The correct answer is option 1. According to the Constitution of India, the Stock Exchanges are listed under the Union List, and not the State List. The Union List consists of subjects on which only the Central government can make laws, whereas the State List consists of subjects on which only the state governments can make laws.

Option 2, Forest, is correctly matched with the Concurrent List. The Concurrent List consists of subjects on which both the Central and state governments can legislate. This means that laws on forests can be made by both the Central and state governments, although the Central government`s laws will prevail in case of any conflict.

Option 3, Insurance, is correctly matched with the Union List. The Union List includes matters such as defense, foreign affairs, and banking, on which only the Central government can make laws. Insurance is a subject on which only the Central government can legislate.

Option 4, Marriage and Divorce, is correctly matched with the Concurrent List. This means that laws on marriage and divorce can be made by both the Central and state governments. However, in case of any conflict, the Central government`s laws will prevail.

In conclusion, the pair that is not correctly matched is option 1, as Stock Exchanges are listed