The traders are connected to Exchange through certified brokers.
During the trading, the trader place the buy/sell order using brokers online trading software. This requested will be passed to exchange through broker, after verifying the deposits in the account. The order will be placed in the queue based on the best buying/ Selling Price and executed when it meets the counter party.
The trading will happen from 9 AM to 3.30PM and the settlement happens after the trading timeline.
Broker is responsible for placing trader’s order to the exchange.
Exchange is the place where trading happens.
SEBI defines the rules and regulations for all stock holders and support/ resolve the functional issues in stock market.
Govt does not have active role in stock marketing other than regulating the activities through SEBI.