Madhya Pradesh Stock Exchange

Immediately reassess any investment strategy tied to the Madhya Pradesh Stock Exchange (MPSE). Operational suspension since 2015, triggered by SEBI’s mandate for regional exchanges to maintain a minimum annual turnover of ₹1,000 crore, renders MPSE inactive for trading. Investors currently holding MPSE-linked assets must pivot to nationally recognized platforms like NSE or BSE for liquidity.

Established in 1984 and headquartered in Indore, MPSE once served as a hub for small and medium enterprises (SMEs), peaking at 350 listed companies by 2008. However, liquidity constraints and compliance failures led to a steep decline, with daily turnover dropping below ₹2 lakh by 2012. Today, the exchange functions primarily as a historical reference, with its physical infrastructure repurposed for training programs by the Indore Institute of Management.

For analysts and policymakers, MPSE’s regulatory challenges–including a 2014 SEBI audit revealing governance gaps in 60% of its listed firms–offer lessons on regional exchange sustainability. Researchers can access MPSE’s archived trade data via the NSE’s Exchange Historical Data Portal, while SMEs should prioritize SEBI’s ICDR Regulations 2018 for compliant fundraising. Brokerages formerly registered with MPSE must update certifications through SEBI’s SCORES platform to avoid operational penalties.