Which of the following is not associated with Bombay Stock Exchange?

Answer & explanation

Correct answer: option 2

The correct answer is Option (2) → Launched the capital market segment in November 1994

Option (1) Asia's first Stock Exchange, established in 1875 — Associated with BSE (Incorrect). BSE was set up in 1875 and was the first stock exchange in Asia.
Option (2) Launched the capital market segment in November 1994 — Not associated with BSE (Correct). This belongs to the National Stock Exchange (NSE). NSE started work in 1994 with its wholesale debt market segment. It launched its capital market segment, a trading platform for equities, in November 1994. By then BSE had been working for more than a hundred years.
Option (3) Permanent recognition under Securities Contract (Regulation) Act, 1956 — Associated with BSE (Incorrect). BSE was granted permanent recognition under this Act.
Option (4) Established as the Native Share Stock Brokers Association in 1875 — Associated with BSE (Incorrect). This was the name under which BSE began.

Note: Although the chapter ‘Financial Markets’ was dropped from the NCERT textbooks during rationalisation, it has stayed in the NTA syllabus every year since 2022, except for 2025, and it is part of the syllabus again from 2026. This question is therefore based on the pre-rationalised NCERT, an extract from which is given below.

NCERT (Pre-rationalised Edition): “BSE (BOMBAY STOCK EXCHANGE LTD.) … BSE Ltd (formerly known as Bombay Stock Exchange Ltd) was established in 1875 and was Asia’s first Stock Exchange. It was granted permanent recognition under the Securities Contract (Regulation) Act, 1956. It has contributed to the growth of the corporate sector by providing a platform for raising capital. It is known as BSE Ltd but was established as the Native Share Stock Brokers Association in 1875. …”

“The National Stock Exchange is the latest, most modern and technology driven exchange. It was incorporated in 1992 and was recognised as a stock exchange in April 1993. It started operations in 1994, with trading on the wholesale debt market segment. Subsequently, it launched the capital market segment in November 1994 as a trading platform for equities and the futures and options segment in June 2000 for various derivative instruments. …”