Hello Shaunak, I hope you are doing good in studies. Answer to your doubt: The National Stock Exchange (NSE) or Bombay Stock Exchange (BSE) can operate commercially as a listed company while acting as a sovereign-like market regulator because of a statutory structure established by SEBI under the Securities Contracts (Regulation) (SECC) Regulations, 2018. The regulatory framework ring-fences a stock exchange's public utility/regulatory role from its commercial/shareholder obligations, ensuring that public consensus or shareholder profit-motive cannot compromise market integrity. To prevent a direct conflict of interest, SEBI mandates that a stock exchange cannot list on its own platform. BSE is listed on the NSE platform. NSE must list its shares on the BSE platform. This ensures that the regulatory oversight, disclosures, compliance, and surveillance of the exchange as a "listed corporate" are handled entirely by an external, competing platform and SEBI, rather than internally.

Answer given by Shubhamm Sir at 25-Sep-2026 12:12 PM