海外股票市场发展分析，以印度和日本为例

Listing Rules - NSE requires a minimum paid-up capital of ₹100 million and a market capitalization of at least ₹250 million for IPO listings[2] - BSE mandates a minimum paid-up capital of ₹100 million and a market capitalization of at least ₹250 million[2] - Both exchanges have a 6-month lock-in period for new listings[2] Direct Listing Rules - NSE requires net assets to exceed ₹750 million for the last three fiscal years and a minimum paid-up capital of ₹100 million[2] - BSE requires an average daily trading volume of ₹5 billion in the previous fiscal year for companies listed on national exchanges[2] Trading Fees - Standard trading fees on NSE are 0.00345% of the transaction value, while BSE charges 0.002% for futures trading[5] - Stamp duty is applicable only on buy transactions at a rate of 0.015%[5] Foreign Investment Dynamics - Foreign institutional investors (FIIs) account for approximately 30% of trading volume in the Indian market, with a market capitalization share of about 6.5%[20] - In September 2023, FIIs had a net outflow of ₹188.8 billion, followed by ₹221.1 billion in October 2023, indicating ongoing valuation pressure[25] Market Trends - The Indian derivatives market is predominantly concentrated in NSE, with significant trading volumes in index futures and options, totaling ₹5.9 trillion and ₹62.58 trillion respectively in July 2023[12] - The correlation between domestic liquidity and market valuation is evident, with M2 growth outpacing stock market valuation growth[36]