Inter-connected Stock Exchange of India

Stock exchange in India

Inter-connected Stock Exchange of India Ltd.

Type| Stock Exchange
Location| Mumbai, India
Founded| 1998
Owner| Ministry of Finance, Government of India.
Currency| Indian rupee (₹)
Website| www.iseindia.com

Inter-connected Stock Exchange Ltd. (ISE) is an Indian national-level stock exchange. under the ownership of Ministry of Finance, Government of India. It is responsible for providing trading, clearing, settlement, risk management and surveillance support to its trading members. It started its operation in 1998[1] in Vashi, Mumbai,[2] 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.[3]

The ISE is promoted by 12 regional stock exchanges[4] namely at Bangalore, Bhubaneshwar, Chennai, Kochi, Coimbatore, Guwahati, Indore, Jaipur, Kanpur, Mangalore, Magadh and Vadodara.[5] The participating exchanges of ISE have 4,500[6] members and listed securities. It is a stock exchange of stock exchanges,[7] members of the stock exchanges being traders on the ISE.

## History

[edit]

At a meeting of the Federation of Indian Stock Exchanges held in October 1996, a steering committee was formed to evolve an Inter-Connected Market System. As a result, Inter-connected Stock Exchange (ISE), which was promoted by 14 regional stock exchanges of the country (excluding Calcutta, Delhi, Ahmedabad, Ludhiana and Pune Stock Exchange, apart from NSE, BSE and OTCEI) was incorporated by SEBI under the Securities Contracts (Regulations) Act, 1956 on 18 November 1998, ISE commenced trading on 26 February 1999.[citation needed]

ISE was launched with an objective of converting small, fragmented and illiquid markets into large, liquid national-level markets. ISE is also a professionally managed stock exchange with the Chairman of the Exchange being also a Public Representative Director from its inception. Unfortunately for the RSEs, particularly small brokers, the ISE experiment did not succeed. The daily turnover, which used to be Rs. 1 to 2 crore in the first six months, gradually declined to virtually zero level. Failure of ISE was, due to the bigger brokers of the participating RSEs failing to support any interest in trading on ISE due to commercial considerations. As a result, it becomes virtually impossible for ISE to create any worthwhile liquidity in its markets in competition with the breadth and depth of NSE and BSE. Markers continued to be fragmented as the participating RSEs did not close down their regional segments. All the while the small fragmented and illiquid market failed to emerge. ISE has also not succeeded in getting companies listed on it despite the stipulation by SEBI that the State of Maharashtra constituted the regional area for ISE due to lack of regulatory support for making it applicable to over 3,000 already listed companies in the State of Maharashtra[citation needed]. SEBI permitted ISE to exit bourse business as per the SEBI order on 8 December 2014.[8]

## Services

[edit]

### Membership

[edit]

A registered Member is entitled to execute trades and to clear and settle trades executed on his own account as well as on account of his clients in the Capital Markets Segment. Membership of the Exchange is open to corporate entities, individuals and partnership firms who fulfill the eligibility criteria laid down by SEBI and ISE

### Depository services

[edit]

Inter-connected Stock Exchange is a Depository Participant of Central Depository Service (India) Limited (CDSL)[9] and National Securities Depository Limited (NSDL).[10] ISE-DP has branches at Delhi, Kolkata, Patna, Guwahati, Ahmedabad, Hyderabad, Nagpur, Coimbatore, Tirunelveli and 155 Collection Centers across the country. Following depository services of CDSL are provided to the individual and corporate investors by ISE-DP:[11]

* Dematerialisation (Demat)
* Rematerialisation (Remat)
* Pledge of Demat securities
* Electronic Access to Securities Information & Execution of Secured Transactions (easiest)
* Settlement of securities in Demat Mode
* Electronic Access to Securities in the form of Information (easi)

### Research and Training

[edit]

The ISE Training centre was established in November, 2000.[12] It is a classroom training program on subjects related to the capital market, such as equities trading and settlement procedure, derivatives trading, day trading, arbitrage operations, technical analysis, financial planning, and compliance requirement.[13] ISE also offers Joint Certification Training programmes in association with its partners.

