Q.Define Stock Exchange according to Hastings.

Hastings defined the stock exchange broadly as all the places where securities are bought and sold by buyers, sellers or their agents.

Hastings' definition views the stock exchange in a wide sense. In his words the idea is that a stock exchange, or securities market, comprises all the places where buyers and sellers of stocks and bonds — or their representatives — undertake transactions involving the sale of securities.

The key points to note for a two-mark answer are:

• It is a market or place (not merely a single building) for dealing in securities.
• The dealings are in stocks, shares, bonds and similar securities. …