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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Vadodara Stock Exchange or VSE is located in the city of Vadodara in Western India. It was established in 1990 at Vadodara. It is the third largest stock exchange in the state of Gujarat after Ahmedabad and Rajkot. It is recognized by the Securities Contract Act of 1956 as a permanent stock exchange. From a humble beginning in 1986 with the Vadodara Stock Brokers'' Association comprising of 150 members, it was incorporated in January 22 1990 as Vadodara Stock Exchange Limited. By 1999, the exchange had a total of 321 brokers, of which 65 were corporate brokers, 253 were proprietor brokers, and 3 were partnership brokers. Then, there were only 85 sub-brokers registered.