India's capital markets have evolved into one of the world's top equity markets, with both NSE and BSE ranking within the global top 10 exchanges by market capitalisation, one of the very few countries with two exchanges in this tier.
When people ask how many stock exchanges exist in India today, the answer reflects both this evolution and a significant consolidation. From over 20 regional exchanges before liberalisation to six SEBI-recognised exchanges operating in 2026, with market activity concentrated primarily on two major platforms. Understanding their role helps explain how the Indian financial market functions and why certain exchanges continue to shape investment and trading in the country.
Key Takeaways
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India has recognised exchanges across equity, commodity, and international market segments.
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Equity market activity is largely concentrated on major exchanges due to higher liquidity and trading participation.
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Commodity exchanges support price discovery and risk management across different commodity categories.
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SEBI regulation and technology-led reforms have improved transparency, market access, and investor confidence.
List of Stock Exchanges in India
If you are wondering how many stock exchanges there are in India, the answer depends on whether domestic, commodity, and international exchanges operating from India are considered together.
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India International Exchange (India INX)
India International Exchange (India INX) is India’s first international exchange and operates from the International Financial Services Centre (IFSC) at GIFT City, Gujarat. It began operations in 2017 with the objective of providing Indian and global investors access to international financial markets through a regulated framework.
India INX supports trading across products such as equity derivatives, currency derivatives, commodity derivatives, and debt securities. It was introduced to strengthen India’s position as an international financial hub and create an environment that supports cross-border capital market activity.
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NSE IFSC Limited (NSE International Exchange)
NSE IFSC Limited, also known as NSE International Exchange, is the international exchange platform established by NSE at GIFT City’s IFSC. It was incorporated in 2016 and was created to facilitate global market participation through an exchange framework located within India.
The exchange provides access to products including equity derivatives, currency derivatives, debt securities, and selected international market instruments. Its structure is designed to support extended trading access and improve connectivity between Indian and overseas financial participants.
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Bombay Stock Exchange (BSE)
BSE traces its origins to the 1850s when brokers gathered informally in Bombay. Premchand Roychand, a leading stockbroker and prominent business figure of the era, was a key founding member of The Native Share & Stock Brokers' Association, formally established in 1875.
In 1986, BSE introduced the Sensex, India’s first benchmark equity index, tracking 30 leading companies across sectors. Over the years, BSE has expanded beyond equities to include derivatives, debt instruments, commodity derivatives, currency derivatives, and Electronic Gold Receipts.
As of early 2026, BSE has approximately 5,647 listed companies and ranks among the top 10 largest stock exchanges globally by market capitalisation of listed companies, with NSE also featuring in the same top 10, making India one of the few countries with two exchanges in the global top 10.
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National Stock Exchange of India (NSE)
Founded in 1992 and operational since 1994, the National Stock Exchange transformed Indian capital markets by introducing fully electronic trading, eliminating paper-based systems. NSE launched the wholesale debt market first, followed by the cash market.
In 1996, it introduced the Nifty 50 Index, which tracks the top 50 companies listed on the exchange and is widely used as a market benchmark. NSE also played a key role in setting up the National Securities Depository Limited (NSDL), enabling dematerialised securities and faster settlement. Today, NSE leads India in equity, derivatives, currency, commodity, and debt market trading volumes.
As of December 2025, NSE has approximately 2,867 listed companies, making it the leading exchange in India by trading volumes, derivatives, and market activity.
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Multi Commodity Exchange of India (MCX)
The Multi Commodity Exchange began operations in 2003 and is India’s largest commodity derivatives exchange. It facilitates trading in bullion such as gold and silver, base metals like copper and aluminium, energy products including crude oil and natural gas, and select agricultural commodities.
MCX offers futures and options contracts and has also introduced commodity indices such as BULLDEX, METLDEX, and ENRGDEX. It was the first commodity exchange in India to be listed on both NSE and BSE, marking a major milestone in the development of commodity markets.
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National Commodity and Derivatives Exchange (NCDEX)
NCDEX is another major commodity exchange in India, with a strong focus on agricultural commodities. It enables trading in cereals, pulses, oilseeds, fibres, and spices, supporting farmers, traders, and agri-based businesses in managing price risk.
