.livemint.com/Home-Page/TSlohUtvuNKds9Ciz6cpYJ/NSE-to-charge-trades-in-currency-derivatives.html |access-date=28 February 2023 |work=mint |date=12 August 2011 |language=en}}</ref>
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=== NSE EMERGE ===
=== NSE EMERGE ===
{{main|NSE EMERGE}}
{{main|NSE EMERGE}}
NSE EMERGE is NSE's new initiative for [[Small and medium-sized enterprises|Small and medium-sized enterprises (SME)]] & [[Startup company|Startup]] companies in India.<ref>{{cite web|url=https://www.businesstoday.in/markets/company-stock/nse-sme-exchange/story/188197.html|title=NSE launches SME exchange with first listing- Business News|website=businesstoday.in|date=18 September 2012 |access-date=2019-10-07}}</ref> These companies can get listed on NSE without an [[Initial public offering|Initial public offering (IPO)]]. This platform will help SME's & Startups connect with investors and help them with the raising of funds.<ref>{{Cite news|url=https://economictimes.indiatimes.com/small-biz/money/raising-capital-sme-ipo-may-be-a-good-choice-for-small-businesses/articleshow/64231764.cms|title=Raising capital: Why SME IPO may be a good choice for small businesses|date=2019-06-10|work=The Economic Times|access-date=2019-10-07}}</ref> In August 2019, the 200th company listed on NSE's SME platform.<ref>{{cite web|url=https://www.livemint.com/market/stock-market-news/nse-gets-200th-company-listed-on-its-sme-platform-1566484616132.html|title=NSE gets 200th company listed on its SME platform|last=Laskar|first=Anirudh|date=2019-08-22|website=Mint|language=en|access-date=2019-10-07}}</ref>
NSE EMERGE is NSE's new initiative for [[Small and medium-sized enterprises|small and medium-sized enterprises (SME)]] and [[Startup company|startup]] companies in India.<ref>{{cite web|url=https://www.businesstoday.in/markets/company-stock/nse-sme-exchange/story/188197.html|title=NSE launches SME exchange with first listing- Business News|website=businesstoday.in|date=18 September 2012 |access-date=2019-10-07}}</ref> These companies can get listed on NSE without an [[Initial public offering|initial public offering (IPO)]]. This platform will help SMEs and startups connect with investors and help them with the raising of funds.<ref>{{Cite news|url=https://economictimes.indiatimes.com/small-biz/money/raising-capital-sme-ipo-may-be-a-good-choice-for-small-businesses/articleshow/64231764.cms|title=Raising capital: Why SME IPO may be a good choice for small businesses|date=2019-06-10|work=The Economic Times|access-date=2019-10-07}}</ref> In August 2019, the 200th company listed on NSE's SME platform.<ref>{{cite web|url=https://www.livemint.com/market/stock-market-news/nse-gets-200th-company-listed-on-its-sme-platform-1566484616132.html|title=NSE gets 200th company listed on its SME platform|last=Laskar|first=Anirudh|date=2019-08-22|website=Mint|language=en|access-date=2019-10-07}}</ref>


==Markets==
==Markets==
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| image_style = border:none;
| image_style = border:none;
| title =
| title =
| image1 = NIFTY 50 Graph.png
| image1 =
| caption1 = NSE from 2000 to 2020. (Indices [[NIFTY 50]])
| caption1 = NSE from 2000 to 2020. (Indices [[NIFTY 50]])
| image2 =
| image2 = Indices NIFTY 50 (PERIOD 1 Jan 2020 to 19 May 2020) with labels.png
| caption2 = Impact of [[COVID-19]] on Indian stock markets, NIFTY 50 (1 Jan 2020 to 19 May 2020)
| caption2 = Impact of [[COVID-19]] on Indian stock markets, NIFTY 50 (1 Jan 2020 to 19 May 2020)
| image3 = Nifty Next 50.png
| image3 =
| caption3 = NSE from 2000 to 2023. (Indices [[NIFTY Next 50]])
| caption3 = NSE from 2000 to 2023. (Indices [[NIFTY Next 50]])
}}
}}


The National Stock Exchange of India Limited (NSE) commenced trading in derivatives with the launch of index futures on 12 June 2000. The futures and options segment of NSE has made a global mark. In the Futures and Options segment, trading in the NIFTY 50 Index, NIFTY IT index, NIFTY Bank Index, NIFTY Next 50 index, and single stock futures are available. Trading in Mini Nifty Futures & Options and Long term Options on NIFTY 50 are also available.<ref>{{cite web |last1=Sanchit |first1=Taksali |title=Nifty Option Chain |url=https://investiture.in/option-chain/ |website=Investiture.in |publisher=Sanchit |access-date=20 January 2020}}</ref> The average daily turnover in the F&O Segment of the Exchange during the financial year April 2013 to March 2014 stood at {{INRConvert|1.52236|t}}.
The National Stock Exchange of India Limited (NSE) commenced trading in derivatives with the launch of index futures on 12 June 2000. The futures and options segment of NSE has made a global mark. In the Futures and Options segment, trading in the NIFTY 50 Index, NIFTY IT index, NIFTY Bank Index, NIFTY Next 50 index, and single stock futures are available. Trading in Mini Nifty Futures & Options and Long term Options on NIFTY 50 are also available.<ref>{{cite web |last1=Sanchit |first1=Taksali |title=Nifty Option Chain |url=https://investiture.in/option-chain/ |website=Investiture.in |publisher=Sanchit |access-date=20 January 2020 |archive-date=27 February 2020 |archive-url=https://web.archive.org/web/20200227180746/https://investiture.in/option-chain/ |url-status=dead }}</ref> The average daily turnover in the F&O Segment of the Exchange during the financial year April 2013 to March 2014 stood at {{INRConvert|1.52236|t}}. Nifty 50 is an important stock market index comprising the 50 largest publicly traded companies on the NSE in India. <ref>https://www.forbesindia.com/article/explainers/nifty-50-stocks-list-weightage-sectors/85791/1 {{Bare URL inline|date=August 2024}}</ref>


