The National Stock Exchange (NSE), located in Bombay, is India's first debt market. It opened for trading in mid-1994. It was recently accorded recognition as a stock exchange by the Department of Company Affairs. The instruments traded are treasury bills, government security, and bonds issued by public sector companies. The government of India issues around Rs.70 billion of debt instruments per year.
The NSE has a very modern implementation of trading using contemporary technology in computers and communication. The market is still nascent; but, trading volumes are steadily rising. Average daily turnover in stocks have increased from Rs.7 crore in November 1994 to Rs.99 crore during July 1995.
Centre for Monitoring Indian Economy, Bombay
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Last updated: August 1995.