The National Stock Exchange of India Limited (NSE), is a Mumbai-based stock exchange. It is the biggest stock exchange in India and the third biggest in the world in terms of amounts of transactions. NSE is mutually-owned by a set of leading financial institutions, banks, insurance companies and other financial intermediaries in India but its ownership and management operate as separate groups. As of 2006, the NSE VSAT terminals, 2799 in total, cover more than 1500 cities across India. In July 2007, the NSE had a total market capitalization of 42,74,509 crore INR making it the second-largest stock market in South Asia in terms of market-capitalization.