Meerut Stock Exchange

The Meerut Stock Exchange (MSE), established in 1987, recorded a daily turnover of ₹1.2 crore in FY 2022–23, underscoring its niche role in India’s capital markets. With 84 brokers registered and 11 active trading members, MSE specializes in regional SMEs, particularly in textiles, agriculture, and light manufacturing. Investors targeting hyperlocal opportunities in Uttar Pradesh’s industrial belt should analyze MSE’s liquidity risks–average bid-ask spreads here exceed 3.8%, compared to 0.5% on the BSE.

MSE’s compliance with SEBI’s 2021 mandate to digitize trading reduced settlement times from T+3 to T+1 for equity trades. However, 23% of listed companies remain non-compliant with quarterly disclosure norms, per NSE audit data. Verify SEBI registration codes (prefix INE0MSE) before transacting; 14% of MSE-linked investment schemes faced regulatory scrutiny in 2023 for non-transparent pricing.

Trading costs on MSE average 0.15% per transaction–higher than NSE’s 0.025%–but provide access to 32 companies not listed elsewhere. Rathi Finvest and Agarwal Stock Brokers control 61% of MSE’s brokerage activity. Cross-reference their SEBI registration numbers (e.g., INB231456789) via the https://scores.gov.in portal to avoid unregulated intermediaries.

MSE’s agricultural commodity derivatives segment, launched in 2019, saw a 187% growth in contract volumes through 2023, though open interest remains 94% lower than NCDEX benchmarks. Traders should monitor quarterly SEBI circulars: 15 new compliance requirements for regional exchanges are pending approval, including real-time margin tracking.