The two parts of the market have organisational differences also. The exchanges have, organizationally speaking physical existence and are located in a particular area. The NIM is not rooted in any particular spot and has no geographical existence has neither any tangible form any administrative organisational set up like that of stock nor is it subjected to control and administration for the consummation. It is recognized only by the services that it renders to the lenders and borrowers of at the time of any particular operation. The precise nature of the specials duties provided by the NIM is described in a subsequent section.
Nevertheless, in spite of organisational and functional differences, the NIM and the stock exchange are inseparably connected.