Stock Exchange Reforms — Mains Questions

Analyze the impact of major stock exchange reforms since 1991 on the efficiency, transparency, and investor confidence in the Indian capital market. Discuss the challenges that still persist.

The establishment of the National Stock Exchange (NSE) and the introduction of dematerialization were watershed moments in India's capital market reforms. Elaborate on their significance and how they collectively transformed the market microstructure.

Discuss the role of SEBI in driving stock exchange reforms and ensuring investor protection in India. How have recent developments like T+0 settlement and fintech integration influenced its regulatory approach?