### Listing

[edit]

The trading platform of ISE enables the 'Indian companies' to access equity capital, by providing a liquid and well-regulated market.[14] Scrips which are already being traded on stock exchanges across India are traded on the Exchange. ISE's trading members in India trade on the scrips and provide liquidity and visibility to such scrips.

## See also

[edit]

* List of stock exchanges in the Commonwealth of Nations

## References

[edit]

1. ^ "Inter-connected exchange to start operations in May". Expressindia.com. 24 January 1998. Archived from the original on 20 November 2008. Retrieved 7 June 2012.
2. ^ Inter Connected Stock Exchange (1 January 1970). "interconnected stock exchange address - Google Maps". Google Maps. Retrieved 7 June 2012.
3. ^ "Interconnected Stock Exchange of India Limited". Lawyersclubindia.com. Retrieved 7 June 2012.
4. ^ "Rediff on the NeT Business Interview/Joseph Massey". Rediff.com. 25 September 1998. Retrieved 7 June 2012.
5. ^ [1] Archived 19 July 2011 at the Wayback Machine
6. ^ V S Rama Rao. "Interconnected Stock Exchange of India and Regional Stock exchanges". Citeman.com. Archived from the original on 22 July 2012. Retrieved 7 June 2012.
7. ^ Pathak (2007). The Indian Financial System: Markets, Institutions And Services, 2/E. Pearson Education India. p. 201\. ISBN 978-81-7758-562-9.
8. ^ "Sebi approves exit of Interconnected Stock Exchange". Business Standard. 8 December 2014. Retrieved 18 June 2018.
9. ^ "Depository Services: Basics to Benefits". Financialexpress.com. 26 May 2002. Retrieved 7 June 2012.
10. ^ "NSDL". NSDL. Retrieved 7 June 2012.
11. ^ "Inter-connected Stock Exchange of India Ltd". www.iseindia.com. Retrieved 30 November 2015.
12. ^ [2] Archived 3 March 2011 at the Wayback Machine
13. ^ "Training brochure" (PDF). Retrieved 12 March 2021.
14. ^ [3] Archived 21 July 2011 at the Wayback Machine

## External links

[edit]

* Official website

* v
* t
* e

Financial services in India

Banking

| Commercial
banking|

| Scheduled
banks|

| Commercial|

| Private|

* Axis
* Bandhan
* CSB
* City Union
* DCB
* Dhanlaxmi
* Federal
* HDFC
* ICICI
* IDBI
* IDFC First
* IndusInd
* Karnataka
* Karur Vysya
* Kotak Mahindra
* Nainital
* RBL
* South Indian
* Tamilnad Mercantile
* Yes

|

PSBs|

* Bank of Baroda
* Bank of India
* Canara Bank
* Central Bank of India
* Indian Bank
* Indian Overseas Bank
* Jammu & Kashmir Bank
* Punjab & Sind Bank
* Punjab National Bank
* State Bank of India
* UCO Bank
* Union Bank of India

Foreign|

| Branches|

* ABN AMRO
* Abu Dhabi Commercial Bank
* Antwerp Diamond Bank
* ANZ
* Bank Maybank Indonesia
* Bank of America
* Bank of Bahrain and Kuwait
* Bank of Ceylon
* Barclays
* Citibank
* Credit Suisse
* Deutsche Bank
* HSBC
* MUFG Bank
* Rabobank
* Royal Bank of Scotland
* Scotiabank
* Standard Chartered

|

Subsidiaries|

* DBS Bank
* State Bank of Mauritius

RRBs|

* Andhra Pradesh Grameena Vikas Bank
* Andhra Pragathi Grameena Bank
* Assam Gramin Vikash Bank
* Bangiya Gramin Vikash Bank
* Kerala Gramin Bank
* North Malabar Gramin Bank
* Mizoram Rural Bank
* Pallavan Grama Bank
* Pandyan Grama Bank
* Paschim Banga Gramin Bank
* South Malabar Gramin Bank
* Uttar Bihar Gramin Bank
* Uttarakhand Gramin Bank
* Vananchal Gramin Bank

