The Regional Stock Exchanges – Post Demutualisation

Today, BSE and NSE cater to investors across the length and breadth of the nation. In the mid-to-late 20th century, equity investors outside the metro cities sought to invest through stock exchanges located in their regions. Delhi Stock Exchange, incorporated in 1947, and Bangalore Stock Exchange, set up in 1963, were a few such examples. Subsequently, several other regional stock exchanges were established in places such as Bhubaneswar, Coimbatore, Guwahati, Jaipur, Magadh, Saurashtra, Uttar Pradesh, etc. However, technological advances changed the dynamics, and between 2000 and 2006, the turnover at the regional stock exchanges decreased significantly. In 2012, SEBI mandated a minimum annual trading turnover of Rs.1,000 crore for all exchanges. Since the regional exchanges could not meet the criteria, most of them exited the market by 2017.

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The SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 notified on May 31, 1993 have served as one of the important fundamental regulatory framework for the Indian securities market. With the technological developments, the way in which securities are issued, held, and transferred is now fundamentally different. Registrars to an Issue and Share Transfer Agents (RTAs) are key to this process. Further, the number of securities held in physical form has been going down consistently after the introduction of dematerialization of securities. It may be mentioned that the number of physical shareholding is less than 1% of the total holding as on March 31, 2025. Role of RTAs has further reduced in view of the fact that securities are issued only in dematerialized form. In response to this changing landscape, SEBI undertook a comprehensive review of RTA regulations, 1993 resulting in notification of SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 2025 on December 16, 2025.

Following is the collection various NISM Study Material of Indian Securities Market. The NISM Study Material may be downloaded from the provided pdfs.

These two rollouts of “[at]valid Handle” and “SEBI Check” are expected to significantly enhance investor protection by curbing fraudulent money collections by unregistered entities.