Abstract
Emerging Markets (EMs) offer substantial growth opportunities but are simultaneously characterized by high financial volatility, institutional complexity, and structural risks inherent to developing economies. This paper analyzes the effectiveness of integrated risk governance structures in India, specifically examining the operational Financial Risk Management (FRM) frameworks of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE)—collectively referred to as National Stock Exchanges (NSC)—and their alignment with Strategic Planning (SP) objectives, assessed through the lens of the Balanced Scorecard (BSC) framework. Utilizing secondary data from academic journals, SEBI, RBI, and market statistics spanning 2015 to 2025, the study adopts a descriptive and analytical approach. Findings confirm that Indian Market Infrastructure Institutions (MIIs) maintain robust, internationally compliant operational FRM systems, highlighted by dynamic margin regimes (SPAN, Extreme Loss Mar