Cooperative|

* District Co-operative Central Bank
* Buldhana Urban
* Cosmos Bank
* Mizoram Co-operative Apex Bank
* Rajkot Nagrik Sahakari Bank
* Repco Bank
* Saraswat Bank
* Shamrao Vithal Co-operative Bank
* TNSC Bank
* Chennai Central Cooperative Bank

| Uttar Pradesh|

* Allahabad UP Gramin Bank
* Gramin Bank of Aryavart
* Sarva UP Gramin Bank

|

Niche
banks|

| SFBs|

* AU
* Capital
* ESAF
* Equitas
* Fincare
* Jana
* North East
* Suryoday
* Ujjivan

|

Payments
banks|

* Airtel
* Fino
* NSDL Payments Bank Limited
* India Post
* Jio
* Paytm

| Surrendered licencees|

* Sun Pharmaceuticals
* Tech Mahindra

|

Wound up|

* Aditya Birla

Defunct
banks|

| Merged|

| PSB|

* New Bank of India
* Dena Bank
* Vijaya Bank
* Allahabad Bank
* Andhra Bank
* Corporation Bank
* Oriental Bank of Commerce
* United Bank of India
* Syndicate Bank

|

SBI|

* Bank of Bombay
* Bank of Calcutta
* Bank of Madras
* Imperial Bank of India
* State Bank of Bikaner & Jaipur
* State Bank of Hyderabad
* State Bank of Indore
* State Bank of Mysore
* State Bank of Patiala
* State Bank of Saurashtra
* State Bank of Travancore
* Bharatiya Mahila Bank

Rescued|

* Global Trust Bank
* Lakshmi Vilas Bank
* Nedungadi Bank
* United Western Bank
* United Industrial Bank

Acquired|

* Bank of Madura
* Bank of Rajasthan
* Bengal Central Bank
* Centurion Bank of Punjab
* Chartered Bank of India, Australia and China
* Grindlays Bank
* National Bank of India
* ING Vysya Bank
* Mercantile Bank of India, London and China
* Lord Krishna Bank

| PSB|

* Bharat Overseas Bank
* Pandyan Bank

|

Wound up|

* Bank of Chettinad
* Dass Bank

Failed|

* Alliance Bank of Simla
* Arbuthnot & Co
* Commercial Bank of India
* Exchange Bank of India & Africa
* (New) Oriental Bank Corporation
* Oudh Commercial Bank
* Madhavpura Mercantile Cooperative Bank

Liquidated|

* Bank of Hindostan
* Nath Bank
* Palai Central Bank

Networks|

| Interbank networks|

* Cirrus
* NFS
* PLUS

|

ATM networks|

* BANCS
* Cashnet
* CashTree
* MITR

Financial
technology|

| Online transfers|

* BBPS
* IMPS
* NEFT
* RTGS
* UPI
* AEPS
* BHIM

|

Cards|

* MasterCard
* Debit MasterCard
* Maestro
* RuPay
* Visa
* Visa Debit
* Visa Electron
* Visa payWave

Payment service|

* Atom
* BHIM
* BillDesk
* CCAvenue
* Google Pay
* Zeta India

Digital wallets|

* Amazon Pay
* Freecharge
* Mobikwik
* Payoneer
* Paytm
* PayU
* Payworld
* PhonePe

