Reformation of the Indian Stock Market The liberalization of the Indian Economy in the early 90's also resulted in the reformation of the Indian Stock Markets. On the Legislative front, regulatory revisions and additions such as the introduction of SEBI Act, 1992 and the repealing of the Capital Issues (Contract) Act, 1947 and the passing of Depositories Act, 1996 resulted in far reaching changes in the Indian Stock Market. SEBI's regulatory role has made the Indian Stock Markets safer and more transparent than it was before. Te rise of institutions like the National Stock Exchange and the National Securities Depository Ltd. totally transformed the stock market scene.Stock Exchange - An OverviewThe Securities Contract (Regulation) Act, 1956 [SCRA] defines `Stock Exchange' as anybody of individuals, whether incorporated or not, constituted for the purpose of assisting, regulating or controlling the business of buying, selling or dealing in securities. Stock exchange could be a regional stock exchange whose area of operation/jurisdiction is specified at the time of its recognition or national exchanges, which are permitted to have nationwide trading since inception. NSE was incorporated as a national stock exchange. The stock exchanges in India, under the overall supervision of the regulatory authority, the Securities and Exchange Board of India (SEBI), provide a trading platform, where buyers and sellers can meet to transact in securities.