INDIA'S EQUITY CASH SEGMENT: EVIDENCE FROM BSE, NSE AND MSEI

Abstract

The equity cash segment in India constitutes the core of its capital market by enabling efficient price discovery, liquidity creation, and supporting capital formation. During the last decade, the equity market in India has undergone massive transformation owing to technological innovation, regulatory reforms, enhanced market infrastructure, and a rapid increase in retail investor participation. This study presents a comparative analysis of the performance and development of the equity cash segment across the three recognized stock exchanges in India, namely, the Bombay Stock Exchange (BSE), the National Stock Exchange (NSE), and the Metropolitan Stock Exchange of India (MSEI) over the period from 2013-14 to 2024-25. The analysis of this study is based on secondary data collected from the Securities and Exchange Board of India (SEBI) and the annual publications of the respective stock exchanges for the period under study. Key indicators such as listed companies, traded quantity, turnover, market capitalization and benchmark indices, are examined using descriptive statistics and Compound Annual Growth Rate (CAGR). The findings reveal significant expansion in India's equity market. The NSE is maintaining leadership in trading activity and liquidity, while the BSE continues to play an important role in market breadth and capital mobilization. Market presence of MSEI is limited, but its inclusion provides a comprehensive assessment of India's exchange ecosystem.