Other|

* ATM usage fees
* De-Materialisation (De-Mat)
* Foreign Exchange (ForEx)
* Indian Financial System Code (IFSC)
* List of banks
* National Unified USSD Platform (NUUP)

| Protocol|

* BBPS
* Structured Financial Messaging System (SFMS)

|

Investment
banking|

* A.K. Capital Services Ltd.
* Ambit Corporate Finance Pvt.Ltd.
* Anand Rathi Advisors Ltd.
* Ashika Capital Ltd.
* Avendus Capital Pvt.Ltd.
* Axis Bank Ltd.
* Axis Capital Ltd.
* Barclays Bank Plc
* Bcb Brokerage Pvt.Ltd.
* Birla Capital & Financial Services Ltd.
* BNP Paribas
* Bob Capital Markets Ltd.
* Boi Merchant Bankers Ltd.
* Canara Bank
* Central Bank Of India
* Centrum Capital Ltd.
* Chartered Finance Management Ltd.
* Choice Capital Advisors Pvt.Ltd.
* Citigroup Global Markets India Pvt.Ltd.
* Credit Suisse Securities (India) Pvt.Ltd.
* Deutsche Equities India Pvt.Ltd.
* DSP Merrill Lynch Ltd.
* Edelweiss Financial Services Ltd.
* Ernst & Young Merchant Banking Services Pvt.Ltd.
* HDFC Bank Ltd.
* HSBC Securities & Capital Markets (India) Pvt.Ltd.
* ICICI Securities Ltd.
* IDBI Capital Market Services Ltd.
* IDFC Securities Ltd.
* IIFL Holdings Ltd.
* Il&Fs Capital Advisors Ltd.
* Indian Overseas Bank
* Inga Capital Pvt.Ltd.
* Jefferies India Pvt.Ltd.
* JM Financial Institutional Securities Ltd.
* JP Morgan India Pvt.Ltd.
* Karvy Investor Services Ltd.
* Keynote Corporate Services Ltd.
* KJMC Corporate Advisors (India) Ltd.
* Kotak Mahindra Capital Co.Ltd.
* Lazard India Pvt.Ltd.
* Morgan Stanley India Co.Pvt.Ltd.
* Motilal Oswal Investment Advisors Pvt. Ltd.
* Munoth Financial Services Ltd.
* Pantomath Capital Advisors Pvt.Ltd.
* Religare Capital Markets Ltd.
* Rothschild (India) Pvt.Ltd.
* Saffron Capital Advisors Pvt.Ltd.
* SBI Capital Markets Ltd.
* SMC Capitals Ltd.
* Trust Investment Advisors Pvt.Ltd.
* UBS Securities India Pvt.Ltd.
* Union Bank Of India
* Vivro Financial Services Pvt.Ltd.
* Yes Bank Ltd.

Institutions|

* SIDBI
* NABARD
* EXIM
* IFCI

Asset management

| Hedge funds|

* True Beacon

|

Mutual funds|

* Axis
* Baroda Pioneer
* BNP Paribas
* BOI AXA
* Canara Robeco
* PGIM
* DHFL Pramerica
* DSP
* Edelweiss
* Escorts
* Franklin Templeton Investments
* Goldman Sachs
* HDFC AMC
* HSBC Global
* ICICI Prudential
* IDBI
* IDFC
* IIFCL Asset Management
* IIFL
* IL & FS Infra
* Indiabulls
* JM Financial
* Kotak
* LIC Nomura
* Mirae
* Nippon India
* Motilal Oswal
* Peerless
* PPFAS
* Quantum
* Religare
* Sahara
* SBI
* Shriram
* Sundaram
* Tata
* Taurus
* Union KBC
* Unit Trust of India

InvITs|

| REITs|

* Brookfield Real Estate Trust
* Mindspace Business Parks REIT
* IIFL Real Estate Investment Trust
* Embassy Office Parks REIT

|

Other|

| Telecom|

* Digital Fibre Infrastructure Trust
* Tower Infrastructure Trust

|

Energy|

* India Grid Trust
* India Infrastructure Trust
* POWERGRID Infrastructure Investment Trust

Roads|

* Indian Highway Concessions Trust
* IndInfravit Trust
* IRB Infrastructure
* IRB InvIT Fund
* MEP Infrastructure Investment Trust
* National Highways Infra Trust
* Oriental InfraTrust
* Roadstar Infra Investment Trust
* Shrem Invit