On 3 May 2012, the National Stock exchange launched derivative contracts (futures and options) on FTSE 100, the widely tracked index of the UK equity stock market. This was the first of its kind index of the UK equity stock market launched in India. FTSE 100 includes the 100 of largest UK-listed blue-chip companies and has given returns of 17.8 percent on investment over three years. The index constitutes 85.6 per cent of UK's equity market cap.<ref>{{cite web|url=https://www.thehindubusinessline.com/portfolio/technical-analysis/article3436632.ece|title=An opportunity to trade the FTSE-100|first=Yoganand|last=D|website=@businessline|date=19 May 2012 }}</ref>
On 3 May 2012, the National Stock exchange launched derivative contracts (futures and options) on FTSE 100, the widely tracked index of the UK equity stock market. This was the first of its kind index of the UK equity stock market launched in India. FTSE 100 includes the 100 of largest UK-listed blue-chip companies and has given returns of 17.8 percent on investment over three years. The index constitutes 85.6 per cent of UK's equity market cap.<ref>{{cite web|url=https://www.thehindubusinessline.com/portfolio/technical-analysis/article3436632.ece|title=An opportunity to trade the FTSE-100|first=Yoganand|last=D|website=@businessline|date=19 May 2012 }}</ref>
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On 10 January 2013, the National Stock Exchange signed a letter of intent with the Japan Exchange Group, Inc. (JPX) on preparing for the launch of NIFTY 50 Index futures, a representative stock price index of India, on the Osaka Securities Exchange Co., Ltd. (OSE), a subsidiary of JPX.<ref>{{Cite news|date=2013-01-10|title=UPDATE 1–India's NSE, Japan's JPX plan Nifty futures for Osaka|language=en|work=Reuters|first1=Rafael |last1=Nam |first2=Abhishek |last2=Vishnoi|url=https://www.reuters.com/article/india-japan-exchanges-idUSL4N0AF4ZJ20130110|access-date=2023-09-08}}</ref>
On 10 January 2013, the National Stock Exchange signed a letter of intent with the Japan Exchange Group, Inc. (JPX) on preparing for the launch of NIFTY 50 Index futures, a representative stock price index of India, on the Osaka Securities Exchange Co., Ltd. (OSE), a subsidiary of JPX.<ref>{{Cite news|date=2013-01-10|title=UPDATE 1–India's NSE, Japan's JPX plan Nifty futures for Osaka|language=en|work=Reuters|first1=Rafael |last1=Nam |first2=Abhishek |last2=Vishnoi|url=https://www.reuters.com/article/india-japan-exchanges-idUSL4N0AF4ZJ20130110|access-date=2023-09-08}}</ref>


Moving forward, both parties will make preparations for the listing of yen-denominated NIFTY 50<ref>{{cite web|url=https://www.nseindia.com/products/content/equities/indices/broad_indices.htm|title=Broad Market Indices|website=Nseindia.com|access-date=23 February 2022}}</ref> On 13 May 2013, NSE launched India's first dedicated debt platform to provide a liquid and transparent trading platform for debt-related products.<ref>{{Cite web|date=2013-05-13|title=NSE launches debt trading platform|url=https://www.thehindubusinessline.com/markets/stock-markets/nse-launches-debt-trading-platform/article64092313.ece|access-date=2023-09-08|website=The Hindu Businessline|language=en}}</ref>
Moving forward, both parties will make preparations for the listing of yen-denominated NIFTY 50.<ref>{{cite web|url=https://www.nseindia.com/products/content/equities/indices/broad_indices.htm|title=Broad Market Indices|website=Nseindia.com|access-date=23 February 2022}}</ref> On 13 May 2013, NSE launched India's first dedicated debt platform to provide a liquid and transparent trading platform for debt-related products.<ref>{{Cite web|date=2013-05-13|title=NSE launches debt trading platform|url=https://www.thehindubusinessline.com/markets/stock-markets/nse-launches-debt-trading-platform/article64092313.ece|access-date=2023-09-08|website=The Hindu Businessline|language=en}}</ref>

== NSE Bull ==
In 2024, NSE inaugurated a life-sized sculpture of the NSE Bull. The statue is flanked by sculptures of numerous people of different backgrounds.<ref name=":3">{{Cite web |date=2024-09-06 |title=‘Symbol of India’s growth and aspirations’: Maharashtra governor inaugurates iconic NSE Bull statue, launches coffee table book at HQ |url=https://www.financialexpress.com/market/symbol-of-indias-growth-and-aspirationsnbspmaharashtra-governor-inaugurates-iconic-nse-bull-statue-launches-coffee-table-book-at-hq-3603857/ |access-date=2024-12-10 |website=Financialexpress |language=en}}</ref><ref>{{cite web |title='Symbol of India's growth, aspirations': Maha Governor unveils statue of iconic NSE bull |url=https://www.daijiworld.com/news/newsDisplay?newsID=1223974 |website=www.daijiworld.com |access-date=10 December 2024 |language=en |date=6 September 2024}}</ref>


==Market statistics==
==Market statistics==
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==Stakeholders==
==Stakeholders==
The key domestic investors which hold a stake in NSE include [[Life Insurance Corporation]], [[State Bank of India]], [[India Infoline|India Infoline Limited]] and [[Stock Holding Corporation of India Limited]]. Key global investors include Gagil FDI Limited, GS Strategic Investments Limited, SAIF II SE Investments Mauritius Limited, Aranda Investments (Mauritius) Pte Limited, Veracity Investments Limited, Crown Capital Limited and [[Premji Invest|PI]] Opportunities Fund I.<ref>{{cite web |title=NSE Shareholding Pattern (For the quarter ended on December 31, 2022) |url=https://static.nseindia.com//s3fs-public/inline-files/Microsoft%20Word%20-%20SHP_December%202022_0.pdf |access-date=25 March 2023 |website=nseindia.com}}</ref>
The key domestic investors which hold a stake in NSE include [[Life Insurance Corporation]], [[State Bank of India]], [[India Infoline|India Infoline Limited]] and [[Stock Holding Corporation of India Limited]]. Key global investors include Gagil FDI Limited, GS Strategic Investments Limited, SAIF II SE Investments Mauritius Limited, Aranda Investments (Mauritius) Pte Limited, Veracity Investments Limited, Crown Capital Limited and [[Premji Invest|PI]] Opportunities Fund I.<ref>{{cite web |title=NSE Shareholding Pattern (For the quarter ended on December 31, 2022) |url=https://static.nseindia.com//s3fs-public/inline-files/Microsoft%20Word%20-%20SHP_December%202022_0.pdf |access-date=25 March 2023 |website=nseindia.com |archive-date=25 March 2023 |archive-url=https://web.archive.org/web/20230325154311/https://static.nseindia.com//s3fs-public/inline-files/Microsoft%20Word%20-%20SHP_December%202022_0.pdf |url-status=dead }}</ref>


