Role of Stock ExchangesStock exchanges have multiple roles in the economy. This may include the following: Raising capital for businessesThe Stock Exchange provide companies with the facility to raise capital for expansion through selling shares to the investing public. Common forms of capital raisingBesides the borrowing capacity provided to an individual or firm by the banking system in the form of credit or a loan there are four common forms of capital raising used by companies and entrepreneurs. !ost of these available options might be achieved directly or indirectly involving a stock exchange. Going public"apital intensive companies particularly high tech companies always need to raise high volumes of capital in their early stages. By this reason the public market provided by the stock exchanges has been one of the most important funding sources for many capital intensive startups. #fter the $%%&s and early'(&&&s hi'tech listed companies) boom and bust in the world)s ma*or stock exchanges it has been much more demanding for the high'tech entrepreneur to take his+her company public unless either the company already has products in the market and is generating salesand earnings or the company has completed advanced promising clinical trials earned potentially profitable patents or conducted market research which demonstrated very positive outcomes. This is ,uite different from the situation of the $%%&s to early'(&&&s period when a number of companies -particularly .nternet boom and biotechnology companies/ went public in the most prominent stock exchanges around the world in the total absence of sales earnings and any well'documented promising outcome. #nyway every year a number of companies including unknown highly speculative and financially unpredictable hi'tech startups are listedfor the first time in all the ma*or stock exchanges ' there are even speciali0ed entry markets for this kind of companies or stock indexes tracking their performance -examples include the #lternext "#" Small S1#2 Tec1#2 or most of the third market companies/. Limited partnerships# number of companies have also raised significant amounts of capital through R31 limited partnerships. Tax law changes that were enacted in $%45 in the 6nited States changed the tax deductibility of investments in R31 limited partnerships. .n order for a partnership to be of interest to investors today the cash'on'cash return must be high enough to entice investors. #s a result R31 limited partnerships are not a viable means of raising money for most companies especially hi'tech startups. Venture capital# third usual source of capital for startup companies has been venture capital. This source remains largely available today but the maximum statistical amount that the venture company firmsin aggregate will invest in any one company is not limitless -it was approximately 7$8 million in (&&$ for a biotechnology company/.98: #t those level venture capital firms typically become tapped'outbecause the financial risk to any one partnership becomes too great. Corporate partners# fourth alternative source of cash for a private company is a corporate partner usually an established multinational company which provides capital for the smaller company in return for marketing rights patent rights or e,uity. "orporate partnerships have been used successfully in a large number of cases.!obili0ing savings for investment;hen people draw their savings and invest in shares -through a .inance !inister Shri or the settlement of demateriali0ed securities the Audhiana Stock Exchange has also been linked up with Hational Securities 1epository Atd. -HS1A/.1" Vadodara Stock ExchangeVadodara Stock Exchange or VSE is located in the city of Iadodara in ;estern .ndia. .t was established in $%%& at Iadodara. .t isthe third largest stock exchange in the state of @u*arat after #hmedabad and Ra*kot. .t is recogni0ed by the Securities "ontract -Regulations/ #ct of $%8F as a permanent stock exchange.>rom a humble beginning in $%4F with the Iadodara Stock Brokers) #ssociation having $8& members it was incorporated on January (( $%%& as Iadodara Stock Exchange Aimited. By $%%% the exchange had a total of ?($ brokers of which F8 were corporate brokers (8? were proprietor brokers and ? were partnership brokers. Then there were only 48 sub'brokers registered.1+ Calcutta Stock Exchange >ssociation Limited,-pe Stock ExchangeLocation Molkata .ndiaFounded $%&4($ner The "alcutta Stock Exchange Aimited.e- people Sunil !itra .#S -Retd./-"hairman/B. !adhav Reddy -!1 3 "E=/Currenc- .ndian rupee - /#o of listings (5&&U!arket "ap $E&$E$ "rores -(&&%/Indexes "SE E&/ebsite www.cse'india.comCalcutta Stock Exchange -CSE/ located at the Ayons Range Molkata .ndia was incorporated in $%&4 and is the second largestbourse in .ndia.0istor-.n $4?& the bourse activities in Molkata used to conduct under a neem tree. 9(: The earliest record of dealings in securities in .ndia is the British East .ndia "ompanyGs loan securities. .n $%&4 the stock exchange was incorporated and consisted of $8& members. The present building at the Ayons Range was constructed in $%(4. The "alcutta Stock Exchange has been granted permanent recognition by the "entral @overnment with effect from #pril $E $%4& under the relevant provisions of the Securities "ontracts -Regulation/ #ct $%8F. The "alcutta stock exchange followed the familiar outcry system for stock trading up until $%%5 when it was replaced by an electronic -eTrading/ system known as "'ST#R -"SE Screen Based Trading #nd Reporting/.>llianceBombay Stock Exchange -BSE/ has made a strategic investment in "alcutta Stock Exchange ac,uiring 8Q of its shares.*rofile"ommitteeThe "alcutta Stock Exchange AimitedBoard =f 1irectors Sunil !itra .#S -Retd./ ' Shareholder 1irector and "hairman of the Board B !adhav Reddy ' !anaging 1irector 3 "hief Executive =fficer Satyabrata @anguly ' irst .nvestor acilities "oimbatore Stock Exchange provides well e,uipped facilities to its members and investors. The facilities are library canteen and spacious parking area ST1 and .nternetbooths Bank with security lockers conference hall gymnasium and othernecessary services..n near future the exchange is planning for the implementation of .nterconnected Stock Exchange to bring more business to the center. #part from the infrastructure the exchange is planning for the setup of a Training #cademy Software 1evelopment Research "entre and other useful activities..t also has a plan to set up #dditional Trading >loor -#T>/ which will bring more traffic to the "SE building. ;ide #rea Hetworks through IS#Ts are also in the planning card."1 2nited Stock Exchange of India;2SE