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Abstract
The stock exchanges in India have an important role to play in the building of a real shareholders democracy. Aim of the stock exchange authorities is to make it as nearly perfect in the social and ethical sense as it is in the economic. To protect the interests of the investors, the authorities of the stock exchanges have been increasingly subjecting not only its members to a high degree of discipline, but also those who use its facilities joint stock companies and other bodies in whose stocks and shares it deals. There are stringent regulations to ensure that directors of joint stock companies keep their shareholders fully informed of the affairs of the company. In fact, some of the conditions that the stock exchange imposes upon companies before their shares are listed are more rigorous and wholesome than the statutory provision such as those contained in the Companies Act. Stock exchanges are intricately inter-woven in the fabric of nation’s economic life. Without a stock exchange, the saving of the community sinews of economic progress and productive efficiency would remain underutilized. Under this circumstances this study may help to understand the role of various stock exchanges and its listing procedures of companies in our country.