== Subsidiaries ==
== Subsidiaries ==
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===Market manipulation===
===Market manipulation===
{{See also|1992 Indian stock market scam|Harshad Mehta|Ketan Parekh}}
{{See also|1992 Indian stock market scam|Harshad Mehta|Ketan Parekh}}
The Indian stock exchanges BSE and NSE have witnessed several corruption scandals.<ref>{{cite news | url=https://economictimes.indiatimes.com/markets/stocks/news/how-indias-trading-queen-and-mystery-guru-engulfed-nse-in-scandal/articleshow/90343226.cms?from=mdr | title=How India's trading queen and mystery guru engulfed NSE in scandal | newspaper=The Economic Times }}</ref><ref>{{cite news | url=https://economictimes.indiatimes.com/markets/stocks/news/the-fall-of-nse-corruption-or-hubris/articleshow/69154289.cms | title=The fall of NSE: Corruption or hubris? | newspaper=The Economic Times | last1=Rangan | first1=MC Govardhana }}</ref><ref>{{cite news | url=https://www.reuters.com/article/idINIndia-53153120101125 | title=BSE Sensex drops as corruption scandal weighs | newspaper=Reuters | date=25 November 2010 }}</ref><ref>{{cite web | url=https://www.businesstoday.in/latest/corporate/story/sebi-penalises-bse-nse-for-laxity-in-karvy-fraud-case-329647-2022-04-13 | title=SEBI penalises BSE, NSE for 'laxity' in Karvy fraud case | date=13 April 2022 }}</ref><ref>{{cite news | url=https://www.business-standard.com/article/markets/trading-queen-and-mystery-guru-strange-tale-engulfs-nse-in-scandal-122032100123_1.html | title=Trading 'queen' and mystery guru: Strange tale engulfs NSE in scandal | newspaper=Business Standard India | date=21 March 2022 }}</ref><ref>{{cite web | url=https://www.ndtv.com/india-news/national-stock-exchange-case-who-will-invest-in-india-if-scams-like-this-happen-judge-asks-cbi-in-stock-exchange-manipulation-case-2812478 | title="Who'll Invest in India if Scams Like This Happen?": Judge in NSE Case }}</ref><ref>{{cite web | url=https://www.financialexpress.com/market/cbi-arrests-former-nse-ceo-chitra-ramkrishna-in-co-location-scam-case/2452419/ | title=Chitra Ramkrishna arrested; CBI grills former NSE CEO in co-location scam after SEBI's mysterious yogi report }}</ref><ref>{{cite news | url=https://economictimes.indiatimes.com/markets/stocks/news/how-indias-trading-queen-and-mystery-guru-engulfed-nse-in-scandal/articleshow/90343226.cms?from=mdr | title=How India's trading queen and mystery guru engulfed NSE in scandal | newspaper=The Economic Times | access-date=11 January 2023 | archive-date=11 January 2023 | archive-url=https://web.archive.org/web/20230111193659/https://economictimes.indiatimes.com/markets/stocks/news/how-indias-trading-queen-and-mystery-guru-engulfed-nse-in-scandal/articleshow/90343226.cms?from=mdr | url-status=live }}</ref><ref>{{cite news | url=https://economictimes.indiatimes.com/markets/stocks/news/the-fall-of-nse-corruption-or-hubris/articleshow/69154289.cms | title=The fall of NSE: Corruption or hubris? | newspaper=The Economic Times | last1=Rangan | first1=MC Govardhana | access-date=11 January 2023 | archive-date=11 January 2023 | archive-url=https://web.archive.org/web/20230111193659/https://economictimes.indiatimes.com/markets/stocks/news/the-fall-of-nse-corruption-or-hubris/articleshow/69154289.cms | url-status=live }}</ref><ref>{{cite news | url=https://www.reuters.com/article/idINIndia-53153120101125 | title=BSE Sensex drops as corruption scandal weighs | newspaper=Reuters | date=25 November 2010 | access-date=11 January 2023 | archive-date=11 January 2023 | archive-url=https://web.archive.org/web/20230111193700/https://www.reuters.com/article/idINIndia-53153120101125 | url-status=live }}</ref><ref>{{cite web | url=https://www.businesstoday.in/latest/corporate/story/sebi-penalises-bse-nse-for-laxity-in-karvy-fraud-case-329647-2022-04-13 | title=SEBI penalises BSE, NSE for 'laxity' in Karvy fraud case | date=13 April 2022 | access-date=11 January 2023 | archive-date=21 September 2022 | archive-url=https://web.archive.org/web/20220921192656/https://www.businesstoday.in/latest/corporate/story/sebi-penalises-bse-nse-for-laxity-in-karvy-fraud-case-329647-2022-04-13 | url-status=live }}</ref><ref>{{cite news | url=https://www.business-standard.com/article/markets/trading-queen-and-mystery-guru-strange-tale-engulfs-nse-in-scandal-122032100123_1.html | title=Trading 'queen' and mystery guru: Strange tale engulfs NSE in scandal | newspaper=Business Standard India | date=21 March 2022 | access-date=11 January 2023 | archive-date=21 September 2022 | archive-url=https://web.archive.org/web/20220921232719/https://www.business-standard.com/article/markets/trading-queen-and-mystery-guru-strange-tale-engulfs-nse-in-scandal-122032100123_1.html | url-status=live }}</ref><ref>{{cite web | url=https://www.ndtv.com/india-news/national-stock-exchange-case-who-will-invest-in-india-if-scams-like-this-happen-judge-asks-cbi-in-stock-exchange-manipulation-case-2812478 | title="Who'll Invest in India if Scams Like This Happen?": Judge in NSE Case | access-date=11 January 2023 | archive-date=22 September 2022 | archive-url=https://web.archive.org/web/20220922044155/https://www.ndtv.com/india-news/national-stock-exchange-case-who-will-invest-in-india-if-scams-like-this-happen-judge-asks-cbi-in-stock-exchange-manipulation-case-2812478 | url-status=live }}</ref><ref>{{cite web | url=https://www.financialexpress.com/market/cbi-arrests-former-nse-ceo-chitra-ramkrishna-in-co-location-scam-case/2452419/ | title=Chitra Ramkrishna arrested; CBI grills former NSE CEO in co-location scam after SEBI's mysterious yogi report | access-date=11 January 2023 | archive-date=22 September 2022 | archive-url=https://web.archive.org/web/20220922022110/https://www.financialexpress.com/market/cbi-arrests-former-nse-ceo-chitra-ramkrishna-in-co-location-scam-case/2452419/ | url-status=live }}</ref> At times, the [[Securities and Exchange Board of India]] (SEBI) has barred several individuals and entities from trading on the exchanges for [[Market manipulation|stock manipulation]], especially in [[Market liquidity|illiquid]] [[small cap company|smallcaps]] and [[penny stocks]].<ref>{{cite web |last1=Sreedhar |first1=Vidya |title=Rs 144 crore wrongful profit! Sebi finds stock manipulation in 5 smallcaps |url=https://economictimes.indiatimes.com/markets/stocks/news/sebi-bars-135-entities-from-market-on-alleged-share-manipulation-in-5-smallcaps/articleshow/101167757.cms |website=The Economic Times |access-date=24 August 2023 |date=21 June 2023}}</ref><ref>{{cite news |title=Sebi ban pinches penny stocks |url=https://www.business-standard.com/article/markets/sebi-ban-pinches-penny-stocks-105102601049_1.html |access-date=24 August 2023 |work=Business Standard}}</ref><ref>{{cite news |title=SEBI Cracks Down on Misuse of Penny Stocks |url=https://thewire.in/business/penny-stocks-bogus-claims-sebi |access-date=24 August 2023 |work=The Wire}}</ref><ref>{{cite news |title=I-T Department, SEBI begin crackdown on penny stock firms in PMO-led push |url=https://www.moneycontrol.com/news/business/markets/i-t-department-sebi-begin-crackdown-on-penny-stock-firms-in-pmo-led-push-2442315.html |access-date=24 August 2023 |work=Moneycontrol |date=20 November 2017 |language=en}}</ref><ref>{{cite news |last1=Rampal |first1=Nikhil |title=Pump & dump: How SEBI caught Arshad Warsi & others 'manipulating' stock prices in 'finfluencer' scheme |url=https://theprint.in/business/pump-dump-how-sebi-caught-arshad-warsi-others-manipulating-stock-prices-in-finfluencer-scheme/1413718/ |access-date=24 August 2023 |work=ThePrint |date=3 March 2023}}</ref><ref>{{cite news |title=Sebi bans FIIs, brokers for GDR manipulation |url=https://timesofindia.indiatimes.com/business/india-business/sebi-bans-fiis-brokers-for-gdr-manipulation/articleshow/10072999.cms |access-date=24 August 2023 |work=The Times of India |date=22 September 2011}}</ref><ref>{{cite news |title=Fight against black money: Sebi bars 59 entities for evading taxes |url=https://www.hindustantimes.com/business/fight-against-black-money-sebi-bars-59-entities-for-evading-taxes/story-kRhJVKW9JTtpN8frb0fO8I.html |access-date=24 August 2023 |work=Hindustan Times |date=20 August 2015 |language=en}}</ref><ref>{{cite news |title=Sebi goes after companies rigging share prices |url=https://www.businesstoday.in/magazine/markets/story/sebi-bans-239-entities-individuals-for-rigging-share-prices-53892-2015-08-12 |access-date=24 August 2023 |work=Business Today |date=12 August 2015 |language=en}}</ref>
