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There are 22 stock exchanges in India, the first being
the Bombay Stock Exchange (BSE), which began
formal trading in 1875, making it one of the oldest
in Asia. Over the last few years, there has been
a rapid change in the Indian securities market, especially
in the secondary market. Advanced technology
and online-based transactions have modernized
the stock exchanges. In terms of the number of companies
listed and total market capitalization, the Indian
equity market is considered large relative to the
country's stage of economic development. The number
of listed companies increased from 5,968 in March
1990 to about 10,000 by May 1998 and market capitalization
has grown almost 11 times during the same
period.
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