Interconnected stock exchange of india limited

Inter-connected Stock Exchange (ISE) started its operation in 1998 in Vashi, Mumbai. It was envisaged by its founders as an alternative to the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) for brokers/members from the regional stock exchanges. Those were the days when NSE was the only national exchange in India and the BSE had just been granted a licence to expand nationwide. It initially began as a creation of a consolidated limit order book across all these regional exchanges. However, it ended up in creating a new exchange. The exchange provides trading in stocks from regional exchanges, BSE and NSE.

However right from its inception, ISE has struggled to attract enough liquidity and interest in its market. Over a period of time it became subsidiary of the NSE, and provides sub-broker services to its members.

ISE is not a subsidiary of NSE but a Stock Exchange having no volume of trades on its bourses. ISE created a subsidiary ISE Securities & Services Limited which is a Member of NSE in Cash & F&O and BSE in Equities Segment. 

ISE has as its members 14 regional stock exchanges. After SEBI promulgated the SEBi (Corporatisation & Demutualisation) Scheme ISE has also undergone demutualisation.

 

Inter-connected Stock Exchange of India Limited (ISE) is a national-level stock exchange, providing trading, clearing, settlement, risk management and surveillance support to its Trading Members. It has 841 Trading Members, who are located in 131 cities spread across 25 states. These intermediaries are administratively supported through the regional offices at Delhi, Kolkata, Patna, Ahmedabad, Coimbatore and Nagpur, besides Mumbai.

ISE aims to address the needs of small companies and retail investors by harnessing the potential of regional markets, so as to transform them into a liquid and vibrant market using state-of-the art technology and networking.

ISE has floated ISE Securities & Services Limited (ISS) as a wholly-owned subsidiary under the policy formulated by the Securities and Exchange Board of India (SEBI) for ΓÇ£Revival of Small Stock ExchangesΓÇ¥. The policy enunciated by SEBI permits a stock exchange to float a subsidiary, which can take up membership of larger stock exchanges, such as the National Stock Exchange of India Limited (NSE), and Bombay Stock Exchange Limited (BSE). ISS has been registered by SEBI as a Trading-cum-Clearing Member in the Capital Market segment and Futures & Options segment of NSE and Capital Market segment of BSE. Trading Members of ISE can access NSE and BSE by registering themselves as Sub-brokers of ISS. Thus, the trading intermediaries of ISS can access other markets in addition to the ISE market. ISS, thus provides the investors in smaller cities, a one-stop solution for cost-effective and efficient trading and settlement services in securities.

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