Top 5 Stock Exchanges in India in 2025: Pillars of the Financial Ecosystem

India’s financial markets have solidified their global presence, with a combined market capitalization exceeding $5 trillion as of 2025. At the core of this growth are the country’s major stock exchanges, facilitating trading in equities, derivatives, commodities, and more. In this blog, we explore the top 5 stock exchanges in India in 2025, detailing their names, major indices, establishment dates, leadership, sponsors, market caps, share prices, listed companies, broker associates, segments, daily turnovers, branches, employees, and websites. A comparison table is included to help you understand their unique roles. Whether you’re an investor or market enthusiast, dive into India’s trading powerhouses!

1. National Stock Exchange (NSE)

Name of Exchange: National Stock Exchange of India Ltd.
Major Index: Nifty 50
Date of Establishing: November 1992 (operations began 1994)
Chairman / CEO: Girish Chandra Chaturvedi (Chairman); Ashishkumar Chauhan (MD & CEO)
Sponsor Group / Man Behind the Group: Consortium of financial institutions (e.g., LIC, SBI); Vikram Limaye (ex-CEO) shaped its early growth.
Market Cap: ₹419.09 lakh crore (~$4.84 trillion) as of Jan 2025 (total listed companies’ market cap).
Share Price if Listed: Not listed (privately held).
Total Number of Companies Listed: ~2,400 (as of 2024, growing steadily).
Total Number of Broker Associates: ~1,200 trading members (active brokers).
Major Segment: Equity, Equity Derivatives, Debt, Currency Derivatives, Commodity Derivatives (via NSE Clearing Ltd.).
Total Number of Branches: 5 major offices (Mumbai HQ).
Total Number of Employees: ~600 (estimated).
Website: nseindia.com

NSE reigns as India’s largest exchange, dominating derivatives trading in 2025.

2. Bombay Stock Exchange (BSE)

Name of Exchange: Bombay Stock Exchange Ltd.
Major Index: Sensex (BSE 30)

Date of Establishing: July 9, 1875 (oldest in Asia)
Chairman / CEO: Pradeep Kumar Banerjee (Chairman); Sundararaman Ramamurthy (MD & CEO)
Sponsor Group / Man Behind the Group: Originally broker-driven; now a demutualized entity with diverse shareholders.
Market Cap: ₹440 lakh crore (~$5.1 trillion) as of Feb 2025 (total listed companies).
Share Price if Listed: ₹3,900 (indicative, BSE-listed, Feb 2025).
Total Number of Companies Listed: ~5,500 (largest in India).
Total Number of Broker Associates: ~1,400 trading members.
Major Segment: Equity, Equity Derivatives, Debt, Mutual Funds, SMEs (BSE SME).
Total Number of Branches: 6 offices (Mumbai HQ).
Total Number of Employees: ~500 (estimated).
Website: bseindia.com

BSE’s legacy and vast listings make it a cornerstone of India’s market in 2025.

3. Multi Commodity Exchange (MCX)

Name of Exchange: Multi Commodity Exchange of India Ltd.
Major Index: MCXCOMDEX
Date of Establishing: November 10, 2003
Chairman / CEO: Praveen DG (Chairman); P.S. Reddy (MD & CEO)
Sponsor Group / Man Behind the Group: Originally Financial Technologies (India) Ltd.; now diverse institutional shareholders.
Market Cap: ₹32,000 crore (exchange’s own market cap, Feb 2025).
Share Price if Listed: ₹6,300 (indicative, BSE-listed).
Total Number of Companies Listed: Not applicable (commodity-focused).
Total Number of Broker Associates: ~700 trading members.
Major Segment: Commodity Derivatives (gold, silver, crude oil, etc.).
Total Number of Branches: 4 offices (Mumbai HQ).
Total Number of Employees: ~300 (estimated).
Website: mcxindia.com

MCX leads India’s commodity trading, a critical segment in 2025.

Also Read: Aniruddha Bahal- The Investigating Journalist

4. National Commodity & Derivatives Exchange (NCDEX)

Name of Exchange: National Commodity & Derivatives Exchange Ltd.
Major Index: Dhaanya
Date of Establishing: April 23, 2003
Chairman / CEO: Arun Raste (MD & CEO); Chairman rotates among board members.
Sponsor Group / Man Behind the Group: Consortium including NSE, LIC, NABARD, and others.