The Indian stock exchanges BSE and NSE have witnessed several corruption scandals.<ref>{{cite news | url=https://economictimes.indiatimes.com/markets/stocks/news/how-indias-trading-queen-and-mystery-guru-engulfed-nse-in-scandal/articleshow/90343226.cms?from=mdr | title=How India's trading queen and mystery guru engulfed NSE in scandal | newspaper=The Economic Times }}</ref><ref>{{cite news | url=https://economictimes.indiatimes.com/markets/stocks/news/the-fall-of-nse-corruption-or-hubris/articleshow/69154289.cms | title=The fall of NSE: Corruption or hubris? | newspaper=The Economic Times | last1=Rangan | first1=MC Govardhana }}</ref><ref>{{cite news | url=https://www.reuters.com/article/idINIndia-53153120101125 | title=BSE Sensex drops as corruption scandal weighs | newspaper=Reuters | date=25 November 2010 }}</ref><ref>{{cite web | url=https://www.businesstoday.in/latest/corporate/story/sebi-penalises-bse-nse-for-laxity-in-karvy-fraud-case-329647-2022-04-13 | title=SEBI penalises BSE, NSE for 'laxity' in Karvy fraud case | date=13 April 2022 }}</ref><ref>{{cite news | url=https://www.business-standard.com/article/markets/trading-queen-and-mystery-guru-strange-tale-engulfs-nse-in-scandal-122032100123_1.html | title=Trading 'queen' and mystery guru: Strange tale engulfs NSE in scandal | newspaper=Business Standard India | date=21 March 2022 }}</ref><ref>{{cite web | url=https://www.ndtv.com/india-news/national-stock-exchange-case-who-will-invest-in-india-if-scams-like-this-happen-judge-asks-cbi-in-stock-exchange-manipulation-case-2812478 | title="Who'll Invest in India if Scams Like This Happen?": Judge in NSE Case }}</ref><ref>{{cite web | url=https://www.financialexpress.com/market/cbi-arrests-former-nse-ceo-chitra-ramkrishna-in-co-location-scam-case/2452419/ | title=Chitra Ramkrishna arrested; CBI grills former NSE CEO in co-location scam after SEBI's mysterious yogi report | date=7 March 2022 }}</ref><ref>{{cite news | url=https://economictimes.indiatimes.com/markets/stocks/news/how-indias-trading-queen-and-mystery-guru-engulfed-nse-in-scandal/articleshow/90343226.cms?from=mdr | title=How India's trading queen and mystery guru engulfed NSE in scandal | newspaper=The Economic Times | access-date=11 January 2023 | archive-date=11 January 2023 | archive-url=https://web.archive.org/web/20230111193659/https://economictimes.indiatimes.com/markets/stocks/news/how-indias-trading-queen-and-mystery-guru-engulfed-nse-in-scandal/articleshow/90343226.cms?from=mdr | url-status=live }}</ref><ref>{{cite news | url=https://economictimes.indiatimes.com/markets/stocks/news/the-fall-of-nse-corruption-or-hubris/articleshow/69154289.cms | title=The fall of NSE: Corruption or hubris? | newspaper=The Economic Times | last1=Rangan | first1=MC Govardhana | access-date=11 January 2023 | archive-date=11 January 2023 | archive-url=https://web.archive.org/web/20230111193659/https://economictimes.indiatimes.com/markets/stocks/news/the-fall-of-nse-corruption-or-hubris/articleshow/69154289.cms | url-status=live }}</ref><ref>{{cite news | url=https://www.reuters.com/article/idINIndia-53153120101125 | title=BSE Sensex drops as corruption scandal weighs | newspaper=Reuters | date=25 November 2010 | access-date=11 January 2023 | archive-date=11 January 2023 | archive-url=https://web.archive.org/web/20230111193700/https://www.reuters.com/article/idINIndia-53153120101125 | url-status=live }}</ref><ref>{{cite web | url=https://www.businesstoday.in/latest/corporate/story/sebi-penalises-bse-nse-for-laxity-in-karvy-fraud-case-329647-2022-04-13 | title=SEBI penalises BSE, NSE for 'laxity' in Karvy fraud case | date=13 April 2022 | access-date=11 January 2023 | archive-date=21 September 2022 | archive-url=https://web.archive.org/web/20220921192656/https://www.businesstoday.in/latest/corporate/story/sebi-penalises-bse-nse-for-laxity-in-karvy-fraud-case-329647-2022-04-13 | url-status=live }}</ref><ref>{{cite news | url=https://www.business-standard.com/article/markets/trading-queen-and-mystery-guru-strange-tale-engulfs-nse-in-scandal-122032100123_1.html | title=Trading 'queen' and mystery guru: Strange tale engulfs NSE in scandal | newspaper=Business Standard India | date=21 March 2022 | access-date=11 January 2023 | archive-date=21 September 2022 | archive-url=https://web.archive.org/web/20220921232719/https://www.business-standard.com/article/markets/trading-queen-and-mystery-guru-strange-tale-engulfs-nse-in-scandal-122032100123_1.html | url-status=live }}</ref><ref>{{cite web | url=https://www.ndtv.com/india-news/national-stock-exchange-case-who-will-invest-in-india-if-scams-like-this-happen-judge-asks-cbi-in-stock-exchange-manipulation-case-2812478 | title="Who'll Invest in India if Scams Like This Happen?": Judge in NSE Case | access-date=11 January 2023 | archive-date=22 September 2022 | archive-url=https://web.archive.org/web/20220922044155/https://www.ndtv.com/india-news/national-stock-exchange-case-who-will-invest-in-india-if-scams-like-this-happen-judge-asks-cbi-in-stock-exchange-manipulation-case-2812478 | url-status=live }}</ref><ref>{{cite web | url=https://www.financialexpress.com/market/cbi-arrests-former-nse-ceo-chitra-ramkrishna-in-co-location-scam-case/2452419/ | title=Chitra Ramkrishna arrested; CBI grills former NSE CEO in co-location scam after SEBI's mysterious yogi report | date=7 March 2022 | access-date=11 January 2023 | archive-date=22 September 2022 | archive-url=https://web.archive.org/web/20220922022110/https://www.financialexpress.com/market/cbi-arrests-former-nse-ceo-chitra-ramkrishna-in-co-location-scam-case/2452419/ | url-status=live }}</ref> At times, the [[Securities and Exchange Board of India]] (SEBI) has barred several individuals and entities from trading on the exchanges for [[Market manipulation|stock manipulation]], especially in [[Market liquidity|illiquid]] [[small cap company|smallcaps]] and [[penny stocks]].<ref>{{cite web |last1=Sreedhar |first1=Vidya |title=Rs 144 crore wrongful profit! Sebi finds stock manipulation in 5 smallcaps |url=https://economictimes.indiatimes.com/markets/stocks/news/sebi-bars-135-entities-from-market-on-alleged-share-manipulation-in-5-smallcaps/articleshow/101167757.cms |website=The Economic Times |access-date=24 August 2023 |date=21 June 2023}}</ref><ref>{{cite news |title=Sebi ban pinches penny stocks |url=https://www.business-standard.com/article/markets/sebi-ban-pinches-penny-stocks-105102601049_1.html |access-date=24 August 2023 |work=Business Standard}}</ref><ref>{{cite news |title=SEBI Cracks Down on Misuse of Penny Stocks |url=https://thewire.in/business/penny-stocks-bogus-claims-sebi |access-date=24 August 2023 |work=The Wire}}</ref><ref>{{cite news |title=I-T Department, SEBI begin crackdown on penny stock firms in PMO-led push |url=https://www.moneycontrol.com/news/business/markets/i-t-department-sebi-begin-crackdown-on-penny-stock-firms-in-pmo-led-push-2442315.html |access-date=24 August 2023 |work=Moneycontrol |date=20 November 2017 |language=en}}</ref><ref>{{cite news |last1=Rampal |first1=Nikhil |title=Pump & dump: How SEBI caught Arshad Warsi & others 'manipulating' stock prices in 'finfluencer' scheme |url=https://theprint.in/business/pump-dump-how-sebi-caught-arshad-warsi-others-manipulating-stock-prices-in-finfluencer-scheme/1413718/ |access-date=24 August 2023 |work=ThePrint |date=3 March 2023}}</ref><ref>{{cite news |title=Sebi bans FIIs, brokers for GDR manipulation |url=https://timesofindia.indiatimes.com/business/india-business/sebi-bans-fiis-brokers-for-gdr-manipulation/articleshow/10072999.cms |access-date=24 August 2023 |work=The Times of India |date=22 September 2011}}</ref><ref>{{cite news |title=Fight against black money: Sebi bars 59 entities for evading taxes |url=https://www.hindustantimes.com/business/fight-against-black-money-sebi-bars-59-entities-for-evading-taxes/story-kRhJVKW9JTtpN8frb0fO8I.html |access-date=24 August 2023 |work=Hindustan Times |date=20 August 2015 |language=en}}</ref><ref>{{cite news |title=Sebi goes after companies rigging share prices |url=https://www.businesstoday.in/magazine/markets/story/sebi-bans-239-entities-individuals-for-rigging-share-prices-53892-2015-08-12 |access-date=24 August 2023 |work=Business Today |date=12 August 2015 |language=en}}</ref>


