<P> The development of Indian security markets began with the launch of the Bombay Stock Exchange (BSE) in July 1875 and Ahmedabad Stock exchange in 1894 . Since then, 22 other exchanges have traded in Indian cities . In 2014, India's stock exchange market became the 10th largest in the world by market capitalisation, just above those of South Korea and Australia . India's two major stock exchanges, BSE and National Stock Exchange of India, had a market capitalisation of US $1.71 trillion and US $1.68 trillion as of February 2015, according to World Federation of Exchanges . </P> <P> The initial public offering (IPO) market in India has been small compared to NYSE and NASDAQ, raising US $300 million in 2013 and US $1.4 billion in 2012 . Ernst & Young stated that the low IPO activity reflects market conditions, slow government approval processes and complex regulations . Before 2013, Indian companies were not allowed to list their securities internationally without first completing an IPO in India . In 2013, these security laws were reformed and Indian companies can now choose where they want to list first: overseas, domestically, or both concurrently . Further, security laws have been revised to ease overseas listings of already - listed companies, to increase liquidity for private equity and international investors in Indian companies . </P>

Define two sectors of development where india is ahead from pakistan