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Abstract
The stock exchange serves as an important institution for the development of capital market of any country. Therefore, working of each stock exchange must assuage very strict international specifications. The advancement of these exchanges is notably difficult in countries in transition, because of reinforcement of economic and legal changes, inadequacy of technical and financial resources, dearth of experience and knowledge in the area of the capital market business, etc. In recent 1990s, the process of economic liberalization was started and brought fundamental changes in the operations of Indian stock market. Rising globalization, economic liberalization, and foreign institutional investments made the Indian stock exchanges vying and influential in their operations. Growth and implementation of the stock exchange represent as responsible and difficult assignments, the realization of which require key financial resources, as well as human and technical resources. Lack of material, staff and technical resources were the major determinants that persuaded many countries that were go through a period of transition to take over the stock exchange information systems of countries with developed market economies. Hence, it is imperative to study the functions and structure of Indian stock exchanges and its recent development.