===Market operators illegal activity===
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===NSE co-location case===
Market operators continue to operate in the Indian stock market, albeit within a regulatory framework aimed at ensuring transparency and fairness. Market operators are individuals or entities that actively engage in buying and selling securities to influence their prices for profit. They operate through various strategies, such as arbitrage, [[Short (finance)|short selling]], [[high-frequency trading]], [[front running]], [[Churning (finance)|churning]], [[Scalping (trading)|scalping]], [[wash trading]], spoofing, and layering, often leveraging sophisticated technology and large capital. Regulatory bodies like the Securities and Exchange Board of India (SEBI) oversee market activities to curb malpractices such as [[insider trading]], price rigging, and [[market manipulation]]. SEBI has implemented measures, including surveillance systems, to detect and penalize unethical practices. Despite these regulations, market operators exploit loopholes to gain an edge, necessitating continuous vigilance and regulatory updates. Market operators in India often use the "[[pump and dump]]" strategy, despite strict regulations against such practices. The "pump and dump" scheme involves artificially inflating the price of a stock (pump) through false or misleading positive statements. Once the price has been significantly raised, the operators then sell off their holdings (dump) at the inflated prices, leading to a sharp price decline and substantial losses for other investors who bought in at the higher prices. Their activities have continued to impact market volatility, liquidity, and price discovery, playing a significant role in the dynamics of the Indian stock market.<ref>Uppal, Jamshed Y., and Inayat U. Mangla. “Market Volatility, Manipulation, and Regulatory Response: A Comparative Study of Bombay and Karachi Stock Markets.” The Pakistan Development Review, vol. 45, no. 4, 2006, pp. 1071–83. {{JSTOR|41260669}}. Accessed 30 May 2024.</ref><ref>Goel, A., Tripathi, V. and Agarwal, M. (2021), "Market microstructure: a comparative study of Bombay stock exchange and national stock exchange", Journal of Advances in Management Research, Vol. 18 No. 3, pp. 414-442. {{doi|10.1108/JAMR-06-2020-0109}}</ref><ref>https://www.researchgate.net/profile/Chakrapani-Chaturvedula/publication/311446941_The_Effectiveness_of_Trade_for_Trade_Segment_as_a_Surveillance_Effort_to_Prevent_Price_Manipulation_Evidence_from_India/links/58f7a2094585158d8a6c176e/The-Effectiveness-of-Trade-for-Trade-Segment-as-a-Surveillance-Effort-to-Prevent-Price-Manipulation-Evidence-from-India.pdf {{Bare URL PDF|date=August 2024}}</reF><ref>{{cite journal | url=https://www.emerald.com/insight/content/doi/10.1108/JEFAS-04-2021-0040/full/html | doi=10.1108/JEFAS-04-2021-0040 | title=Testing the market efficiency in Indian stock market: Evidence from Bombay Stock Exchange broad market indices | date=2022 | last1=Elangovan | first1=Rajesh | last2=Irudayasamy | first2=Francis Gnanasekar | last3=Parayitam | first3=Satyanarayana | journal=Journal of Economics, Finance and Administrative Science | volume=27 | issue=54 | pages=313–327 | hdl=10419/289641 | hdl-access=free }}</ref><ref>Prabu, A.E., Bhattacharyya, I. & Ray, P. Impact of monetary policy on the Indian stock market: Does the devil lie in the detail?. Ind. Econ. Rev. 55, 27–50 (2020). {{doi|10.1007/s41775-020-00078-2}}</ref>

