In 1997, the market governing body of India, Securities and Exchange Board of India (SEBI) granted approval to the proposal of the ICSE to set up a national level stock exchange promoted by 14 regional stock exchanges. Inter-Connected Stock Exchange(ICSE) has set up an Inter-connected Market System (ICMS) which provides its trading members a facility to trade on the national market in addition to the trading facility at the regional stock exchanges. The trading members of the ICSE, who are already the members of the 14 stock exchanges (which are the constituents of the ICSE), satisfy the capital adequacy requirements of the ICSE separately and in addition to the capital adequacy requirements of the regional stock exchange. The ICSE has set up a separate clearing house for settlement of the trades at the national market. The ICSE has also made arrangement to appoint a clearing bank for on-line transfer of funds from regional centres to national centre. The ICSE has an adequate risk management system for safety, integrity of the market and also to protect the interest of the investors. The participating exchanges of ICSE have about 4,500 members and a large number of listed securities. It is a stock exchange of stock exchanges, members of the stock exchanges being traders on the ICSE. The ICSE has provided a highly automated trading system to the traders of the participating regional stock exchanges with direct access to the national level trading platform on an equal footing regardless of the location of the particular stock exchanges.