Informational Content and Disclosures of Stock Exchange Websites

Stock exchanges are the backbone of the financial markets in any country. The stock exchanges act as institutions for resources mobilization for companies and implement the policy agenda of the government through mandatory disclosures. The website is the apparent face of the stock exchanges through which they communicate with the investors, analyst and researchers. The Internet revolutions and electronic dissemination of corporate information has dramatically increased the role stock exchanges and their websites multifold. The recent crisis in one or other form is an indication of the importance of information to the astute investors.We attempt in this paper a cross examination of the informational content and disclosures of the websites of six prominent stock exchanges including NSE. We also examine the website efficiency on various technical parameters. Our study indicates NSE website as the most efficient on selected parameters. We suggest a framework how the information efficiency can be further improved for these websites in order to be more meaningful to the investors.