⚫
===NSE co-location scam===
{{Main|NSE co-location scam}}
{{Main|NSE co-location scam}}


On 8 July 2015, Sucheta Dalal wrote an article on [[Moneylife]] alleging that some NSE employees were leaking sensitive data related to high-frequency trading or co-location servers to a select set of market participants so that they could trade faster than their competitors. NSE alleged defamation in the article by Moneylife. On 22 July 2015, NSE filed a {{INRConvert|1|b}} suit against the publication.<ref>{{cite web|title = NSE files Rs 100-cr suit against Moneylife|url = http://indianexpress.com/article/business/business-others/nse-files-rs-100-cr-suit-against-moneycontrol/|website = The Indian Express|date = 2015-07-22|access-date = 2015-10-19}}</ref> However, on 9 September 2015, the Bombay High Court dismissed the case and fined NSE {{INRConvert|5|m}} in this defamation case against Moneylife.<ref>{{cite web|title = Court fines NSE Rs 50 lakh in defamation case against Moneylife|url = http://www.livemint.com/Consumer/bSbicKbebuaIg9cirU7aYJ/Court-fines-NSE-Rs50-lakh-in-defamation-case-against-Moneycontrol.html|website = livemint.com/|date = 9 September 2015|access-date = 2015-10-19}}</ref> The High Court asked NSE to pay {{INRConvert|150|k}} to each journalist Debashis Basu and [[Sucheta Dalal]] and the remaining {{INRConvert|4.7|m}} to two hospitals.
On 8 July 2015, Sucheta Dalal wrote an article on [[Moneylife]] alleging that some NSE employees were leaking sensitive data related to high-frequency trading or co-location servers to a select set of market participants so that they could trade faster than their competitors. NSE alleged defamation in the article by Moneylife. On 22 July 2015, NSE filed a {{INRConvert|1|b}} suit against the publication.<ref>{{cite web|title = NSE files Rs 100-cr suit against Moneylife|url = http://indianexpress.com/article/business/business-others/nse-files-rs-100-cr-suit-against-moneycontrol/|website = The Indian Express|date = 2015-07-22|access-date = 2015-10-19}}{{Dead link|date=December 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> However, on 9 September 2015, the Bombay High Court dismissed the case and fined NSE {{INRConvert|5|m}} in this defamation case against Moneylife.<ref>{{cite web|title = Court fines NSE Rs 50 lakh in defamation case against Moneylife|url = http://www.livemint.com/Consumer/bSbicKbebuaIg9cirU7aYJ/Court-fines-NSE-Rs50-lakh-in-defamation-case-against-Moneycontrol.html|website = livemint.com/|date = 9 September 2015|access-date = 2015-10-19}}</ref> The High Court asked NSE to pay {{INRConvert|150|k}} to each journalist Debashis Basu and [[Sucheta Dalal]] and the remaining {{INRConvert|4.7|m}} to two hospitals. The [[Bombay High Court]] has stayed the order on costs for a period of two weeks, pending the hearing of the appeal filed by NSE.<ref>{{cite news|url=https://economictimes.indiatimes.com/markets/stocks/news/bombay-high-court-stays-order-imposing-rs-50-lakh-cost-on-nse/articleshow/49043716.cms|title=Bombay High Court stays order imposing Rs 50 lakh cost on NSE|newspaper=The Economic Times}}</ref>

The Bombay High Court has stayed the order on costs for a period of two weeks, pending the hearing of the appeal filed by NSE.<ref>{{cite news|url=https://economictimes.indiatimes.com/markets/stocks/news/bombay-high-court-stays-order-imposing-rs-50-lakh-cost-on-nse/articleshow/49043716.cms|title=Bombay High Court stays order imposing Rs 50 lakh cost on NSE|newspaper=The Economic Times}}</ref>


The board also passed orders against 16 individuals including former managing directors and CEOs Ravi Narain and [[Chitra Ramkrishna|Chitra Ramakrishna]] ordering them to disgorge 25% of their salaries during that period along with interest. All money is to be paid into the Investor protection and education fund. These individuals have also been debarred from the markets or holding any position in a listed company for a period of five years.<ref>{{Cite news|url=https://economictimes.indiatimes.com/markets/stocks/news/sebi-bars-nse-from-securities-market-for-6-months-in-co-location-case/articleshow/69117458.cms|title=Sebi bars NSE from accessing securities market for 6 months in co-location case|date=2019-05-01|work=The Economic Times|access-date=2019-05-01}}</ref>
The board also passed orders against 16 individuals including former managing directors and CEOs Ravi Narain and [[Chitra Ramkrishna|Chitra Ramakrishna]] ordering them to disgorge 25% of their salaries during that period along with interest. All money is to be paid into the Investor protection and education fund. These individuals have also been debarred from the markets or holding any position in a listed company for a period of five years.<ref>{{Cite news|url=https://economictimes.indiatimes.com/markets/stocks/news/sebi-bars-nse-from-securities-market-for-6-months-in-co-location-case/articleshow/69117458.cms|title=Sebi bars NSE from accessing securities market for 6 months in co-location case|date=2019-05-01|work=The Economic Times|access-date=2019-05-01}}</ref>

In 2024, SEBI dropped the case.<ref>{{Cite web |date=2024-09-13 |title=SEBI closes proceedings against NSE, others in co-location case; decision clears path for IPO |url=https://www.businesstoday.in/markets/top-story/story/sebi-disposes-proceedings-against-nse-others-in-co-location-case-445839-2024-09-13 |access-date=2024-12-10 |website=Business Today |language=en}}</ref><ref>{{Cite news |title=SEBI drops colocation case |url=https://www.livemint.com/market/stock-market-news/sebi-closes-co-location-case-against-nse-due-to-insufficient-evidence-11726237500399.html}}</ref>


