Stock exchanges
Number of listed companies
Domestic market capitalization
million US$

National Stock Exchange of India

Name National Stock Exchange of India (NSE)
Country India
Number of listed companies 2013
Domestic market capitalization 3279016.24 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

The sustainability report is integrated into the annual report since 2011. The annual reports can be found here.

ESG reporting required as a listing rule Yes

See the CIRCULAR CIR/CFD/CMD/10/2015 issued on November 04, 2015 on the  Format for Business Responsibility Report (BRR) by the Securities and Exchange Board in India (SEBI).

In 2021, SEBI updated the listing rules by introducing new reporting requirements on  ESG parameters called  the Business   Responsibility   and   Sustainability   Report   (BRSR). Source

Has written guidance on ESG reporting Yes

  • NSE in association with Stakeholders Empowerment Services (SES) have carried out a study to assess and compare the disclosure practices reported in Business Responsibility Report (BRR) by Top 100 listed companies. The study has analysed BRR as well as Sustainability Reports of the sample companies by capturing data which is either straight forward quantitative or which can be quantified from BRR as well as Sustainability Reports of the sample companies. Report can be found here.
  • NSE in July 2020 published an analysis of ESG practices across 50 companies listed on National Stock Exchange of India Limited, spread across 12 different sectors.  This assessment of ESG practices gives a broader picture of India’s ESG footprint. The study is intended to act as a catalyst and inspire companies to follow better ESG practices. Additionally, it will provide investors with a tool to benchmark companies. Report on ESG practices of companies listed on National Stock Exchange of India Limited
  • NSE undertakes a lot of capacity building initiatives in the area of corporate governance. Various reports and links to the roundtable discussions have been hosted on the NSE webpage.
  • Business Responsibly and Sustainability Reporting (BRSR) sector specific guidance:
    • NSE in association with Stakeholders Empowerment Services (SES) has published a comprehensive guide that explains BRSR parameters along with guidance on how to measure and disclose for every Essential as well as Leadership Indicator.  The Guide has been specifically tailored for 38 Sub Sectors – as per SASB Standards to cover sector specific sustainability disclosure guidance. Every BRSR Indicator has been mapped to 5 Global frameworks viz. GRI, SDG, TCFD, CDP & SASB. The report can be found here.

Offers ESG related training Yes

In 2021, NSE provided a series of webinars on ESG topics: “ESG: An antidote to adversity

Market covered by sustainability-related index Yes

Has sustainability bond listing segment Yes

Has SME listing platform Yes

Women on boards mandatory minimum rule Yes

  • Further, Indian Capital Market Regulator  – Securities and Exchange Board of India, has mandated top 1000 listed entities to have at least one independent woman director on their Boards. This has been introduced in phased manner where by April 01, 2019 top 500 companies required to comply with this requirement and by April 01, 2020 it was extended to top 1000 listed entities (by market capitalization as at the end of the immediate previous financial year). Given the regulatory push high compliance has been observed in this area. From the submissions made by companies listed on NSE mainboard, for quarter ended December 2021 we observe that 98% of them have women representation on their Board. More information on: Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 [Last amended on April 25, 2022]

Additional information
  • NSE India has put immense focus on issues around Inclusion – Gender Equality & Women on Boards. NSE India has 34% women employees on its role. They celebrate International Women’s Day every year to encourage women inclusion and appreciation in Financial Services.
  • NSE has been publishing Integrated report since past 3 years. Its report is also aligned to the recommendations made in the publication titled “How exchanges can embed sustainability within their operations” published by the United Nations Sustainable Stock Exchanges (SSE) initiative in collaboration with World Federation of Exchanges (WFE). The Global Reporting Initiative (GRI) standards and Sustainability Accounting Standards Board (SASB) standards have been referenced for devising Key Performance Indicators (KPIs) for material topics. Additionally, contributions to the United Nations Sustainable Development Goals (SDGs) have been mapped throughout its report.

Organizational model of stock exchange
  • Demutualized for profit.

Regulatory bodies
Indian Capital Markets are regulated and monitored by the Ministry of Finance, the Securities and Exchange Board of India and the Reserve Bank of India.

The Securities and Exchange Board of India (SEBI) is the regulatory authority established under the SEBI Act 1992 and is the principal regulator for Stock Exchanges in India. SEBI’s primary functions include protecting investor interests, promoting and regulating the Indian securities markets. All financial intermediaries permitted by their respective regulators to participate in the Indian securities markets are governed by SEBI regulations, whether domestic or foreign. Foreign Portfolio Investors are required to register with DDPs in order to participate in the Indian securities markets. More information on: The Reserve Bank of India (RBI) is governed by the Reserve Bank of India Act, 1934. The RBI is responsible for implementing monetary and credit policies, issuing currency notes, being banker to the government, regulator of the banking system, manager of foreign exchange, and regulator of payment & settlement systems while continuously working towards the development of Indian financial markets. The RBI regulates financial markets and systems through different legislations. It regulates the foreign exchange markets through the Foreign Exchange Management Act, 1999. More information on: NSE is governed by SECC Regulations issued by SEBI, SEBI Act, various regulations/ circulars/ guidelines etc. issued there under, RBI directives on forex trading, interest rate futures trading, debt securities trading, Prevention of Money Laundering Act and several other statutes that govern any employer/ corporate body in the country. NSE is a front line regulator with a focus on disciplined market development, market integrity and investor protection.

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


About the stock exchange
Location: Mumbai, India

  • Incorporated in 1992, NSE was recognised as a stock exchange by Securities and Exchange Board of India (SEBI) in April 1993, commenced operations in 1994 and has been consistently ranked as the largest stock exchange in India in terms of total and average daily turnover for equity shares since 1995 (based on SEBI data). It is the largest derivatives exchange globally in terms of the number of contracts traded.
  • NSE is head-quartered in Exchange Plaza, Mumbai, India, with client-facing regional offices in Mumbai, Kolkata, Delhi, Chennai and Ahmedabad. NSE has 25 locations  in India where business is undertaken by the company, including offices in Indore, Kanpur, Pune, Jaipur, Cochin, Hyderabad, Bangalore, Patna, Lucknow, Vadodara, Raipur, Jammu, Shimla, Panjim, Ranchi, Guwahati, Chandigarh, Bhubaneshwar and Dehradun.

Criteria for Stock Exchange Database

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.


Criteria Considered

Country Country of primary residence or registration
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.