Exchange

Exchange The structure of stock market in India has undergone a vast change due to the liberalization process initiated by the Government. A number of new structures have been added to the existing structure of the Indian stock exchange. A brief description of these structures in the Indian stock market system is presented below: National Stock Market System (NSMS) National stock market system was advocated by the - High Powered Group on the Establishment of New Stock Exchanges headed by Shri.M.J.Pherwani (popularly known as Pherwani Committee). At present the National Stock Market in India comprises the following: . National Stock Exchange of India Limited (NSE) . Stock Holding Corporation of India Limited (SHCIL) . National Clearing and Depository System (NCDS) . Securities Trading Corporation of India (STCI) . National Securities Depositary Limited (NSDL) . National Stock Exchange (NSE) NSE was incorporated in November, . It is a country wide, screen based, online and order driven trading system. It uses satellite link to spread trading throughout the country thereby connecting members scattered all over the India. Through computer network, member‘s orders for buying and selling within prescribed price are matched by central computer with each other and instantly communicate to the trading member. NSE has two segments, i.e., Debt segment and Capital segment. It has ushered in transparent, screen based and user friendly trading of global standards. It has revolutionised stock trading in India. . Stock Holding Corporation of India Limited (SHCIL) The Stock Holding Corporation of India Ltd (SHCIL) is committed to speed up trading, clearance and settlement services for securities and monetary instruments. SHCIL came into being in . SHCIL is the first depository participant registered with SEBI and acts as an agent of the National Securities Depository. It started its actual operations in . It has its head office in Bombay, and its branch network covers Kolkatta, Delhi and Chennai. . National Clearance and Depository System (NCDS) This system was created chiefly to help overcome the problem of settlement and clearance of transactions consequent to enormous workload on the clearing agencies and share transfer agencies. The problems mainly