== See also ==
== See also ==
Line 135: Line 143:
{{Reflist|30em}}
{{Reflist|30em}}


==Further reading==
==Further reading==
{{Refbegin|30em}}
{{Refbegin|30em}}
* {{cite book|title=Multivariate Analysis to Get an Estimate of the Indian Stock Market Nifty Index|author=Rawlin, R.|isbn=978-3-6560-6385-8|year=2011|publisher=GRIN Verlag}}
* {{cite book|title=Multivariate Analysis to Get an Estimate of the Indian Stock Market Nifty Index|author=Rawlin, R.|isbn=978-3-6560-6385-8|year=2011|publisher=GRIN Verlag}}

Revision as of 02:47, 20 December 2024

National Stock Exchange of India
TypeStock exchange
LocationMumbai, Maharashtra, India
Founded27th November 1992
OwnerVarious group of domestic and global financial institutions, public and privately owned entities and individuals[1]
Key peopleAshishkumar Chauhan
(MD & CEO)
CurrencyIndian rupee (₹)
No. of listings2,529 (July 2024)[2]
Market cap₹463 lakh crore (US$5.4 trillion) (September 2024)[3]
Indices
Websitewww.nseindia.com
The National Stock Exchange building in the Bandra Kurla Complex in Mumbai
Performance of NIFTY 50 index between 2000 and 2024
Performance of the NIFTY Next 50 index between 2000 and 2024

National Stock Exchange of India Limited (NSE) is one of the leading stock exchanges in India, based in Mumbai. NSE is under the ownership of various financial institutions such as banks and insurance companies. It is the world's largest derivatives exchange by number of contracts traded for the fifth consecutive year[4][5][a] and the third largest in cash equities by number of trades[4][5][b] for the calendar year 2023[4][6][5][7] It is the 7th largest stock exchange in the world by total market capitalization, exceeding $5 trillion on May 23, 2024.[8][9] NSE's flagship index, the NIFTY 50, is a 50 stock index that 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.[10]

NSE has over 10 Crore unique registered investors having over 20 Crore accounts.[11][12][13]

History

National Stock Exchange was incorporated in the year 1992[14][15] to bring about transparency in the Indian equity markets. NSE was set up at the behest of the Government of India, based on the recommendations laid out by the Pherwani committee in 1991[16] and the blueprint was prepared by a team of five members (Ravi Narain, Raghavan Puthran, K Kumar, Chitra Sankaran and Ashishkumar Chauhan) along with R H Patil and SS Nadkarni who were deputed by IDBI in 1992.[17][18] Instead of trading memberships being confined to a group of brokers, NSE ensured that anyone who was qualified, experienced, and met the minimum financial requirements was allowed to trade.[19]

NSE commenced operations on 30 June 1994[20] starting with the wholesale debt market (WDM) segment and equities segment on 3 November 1994.[21] It was the first exchange in India to introduce an electronic trading facility.[22] Within one year of the start of its operations, the daily turnover on NSE exceeded that of the BSE.[17]

Operations in the derivatives segment commenced on 12 June 2000.[21] In August 2008, NSE introduced currency derivatives.[23]

NSE EMERGE

Main article: NSE EMERGE

NSE EMERGE is NSE's new initiative for small and medium-sized enterprises (SME) and startup companies in India.[24] These companies can get listed on NSE without an initial public offering (IPO). This platform will help SMEs and startups connect with investors and help them with the raising of funds.[25] In August 2019, the 200th company listed on NSE's SME platform.[26]

Markets

The National Stock Exchange of India Limited (NSE) commenced trading in derivatives with the launch of index futures on 12 June 2000. The futures and options segment of NSE has made a global mark. In the Futures and Options segment, trading in the NIFTY 50 Index, NIFTY IT index, NIFTY Bank Index, NIFTY Next 50 index, and single stock futures are available. Trading in Mini Nifty Futures & Options and Long term Options on NIFTY 50 are also available.[27] The average daily turnover in the F&O Segment of the Exchange during the financial year April 2013 to March 2014 stood at ₹1.52236 trillion (US$18 billion). Nifty 50 is an important stock market index comprising the 50 largest publicly traded companies on the NSE in India. [28]

On 3 May 2012, the National Stock exchange launched derivative contracts (futures and options) on FTSE 100, the widely tracked index of the UK equity stock market. This was the first of its kind index of the UK equity stock market launched in India. FTSE 100 includes the 100 of largest UK-listed blue-chip companies and has given returns of 17.8 percent on investment over three years. The index constitutes 85.6 per cent of UK's equity market cap.[29]

On 10 January 2013, the National Stock Exchange signed a letter of intent with the Japan Exchange Group, Inc. (JPX) on preparing for the launch of NIFTY 50 Index futures, a representative stock price index of India, on the Osaka Securities Exchange Co., Ltd. (OSE), a subsidiary of JPX.[30]

Moving forward, both parties will make preparations for the listing of yen-denominated NIFTY 50.[31] On 13 May 2013, NSE launched India's first dedicated debt platform to provide a liquid and transparent trading platform for debt-related products.[32]

NSE Bull

In 2024, NSE inaugurated a life-sized sculpture of the NSE Bull. The statue is flanked by sculptures of numerous people of different backgrounds.[33][34]

Market statistics

  • The 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.[39]
  • Morgan Stanley has noted that the Indian stocks have been through four bear markets in 25 years, or since foreign investors became actively involved with Indian equities.[40] The Economic Times estimate that the Indian stock market sees a bear market on average once every 3 years, similar to the US market. It uses the Nifty 50 index as a reference point and identifies eight 20% drops in the last 25 years.[41]
  • According to SEBI, during FY 2022–23, 73% of mutual fund units were redeemed within 2 years of investment. Only investments in 3% of the units continued for more than 5 years.[42][43]
  • Another study conducted by the SEBI, approximately 89% of individual stock traders in the equity Futures & Options (F&O) segment incurred losses during the financial year 2021-22.[44][45][46]
  • According to 2019 SEBI report, "more than 95% Indian households prefer to park their money in bank deposits, while less than 10% opt for investing in mutual funds or stocks.[52] The survey, conducted across urban and rural areas of the country, showed that life insurance was second most preferred investment vehicle, followed by precious metals, post office savings and real estate in the top-five."[52]

Stakeholders

The key domestic investors which hold a stake in NSE include Life Insurance Corporation, State Bank of India, India Infoline Limited and Stock Holding Corporation of India Limited. Key global investors include Gagil FDI Limited, GS Strategic Investments Limited, SAIF II SE Investments Mauritius Limited, Aranda Investments (Mauritius) Pte Limited, Veracity Investments Limited, Crown Capital Limited and PI Opportunities Fund I.[53]

