Define and explain the term ‘Stock Exchange’.

According to Pyle, “Stock Exchanges are market places where securities that have been listed thereon, may be bought and sold for either investment or speculation.” It refers to an organised market where securities issued by companies, government organisations and semi-government organisations are sold and purchased. Securities include shares, debentures, bonds etc. Stock exchange shows the industrial development of a country which provides information about economic development of country. Hence, stock exchange is also known as barometer of economic development.