Insurance

| Companies|

| Agriculture|

* Agriculture Insurance Company of India

|

General|

| Private|

* Cholamandalam MS
* Edelweiss Group
* HDFC ERGO
* Future Generali
* ICICI Lombard
* Niva Bupa
* Kotak Mahindra
* Reliance
* Royal Sundaram
* SBI General
* TATA AIG

|

Govt|

* National Insurance
* New India Assurance
* Oriental Insurance
* United India
* Employees State Insurance (ESI)

Life|

* Canara HSBC OBC Life
* Edelweiss Group
* Exide Life
* HDFC Life
* ICICI Prudential
* LIC
* Max Life
* Peerless Group
* PNB MetLife
* Reliance
* Kotak
* SBI Life
* Shriram Life Insurance
* Tata AIA

Reinsurance|

* GIC-Re

Repository|

* CDSL
* NSDL

Policy|

* Agricultural insurance in India
* National Health Policy
* Pradhan Mantri Fasal Bima Yojana
* Pradhan Mantri Suraksha Bima Yojana
* Pradhan Mantri Jeevan Jyoti Bima Yojana
* Ayushman Bharat Yojana
* Rashtriya Swasthya Bima Yojana
* Biju Swastya Kalyan Yojana

Other|

* CISR
* Insurance Institute of India

Financial markets

| Stock
exchanges|

| Functional|

| BSE|

* Phiroze Jeejeebhoy Towers

|

NSE|

* NSE IFSC
* NSE EMERGE

Other|

* Calcutta Stock Exchange
* India International Exchange
* United Stock Exchange of India

De-recognized|

* Bangalore
* Cochin
* Coimbatore
* Inter-connected Stock Exchange of India
* Madhya Pradesh
* Madras
* Magadh
* Mangalore
* Saurashtra Kutch
* Ahmedabad Stock
* Bhubaneswar
* Delhi
* Gauhati
* Jaipur
* Ludhiana
* OTC Exchange of India
* Pune
* UP
* Vadodara
* Meerut
* Capital Stock Exchange of Kerala

Commodity
exchanges|

* India International Bullion Exchange
* Bharat Diamond Bourse
* Indian Energy Exchange
* International Pepper Exchange
* Multi Commodity Exchange
* National Commodity and Derivatives Exchange
* National Spot Exchange
* Surat Diamond Bourse
* Universal Commodity Exchange

Brokerages|

| Online|

* Angel
* Dhani
* Edelweiss
* FundsIndia
* Geogit
* HDFC
* India Infoline
* Kuvera.in
* Motilal Oswal
* Reliance
* Sharekhan

|

Other|

* Darashaw

Depositories|

* NSDL
* CDSL
* StockHolding Corporation of India
* Karvy Corporate

Rating
agencies|

| For companies|

* Acuite/SMERA
* Brickworks
* CARE Ratings
* CRISIL (S&P)
* Hunter (Experian)
* ICRA (Moody's)
* India Ratings & Research (Fitch)
* Infomerics Valuation
* ONICRA

|

For individuals|

* Equifax
* Experian
* Highmark
* TransUnion CIBIL

Financial
crime|

| Events|

* 1992 Indian stock market scam

|

People|

* Harshad Mehta
* Abdul Karim Telgi
* Ramalinga Raju
* Hasan Ali Khan
* Ketan Parekh

Other|

* CAMS
* CERSAI

Alternative financial services

| Digital lending|

* Hero FinCorp

|

Housing finance|

* Aavas Financiers
* DHFL
* Home First Finance
* HUDCO
* HDFC
* LIC Housing Finance
* National Housing Bank
* Odisha Rural Housing & Development Corporation
* PNB Housing Finance

Chit funds|

* Saradha Group financial scandal
* Rose Valley financial scandal

Microfinance|

* Bandhan Bank
* BASIX (India)
* Bharat Financial Inclusion
* ESAF Small Finance Bank
* Grama Vidiyal
* National Bank for Agriculture and Rural Development
* Satin Creditcare Network Limited

