Meta Description: NSE and BSE dominate headlines, but did you know India still has 20+ stock exchanges on paper? Here’s the full list — including the weird, the dead, and the deactivated.

📌 At a Glance:

When people think of Indian stock markets, it’s always:

• 🏦 NSE (National Stock Exchange)
• 🏛️ BSE (Bombay Stock Exchange)

But India once had 25+ regional stock exchanges (RSEs).
Today, most are either dead, dormant, or zombie-listed.
Yet a few names like MSEI (formerly MCX-SX) still technically operate.

So let’s do a financial archaeology dig — and uncover the other stock exchanges in India that aren’t named NSE or BSE.

🇮🇳 Active (or Barely Alive) Stock Exchanges in India

🔹 1. Metropolitan Stock Exchange of India (MSEI)

Tagline: NSE-BSE ka chhota bhai, jo abhi tak ghar nahi chhoda.

• Launched in 2008 as MCX-SX
• Rebranded to MSEI in 2015
• Offers trading in Equity, Currency Derivatives, Debt Instruments
• Regulated by SEBI, but…
  Volume? Lower than your ex’s respect for you after a failed intraday call.

✅ Still operational
😬 But not used much

Website: www.msei.in

⚰️ Defunct / Derecognized Stock Exchanges in India

🪦 The Official SEBI Graveyard (delisted/derecognized under SEBI circulars)

These are exchanges SEBI either shut down or allowed to die quietly in a corner.

🧟‍♂️ Honorable Mentions: Zombie Exchanges

🔹 2. Calcutta Stock Exchange (CSE)

• Founded in 1908 (yes, older than BSE)
• Still has a functioning website
• No actual trading volume
• Think of it as the Doordarshan of stock exchanges — nostalgic, unused

Fun Fact: SEBI hasn’t killed it yet. It’s… in financial limbo.

🏛️ Why So Many Stock Exchanges Died?

Let’s be real. NSE & BSE ate everyone’s lunch.

Main reasons:

• Low volume: No liquidity = No relevance
• Tech gap: Couldn’t match NSE’s electronic trading
• Regulatory hurdles: SEBI tightened norms after scams
• Scam baggage: Local exchanges were often used for price manipulation
• Investor preference: Who wants to trade on Bareilly Stock Exchange when you have Zerodha and NSE?

💡 Then Why Does MSEI Even Exist?

Good question.

• It was created as a “competition” to NSE/BSE.
• Backed initially by MCX and Financial Technologies Group (FTIL).
• It wanted to be a third major national-level exchange.

But:

• Liquidity never picked up
• SEBI restricted some of its activities
• Now it’s mostly symbolic (but still a recognized exchange)

📉 EduInvesting Take:

If BSE and NSE are the Ambani and Adani of stock exchanges…
Then MSEI is like… SpiceJet trying to be Air India.

And the rest? Just ghosts from an era when every city wanted its own stock market — like having your own local cricket team with no stadium.

Most Indians today don’t even know MSEI exists,
let alone that Calcutta Stock Exchange is older than independence.

🎓 TL;DR Recap Table

📣 Should You Care?

Honestly?
Unless MSEI pulls off a comeback bigger than Kapil Sharma’s second innings…

Stick to NSE/BSE.

They’re regulated, liquid, tech-enabled, and actually have buyers on the other side of your order.

🏷️ Tags:

other stock markets india, metropolitan stock exchange, calcutta stock exchange, regional stock exchanges, SEBI de-recognized exchanges, NSE vs BSE vs MSEI, indian stock market history, eduinvesting roast