Subsidiaries

  • NSE Indices Limited
  • NSE Clearing Limited
  • NSE NSEIT
  • NSE Infotech Services Limited
  • NSE Cogencis Information Services Ltd
  • NSE IFSC Clearing Corporation Limited (NICCL), or simply NSE International Clearing
  • NSE IFSC Limited, or simply NSE International Exchange
  • NSE Investments Limited
  • NSE Data & Analytics
  • NSE Academy Limited[54]

Financial literacy

NSE has collaborated with several universities like Gokhale Institute of Politics & Economics (GIPE) - Pune, Bharati Vidyapeeth Deemed University (BVDU) - Pune, Guru Gobind Singh Indraprastha University - Delhi, RV University[55] - Bangalore, the Ravenshaw University of Cuttack and Punjabi University - Patiala, among others to offer MBA and BBA courses. NSE has also provided mock market simulation software called NSE Learn to Trade (NLT) to develop investment, trading, and portfolio management skills among the students.[56] The simulation software is very similar to the software currently being used by the market professionals and helps students to learn how to trade in the markets. NSE also conducts online examinations and awards certification, under its Certification in Financial Markets (NCFM) programs.[57] NSE has set up NSE Academy Limited to further financial literacy.

At present, certifications are available in 46 modules, covering different sectors of financial and capital markets, both at the beginner and advanced levels. The list of various modules can be found at the official site of NSE India. In addition, since August 2009, it has offered a short-term course called NSE Certified Capital Market Professional (NCCMP).[58]

Criticism and controversies

Market manipulation

See also: 1992 Indian stock market scam, Harshad Mehta, and Ketan Parekh

The Indian stock exchanges BSE and NSE have witnessed several corruption scandals.[59][60][61][62][63][64][65][66][67][68][69][70][71][72] At times, the Securities and Exchange Board of India (SEBI) has barred several individuals and entities from trading on the exchanges for stock manipulation, especially in illiquid smallcaps and penny stocks.[73][74][75][76][77][78][79][80]

Market operators illegal activity

Market operators continue to operate in the Indian stock market, albeit within a regulatory framework aimed at ensuring transparency and fairness. Market operators are individuals or entities that actively engage in buying and selling securities to influence their prices for profit. They operate through various strategies, such as arbitrage, short selling, high-frequency trading, front running, churning, scalping, wash trading, spoofing, and layering, often leveraging sophisticated technology and large capital. Regulatory bodies like the Securities and Exchange Board of India (SEBI) oversee market activities to curb malpractices such as insider trading, price rigging, and market manipulation. SEBI has implemented measures, including surveillance systems, to detect and penalize unethical practices. Despite these regulations, market operators exploit loopholes to gain an edge, necessitating continuous vigilance and regulatory updates. Market operators in India often use the "pump and dump" strategy, despite strict regulations against such practices. The "pump and dump" scheme involves artificially inflating the price of a stock (pump) through false or misleading positive statements. Once the price has been significantly raised, the operators then sell off their holdings (dump) at the inflated prices, leading to a sharp price decline and substantial losses for other investors who bought in at the higher prices. Their activities have continued to impact market volatility, liquidity, and price discovery, playing a significant role in the dynamics of the Indian stock market.[81][82][83][84][85]

NSE co-location scam

Main article: NSE co-location scam

On 8 July 2015, Sucheta Dalal wrote an article on Moneylife alleging that some NSE employees were leaking sensitive data related to high-frequency trading or co-location servers to a select set of market participants so that they could trade faster than their competitors. NSE alleged defamation in the article by Moneylife. On 22 July 2015, NSE filed a ₹1 billion (US$12 million) suit against the publication.[86] However, on 9 September 2015, the Bombay High Court dismissed the case and fined NSE ₹5 million (US$59,000) in this defamation case against Moneylife.[87] The High Court asked NSE to pay ₹150,000 (US$1,800) to each journalist Debashis Basu and Sucheta Dalal and the remaining ₹4.7 million (US$55,000) to two hospitals. The Bombay High Court has stayed the order on costs for a period of two weeks, pending the hearing of the appeal filed by NSE.[88]

The board also passed orders against 16 individuals including former managing directors and CEOs Ravi Narain and Chitra Ramakrishna ordering them to disgorge 25% of their salaries during that period along with interest. All money is to be paid into the Investor protection and education fund. These individuals have also been debarred from the markets or holding any position in a listed company for a period of five years.[89]

In 2024, SEBI dropped the case.[90][91]

See also

Notes

  1. ^ Based on the statistics maintained by Futures Industry Association (FIA), a derivatives trade body
  2. ^ As per the statistics maintained by the World Federation of Exchanges (WFE)

References

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Further reading

  • Rawlin, R. (2011). Multivariate Analysis to Get an Estimate of the Indian Stock Market Nifty Index. GRIN Verlag. ISBN 978-3-6560-6385-8.
  • The Indian Financial System: Markets, Institutions And Services, 2/E. Pearson Education. 2007. ISBN 978-8-1775-8562-9.
  • Ramona Birău and Jatin Trivedi (2015). "Estimating Long-term Volatility on National Stock Exchange of India". Procedia Economics and Finance. 32: 574–579. doi:10.1016/S2212-5671(15)01434-3. ISSN 2212-5671.
  • Ganeshaiah, K. N. “Has the Behaviour of the Stock Market Been Affected by the Scam? — A Statistical Analysis.” Current Science 63, no. 7 (1992): 345–47. JSTOR 24095453.
  • D., Sumathi, Stock Price Volatility in National Stock Exchange of India (2018). International Journal of Research in Economics and Social Sciences (IJRESS), December 2018, Available at SSRN 3319625
  • Kumar, G. and Misra, A.K. (2020), "Long run commonality in Indian stocks: empirical evidence from national stock exchange of India", Journal of Indian Business Research, Vol. 12 No. 4, pp. 441-458. doi:10.1108/JIBR-09-2016-0091
  • Basu, D. and Dalal, S. (1993). The Scam: Who Won, who Lost, who Got Away. UBS Publishers' Distributors. ISBN 978-8-1859-4410-4. LCCN 93902443.{{cite book}}: CS1 maint: multiple names: authors list (link)
  • Nair, S. (2021). Bulls, Bears and Other Beasts (5th Anniversary Edition): A Story of the Indian Stock Market. Pan Macmillan. ISBN 978-9-3907-4257-8.
  • Goel, A., Tripathi, V. and Agarwal, M. (2021), "Market microstructure: a comparative study of Bombay stock exchange and national stock exchange", Journal of Advances in Management Research, Vol. 18 No. 3, pp. 414-442. doi:10.1108/JAMR-06-2020-0109
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