Other|

* Peer-to-peer lending
* Kitty party

Angel investment, venture capital & private equity

| Angel investments|

* Indian Angel Network

|

Venture capital|

* Chiratae Ventures
* Embassy Group
* Indian Angel Network
* Unitus Seed Fund

Private equity|

* Kotak Private Equity
* Chrys Capital
* India Value Fund - True North
* Motilal Oswal Private Equity
* IDFC Private Equity Fund
* ICICI Venture Fund
* CX Partners
* Premji Invest
* Kedaara Capital
* JM Financial Private Equity

Legislation & regulation

| Banking|

| Authorities
& boards|

| Central bank|

* Reserve Bank of India

|

Other|

* IFSCA
* BBB
* BCSBI
* NPCI
* IBA
* IDRBT

Legislation|

| In force|

* Reserve Bank of India Act, 1934
* Government Securities Act, 2006
* The State Bank of India Act, 1955
* The Banking Companies (Acquisition And Transfer Of Undertakings) Act, 1970
* Banking Regulation Act, 1949
* International Financial Services Centres Authority Act, 2019

|

Repealed|

* Public Debt Act, 1944

Asset
management|

| Legislation|

* The Unit Trust of India Act, 1963
* Indian Registration Act, 1908

|

Other regulations|

* SEBI (Mutual Funds) Regulations, 1993

Insurance|

| Authorities & boards|

* IRDAI
* Insurance Association of India
* Life Insurance Council
* General Insurance Council

|

Legislation|

| In force|

* Insurance Act, 1938
* Industrial Policy Resolution of 1956
* Life Insurance Corporation Act, 1956
* Insurance Regulatory and Development Authority Act, 1999
* The General Insurance Business (Nationalisation) Act, 1972

|

Repealed|

The British Insurance Act, 1870

Financial
markets|

| Authorities & boards|

* SEBI
* Securities commission
* Forward Markets Commission

|

Legislation|

| In force|

* SEBI, Act 1992
* Forward Contracts (Regulation) Act, 1952
* The Securities Contracts (Regulation) Act, 1956

|

Alternative
financial
services|

| Authorities & boards|

* NHB

|

Legislation|

| Microfinance|

* Tamil Nadu Money-Lenders Act, 1957
* The Bombay Money-Lenders Act, 1946
* The Karnataka Money-Lenders Act, 1961
* The Kerala Money-Lenders Act, 1958
* Bengal Money-Lenders Act, 1940
* The Rajasthan Money-Lenders Act, 1963

|

Other|

* Multi-State Cooperative Legislation Act, 2002
* Mutually Aided Cooperative Acts
* The National Housing Bank Act, 1987
* The Chit Funds Act, 1982

Alternative
investment
funds|

| Authorities & boards|

* Indian Association of Alternative Investment Funds (IAAIF)

|

Legislation|

* Indian Trusts Act, 1882

Regulations|

* SEBI (Venture Capital Funds) Regulations, 1996
* SEBI AIF Regulations, 2012
* SEBI (Investment Advisers) Regulations 2013

* v
* t
* e

Stock exchanges in India

Functional|

| Bombay Stock Exchange|

* Phiroze Jeejeebhoy Towers

|

National Stock Exchange|

* NSE EMERGE

Other|

* Calcutta Stock Exchange
* India International Exchange
* United Stock Exchange of India

De-recognized|

* Bangalore Stock Exchange
* Cochin Stock Exchange
* Coimbatore Stock Exchange
* Inter-connected Stock Exchange of India
* Madhya Pradesh Stock Exchange
* Madras Stock Exchange
* Magadh Stock Exchange
* Mangalore Stock Exchange
* Saurashtra Kutch Stock Exchange
* Ahmedabad Stock Exchange
* Bhubaneswar Stock Exchange
* Delhi Stock Exchange
* Gauhati Stock Exchange
* Jaipur Stock Exchange
* Ludhiana Stock Exchange
* OTC Exchange of India
* Pune Stock Exchange
* UP Stock Exchange
* Vadodara Stock Exchange
* Meerut Stock Exchange
* Capital Stock Exchange of Kerala

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