The market which connects the buyer and seller of shares.
In the IPO Market connects the company and the buyer of stock.
The cash transactions will be between the compnay and the first buyer of the stock. After that all the buying and selling will happen in Stock market or exchange. In India BSE and NSE popular exchanges. the average ups and down of BSE called SENSEX and in NSE it is called NIFTY.
The regulatory body of stock market is SEBI – Stock Exchange Board of India, established in June1992.
SEBI gives the gurantee for the regulations and procedure which should be followed the company. SEBI never give guarantee for your money.