What is meant by a Stock Exchange?

The Securities Contract (Regulation) Act, 1956 [SCRA] defines ‘Stock
Exchange’ as any body of individuals, whether incorporated or not,
constituted for the purpose of assisting, regulating or controlling the
business of buying, selling or dealing in securities. Stock exchange could be
a regional stock exchange whose area of operation/jurisdiction is specified at
the time of its recognition or national exchanges, which are permitted to
have nationwide trading since inception. NSE was incorporated as a national
stock exchange.