Abstract
The decision to transform an exchange’s governance and ownership structure is influenced by globalized market trend which allows exchanges to gain from the benefits of internationalization and integration. This article examines the impact of demutualization on stock market indicators. Bombay Stock Exchange and National Stock Exchange of India were taken as statistical frame. Wilcoxon sign rank test, Pair sample T-test, and MANOVA were used as statistical techniques. Pre-Post research design was used and data (4 years before and 4years after the demutualization) were collected from the website of the world federation of the exchanges. The result of Wilcoxon sign rank test and Pair sample T-test indicates significant differences in stock index, market capitalization, value of share trading and the number of listed companies before and after the demutualization of Indian stock exchanges. Likewise, the results of MANOVA elucidates significant influence of demutualization on stock market indicators, and conclude that demutualization leveraged Indian stock exchanges to a great extant.
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