Stock exchanges are centralized platforms that facilitate the buying and selling of securities like stocks and bonds. In India, the two primary exchanges are the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Exchanges ensure transparency, liquidity, and fair pricing by matching buy and sell orders using electronic systems. When a company decides to go public, it lists its shares on an exchange through an IPO. Once listed, shares are freely traded among investors. Every trade occurs through a network of brokers who are registered members of the exchange. Each transaction is settled via a clearing house that ensures the transfer of funds and securities. Exchanges also play a regulatory role by ensuring that listed companies follow disclosure norms and investors are protected. Price discovery on exchanges is driven by demand and supply dynamics. Real-time trading data, market depth, and historical charts help traders make informed decisions. This module explains how trades are executed, what role exchanges play in market regulation, and how technology has transformed trading from physical floors to online platforms. It’s crucial for beginners to understand how exchanges operate to navigate the stock market confidently.