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Different rules probably. In Sweden we got Nasdaq Stockholm and First North. Both owned by Nasdaq and operates out of the same building. First North has more lax rules and generally meant for smaller companies.

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Nasdaq Stockholm also has substantially lower listing fees than Nasdaq USA.

Not in any way to diminish the Swedish markets, but that's partially because Nasdaq and NYSE know they can sell 'status' in listing on their US markets.

Similar in India, there is BSE and NSE

Is one has lax rules over the other? I doubt it. Besides there are SME Exchanges run by both of these for smaller companies (small and medium enterprises).

BSE makes me think of Mad Cow Disease [1], quite the bull market.

1: https://en.wikipedia.org/wiki/Bovine_spongiform_encephalopat...

Though I would think that India would be the least likely to have any of this type of BSE due to their reverence for the cow. It works out for them as a cultural inoculation against an insidious affliction.

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