Market Cap: Not listed (privately held).
Share Price if Listed: Not applicable (unlisted).
Total Number of Companies Listed: Not applicable (commodity-focused).
Total Number of Broker Associates: ~600 trading members.
Major Segment: Agricultural Commodity Derivatives (soybean, chana, etc.)..
Total Number of Branches: 3 offices (Mumbai HQ).
Total Number of Employees: ~200 (estimated).
Website: ncdex.com

NCDEX remains vital for India’s agri-commodity trading in 2025

5. Metropolitan Stock Exchange (MSE)

Name of Exchange: Metropolitan Stock Exchange of India Ltd.
Major Index: SX40
Date of Establishing: 2008 (operations began 2009)
Chairman / CEO: Dinesh Kumar Mehrotra (Chairman); Saket Bhansali (MD & CEO)
Sponsor Group / Man Behind the Group: Initially promoted by Multi Commodity Exchange; now diverse shareholders.
Market Cap: Not listed (negligible market share).
Share Price if Listed: Not applicable (unlisted).
Total Number of Companies Listed: ~300 (mostly SMEs).
Total Number of Broker Associates: ~200 trading members.
Major Segment: Equity, Debt, Currency Derivatives, Interest Rate Derivatives.
Total Number of Branches: 2 offices (Mumbai HQ).
Total Number of Employees: ~100 (estimated)
Website: msei.in

MSE caters to niche segments but lags behind larger peers in 2025.

Comparison Table: Top 5 Stock Exchanges in India (2025)

Criteria	NSE	BSE	MCX	NCDEX	MSE
Name of Exchange	National Stock Exchange	Bombay Stock Exchange	Multi Commodity Exchange	NCDEX	Metropolitan Stock Exchange
Major Index	Nifty 50	Sensex	MCXCOMDEX	Dhaanya	SX40
Date of Establishing	Nov 1992	Jul 9, 1875	Nov 10, 2003	Apr 23, 2003	2008
Chairman / CEO	G.C. Chaturvedi / A. Chauhan	P.K. Banerjee / S. Ramamurthy	Praveen DG / P.S. Reddy	Arun Raste	D. Mehrotra / S. Bhansali
Sponsor Group	Financial institutions	Broker-driven, now diverse	Financial Tech (orig.)	NSE, LIC, NABARD	MCX (orig.), diverse
Market Cap	₹419.09L Cr (listed cos.)	₹440L Cr (listed cos.)	₹32,000 Cr (own)	Unlisted	Negligible
Share Price if Listed	N/A	₹3,900	₹6,300	N/A	N/A
Companies Listed	~2,400	~5,500	N/A (commodities)	N/A (commodities)	~300
Broker Associates	~1,200	~1,400	~700	~600	~200
Major Segment	Equity, Derivatives	Equity, SMEs	Commodity Derivatives	Agri Derivatives	Equity, Currency
Daily Equity Turnover	₹1.2L Cr	₹8-10K Cr	N/A	N/A	₹10-20 Cr
Daily Derivatives Turnover	₹75-80L Cr	₹2-3L Cr	₹1-1.5L Cr	₹5-7K Cr	₹100-200 Cr
Daily Commodity Turnover	N/A	N/A	Included in deriv.	Included in deriv.	N/A
Daily Currency Turnover	₹20K Cr	₹1K Cr	N/A	N/A	₹500 Cr
Daily Interest Rate Turnover	₹500 Cr	Negligible	N/A	N/A	₹50 Cr
Total Branches	5	6	4	3	2
Total Employees	~600	~500	~300	~200	~100
Website	nseindia.com	bseindia.com	mcxindia.com	ncdex.com	msei.in

Why These Exchanges Lead in 2025

These top 5 stock exchanges—NSE, BSE, MCX, NCDEX, and MSE—drive India’s financial markets with distinct strengths.

Scale: NSE and BSE dominate equity and derivatives with massive turnovers.
Specialization: MCX and NCDEX lead in commodities, vital for India’s economy.
Legacy: BSE’s 150-year history contrasts with NSE’s modern dominance.
Niche: MSE serves smaller segments despite limited scale.

Choosing Your Trading Platform

For Equity Trading: NSE and BSE are unrivaled.
For Derivatives: NSE leads, followed by BSE and MCX.
For Commodities: MCX (metals/energy) and NCDEX (agri) are key.
For Niche Needs: MSE offers alternative options.

Check their websites for real-time data and trading options.

Conclusion

The top 5 stock exchanges in India in 2025—NSE, BSE, MCX, NCDEX, and MSE—are the engines of India’s financial growth. From NSE’s derivatives dominance to MCX’s commodity leadership, they cater to diverse investor needs. Ready to trade? Explore these exchanges and tap into India’s booming markets today!