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National Stock Exchange of India

Name National Stock Exchange of India (NSE)
Country India
Number of listed companies 1878
Domestic market capitalization 2379901 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

ESG reporting required as a listing rule Yes

  • However it is dependent on size of company. Click here for latest guidelines (released by SEBI).
Has written guidance on ESG reporting Yes

  • Since 2014, NSE has engaged with listed companies to ensure compliance to business responsibility reporting.
  • NSE will launch their own guidance on ESG reporting in Q3 2017.
  • Corporate Governance: An Emerging Scenario. Source: TableReport.
  • NSE-IIM Bangalore Corporate Governance Research Initiative.
  • Sustainability-related policies in ‘Corporate Sustainability Initiatives Reporting’ document found here.

Offers ESG related training Yes

  • NSE offers a Training Workshop on Business Responsibility Reporting (BRR) which is provided by the Centre for Institutional Partnerships and Corporate Communications. This workshop is focused on encouraging companies to adopt the comprehensive principles relating to social, environmental and economic responsibility of business as part of their business practices, and understand the importance of Business Responsibility Reporting for the various initiatives taken by them.
  • This includes several initiatives, such as the capacity development efforts in collaboration with NSE Academy Limited; the roll out of an E-Tool for Business Responsibility Reporting; updating of the National Voluntary Guidelines and organizing the annual India Business Responsibility Conclave, are some of the key initiatives which being planned by the Centre. See more here.
  • NSE also offers a Women Director Training Program- The program was designed to provide (a) an overview of the knowledge and competencies that are expected from the present day director (b) understanding the way the board operates and the responsibility to be discharged and the various skill and attitude required in discharging the responsibility.

Market covered by sustainability-related index Yes

  • Nifty100 ESG Index.
  • Nifty100 Enhanced ESG Index.
  • S&P ESG India Index.

Has sustainability bond listing segment No

  • NSE has also various initiatives to promote this product, including:
    • Creating awareness on green bond issuance by circulating SEBI guidelines on green bonds to the existing unlisted as well as upcoming issuers; informing issuers about the SEBI guidelines for classifying their bonds as green bonds; and meeting with arrangers and merchant bankers to discuss upcoming green bond issuance and how the exchange can be of support to them.
    • Advocacy with domestic financial institutions for inducting them as investors in domestic green bond issuance.
    • Relaying feedback on green bond guidelines to SEBI.
    • Leading seminars and round table discussions on deepening markets for green bonds. For example, a round table event on “Green Bond as a new source of funding” was organized on April 28, 2016 at NSE premises in collaboration with Climate Bonds Initiative, FICCI, GII, UNEP Inquiry and USAID.

Has SME listing platform Yes

Additional information
  • The quarterly briefing of the Centre for Excellence in Corporate Governance NSE India has put immense focus on issues around Inclusion – Gender Equality & Women on Boards; they host ‘Balini’ on Women’s day to encourage women inclusion and appreciation in Financial Services. NSE India has 33% women employees on its role.
  • NSE has an Environmental Policy for its company and subsidiaries.

Organizational model of stock exchange
  • Demutualized for profit.

Regulatory bodies

Regulatory model
Limited Exchange Self-Regulatory Organization (SRO) Model

  • The responsibility of the Securities and Exchange Board of India (SEBI) is to protect the interests of investors and regulate the securities market. The National Stock Exchange of India appears to have regulatory authority limited to stock exchange membership and limited market surveillance.

About the stock exchange
Location: Mumbai, India

  • The National Stock Exchange (NSE) is India’s leading stock exchange covering various cities and towns across the country. NSE was set up by leading institutions to provide a modern, fully automated screen-based trading system with national reach. The Exchange has brought about unparalleled transparency, speed & efficiency, safety and market integrity. It has set up facilities that serve as a model for the securities industry in terms of systems, practices and procedures. NSE has played a catalytic role in reforming the Indian securities market in terms of microstructure, market practices and trading volumes. (Source).

Stock Exchange Database Criteria

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.

Field

Criteria Considered

Conducts business in Country or Market in which the stock exchange operates
Number of listed companies (Date updated) Updated either by the stock exchange directly or using WFE data
Domestic market capitalization  Updated either by the stock exchange directly or using WFE data
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include: 

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.