Over time, NCDEX has introduced agri-based indices such as AGRIDEX to enhance transparency and price discovery in the agricultural sector. It plays a vital role in strengthening India’s agri-commodity ecosystem.
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Calcutta Stock Exchange (CSE)
The Calcutta Stock Exchange is one of India's oldest financial institutions, with origins dating back to the 1830s and formal incorporation in 1908. It was once among the largest stock exchanges in India, with its own benchmark index, CSE-40.
However, trading on the CSE platform has been suspended since April 2013 following regulatory and compliance issues, including failure to establish required clearing corporation arrangements and maintain adequate net worth.
In April 2025, CSE shareholders approved a voluntary exit plan at an Extraordinary General Meeting, and the exchange submitted a formal exit application to SEBI.
As of 2026, SEBI is in the process of reviewing this application, with a valuation agency appointed to assess the exchange's assets and liabilities. Once SEBI grants its approval, CSE will cease to function as a recognised stock exchange.
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Metropolitan Stock Exchange of India (MSE)
The Metropolitan Stock Exchange was recognised in 2012 and offers products similar to larger exchanges, including equity, equity derivatives, currency derivatives, interest rate futures, and debt instruments. Although technologically equipped, MSE operates with relatively low trading volumes. Its presence reflects efforts to promote competition and alternative trading platforms in India’s capital markets.
What Is a Stock Exchange?
A stock exchange is an organised platform where buyers and sellers trade financial instruments such as equities, bonds, derivatives, commodities, and currencies during designated business hours. These exchanges provide transparency, price discovery, liquidity, and investor protection, and all recognised exchanges in India operate under the supervision of the Securities and Exchange Board of India (SEBI).
Role of Regional Stock Exchanges in India
Before liberalisation and the advent of electronic trading, India had more than 20 regional stock exchanges across various cities, serving local investor communities. These exchanges gradually lost relevance due to the centralisation of trading on national platforms, technological advancement, and SEBI's stricter regulatory requirements, including a minimum net worth of ₹100 crore and mandatory clearing corporation arrangements.
Most regional exchanges voluntarily exited or were de-recognised over the past two decades. The consolidation continued into the mid-2020s. The Indian Commodity Exchange (ICEX) formally exited after SEBI withdrew its recognition in December 2024 due to net worth deficiencies and non-compliance.
The Calcutta Stock Exchange (CSE), one of India's oldest financial institutions, is also in the process of a voluntary exit, with SEBI reviewing its application as of 2026. Trading activity in India's equity markets now remains concentrated almost entirely on BSE and NSE.
Which Stock Exchange is Better for Investors/Traders to Transact in India?
The choice of stock exchange depends on the type of market an investor or trader wants to access. For equity investing and trading, transactions in India are largely carried out through BSE and NSE, as these exchanges account for most listed securities and trading activity in the country. Since many companies are available on both platforms, the exchange selected often depends on liquidity, execution efficiency, and availability through the trading platform being used.
For commodity trading, the choice differs based on the product category. MCX is widely used for non-agricultural commodity derivatives such as bullion, metals, and energy products, while NCDEX has a stronger focus on agricultural commodity derivatives.
In practice, investors and traders generally transact on the exchange where the required security or contract is available and actively traded, rather than selecting one exchange as universally better than another.
For investors seeking exposure to international market instruments, currency derivatives, and cross-border products, India INX and NSE IFSC at GIFT City provide a regulated international framework under IFSCA (International Financial Services Centres Authority), making them relevant for resident and non-resident investors with international portfolios.
Regulation and Market Oversight
All recognised stock exchanges in India function under SEBI’s regulatory framework. SEBI oversees listing requirements, disclosure standards, trading systems, clearing and settlement, and investor grievance redressal. This regulatory framework supports transparency, market stability, and investor confidence while strengthening the overall functioning of Indian financial markets.
Also Read: How to Invest in Stock Market?
Conclusion
India’s exchange ecosystem has evolved from multiple regional markets into a more centralised and technology-driven structure. Although several recognised stock exchanges in India continue to exist across equity, commodity, and international segments, market participation remains concentrated on a few major exchanges. Understanding the role and focus of each exchange gives investors and traders a clearer view of how India’s financial markets operate and where different investment opportunities are available.
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