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A Stock exchange or securities market is an organised market where listed

securities are purchased & sold for investment or speculation.

SEBI (Securities & exchange board of India) in 1988

SCRA (Securities contracts (Regulation) Act) in 1956

Types of operators


1. Buys/sells on behalf of outsider

2. Charges Brokerage
3. Not specialize in particular security

Jobbers: (Mumbai stock exchange-Tarawaniwala)

1. Buys/sells on his own behalf

2. Profit from price difference
3. Specializes in one security
4. Not prohibited from selling/buying securities on behalf of others
Bulls: (Tejiwala)
1. Expects rise in price
2. Buys securities to sell them in future
3. Conditions when dominated----BULLISH MARKET
4. Bulls liquidation

Bears: (Mandiwala)

1. Expects fall in price

2. Sells securities for future delivery
3. Conditions when dominated----BEARISH MARKET