National Stock Exchange of India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 10.71×
- Big non-institutionalbNII · above ₹10 lakh
- 7.23×
- Small non-institutionalsNII · ₹2–10 lakh
- 3.92×
- Retail individualRII · up to ₹2 lakh
- 1.23×
- Employeesreserved quota
- 2.26×
Issue details
- IPO date
- 17 Sep 2026 – 21 Sep 2026
- Listing date
- 24 Sep 2026
- Face value
- ₹1 per share
- Price band
- ₹1700 – ₹1785
- Issue price
- ₹1,785 per share
- Lot size
- 8 shares
- Listing at
- NSE
- Total issue size
- ₹22,569 Cr
- ISIN
- INE721I01024
- CIN
- U67120MH1992PLC069769
- Registered office
- Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai 400 051, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 2,52,07,867 | 28.58% | 28.44% |
| NII (HNI) | 1,89,00,483 | 21.43% | 21.32% |
| bNII > ₹10L · within NII | 1,26,00,322 | — | 14.21% |
| sNII < ₹10L · within NII | 63,00,161 | — | 7.11% |
| Retail (RII) | 4,41,01,125 | 50.00% | 49.75% |
| Employee | 4,33,436 | — | 0.49% |
| Total issue | 8,86,42,911 | — | 100.00% |
Net offer to the public of 8,82,09,475 shares, out of a total issue of 8,86,42,911. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 8 shares per lot, in multiples, at ₹1,785
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 8 | ₹14,280 |
| Retail (max) | 14 | 112 | ₹1,99,920 |
| S-HNI (min) | 15 | 120 | ₹2,14,200 |
| S-HNI (max) | 70 | 560 | ₹9,99,600 |
| B-HNI (min) | 71 | 568 | ₹10,13,880 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
₹1,785 per share
| Metric | Pre-issue | Post-issue |
|---|
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 18,713.37 | 19,176.83 | 16,352.06 |
| Revenue from operations | 16,601.31 | 17,140.68 | 14,780.01 |
| Other income | 2,112.06 | 2,036.15 | 1,572.05 |
| Total expenses | 5,999.9 | 4,806.29 | 3,608.78 |
| Operating profit | 12,713.47 | 14,370.54 | 12,743.28 |
| Operating margin | 67.94% | 74.94% | 77.93% |
| Profit before tax | 13,895.58 | 15,474.78 | 11,184.28 |
| Profit after tax | 10,302.06 | 12,187.69 | 8,305.74 |
| PAT margin | 55.05% | 63.55% | 50.79% |
| Balance sheet | |||
| Total assets | 87,937.44 | 69,466.64 | 65,463.98 |
| Current assets | 68,825.72 | 46,984.3 | 42,559.3 |
| Current liabilities | 41,829.16 | 26,106.28 | 31,711.87 |
| Total liabilities | 42,744.75 | 27,038.06 | 32,632.86 |
| Net worth | 32,113.54 | 30,353.33 | 23,973.88 |
| Current ratio | 1.65× | 1.80× | 1.34× |
| Return on equity | 32.08% | 40.15% | 34.64% |
| Cash flow | |||
| Operating cash flow | 23,836.18 | 4,091.49 | 29,744.28 |
| Investing cash flow | -45.87 | -5,430.98 | -8,463 |
| Financing cash flow | -8,808.85 | -4,599.75 | -3,993.69 |
| Net cash flow | 14,981.46 | -5,939.24 | 17,287.59 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Offer for Sale by Selling Shareholders —
The company is conducting an Offer for Sale of up to 126,436,650 Equity Shares of face value of ₹1 each by certain Selling Shareholders. Each Selling Shareholder will be entitled to its respective portion of the proceeds after deducting Offer-related expenses and relevant taxes.
2 Achieve Benefits of Listing on BSE —
The company aims to achieve the benefits of listing the Equity Shares on BSE. The listing is expected to enhance the company's visibility and brand image, provide liquidity to Shareholders and establish a public market for the Equity Shares in India.
2 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About National Stock Exchange of India
National Stock Exchange of India Limited (NSE) is India's premier stock exchange, incorporated in 1992 and commenced operations in 1993. The exchange provides a comprehensive range of trading platforms and services including cash market trading in equities, exchange-traded funds (ETFs), government securities, and bonds; derivatives trading in equity futures and options; and clearing and settlement services through its subsidiaries. NSE generates revenue from transaction charges on trades executed across its various segments (79.44% of revenue in Q1 FY2026), listing services from listed entities, data feed and terminal services, data connectivity charges for colocation facilities, and licensing services. The company operates as a market infrastructure institution providing equal and transparent access to market participants and maintains critical systems for the Indian capital markets.
Management
Shri Srinivas Injeti
CEO
Shri Ashishkumar Chauhan
MD
Shri Veneet Nayar
Director
Prof. G. Sivakumar
Director
Strengths
As stated in the offer document
Market Leadership Position in India
The company has been the largest stock exchange in India in terms of total turnover in cash market and equity derivatives from Fiscal 2001 to Fiscal 2026, with market share of 92.99% in cash market and 99.79% in equity futures in Fiscal 2026.
Global Leadership in Trading Volume
The company was the largest multi-asset class exchange globally in terms of number of trades in cash equities (11.38% global market share) and contracts traded in equity derivatives (51.18% global market share) in Fiscal 2026.
Comprehensive Capital Formation Platform
The company enabled mobilisation of ₹4.78 trillion in equity capital and facilitated Total Fund Mobilisation of ₹20.33 trillion through its platform in Fiscal 2026, serving as a key catalyst for India's capital formation.
Extensive Investor Base and Geographic Reach
The company serves 132.37 million Unique Registered Investors across over 99% of Indian postal codes as of June 30, 2026, with 3,005 Listed Entities and Market Capitalisation of ₹474.08 trillion.
Vertically Integrated Business Model
The company operates a comprehensive platform offering trading, clearing, listing and other services through a single integrated platform with unified membership, technology, and risk management framework enabling capital-efficient operations.
Robust Technology Infrastructure Built for Scale
The company's platform processed 21.89 billion peak order messages in a single day and can process ~5 million messages per second with microsecond response time, supported by seven data centres with zero data breach incidents in Fiscals 2024-2026.
Strong Financial Performance and Profitability
The company achieved revenue growth CAGR of 5.98% from Fiscal 2024 to 2026, with Operating EBITDA Margin of 66.85% in Fiscal 2026 and Profit After Tax Margin of 50.98%, demonstrating sustained profitability and cash generation.
Dominant Index and Data Services Business
The company's Nifty Indices captured 72.59% market share of Total AUM of India Passive Funds (₹8.95 trillion as of June 2026) and are tracked by 76.89% of index fund and ETF schemes in India.
Leading Clearing and Settlement Infrastructure
The company's subsidiary NCL is the largest clearing corporation in India with market share of 88.42% in cash market and 91.04% in equity derivatives in Fiscal 2026, maintaining Core Settlement Guarantee Fund of ₹133,923.06 million as of June 30, 2026.
Strong Brand and Regulatory Trust
The company operates as a 'first level regulator' and Critical Information Infrastructure entity, maintaining strong governance standards with majority public interest directors on Governing Board, fostering trust across market cycles through transparent operations.
Risk factors
As stated in the offer document
Significant Dependence on Trading Volume and Transaction Charges
The company derives 79.44% of revenue from transaction charges, with options business contributing 60.17% of total revenue. Any significant decrease in trading volumes could severely impact financial performance, particularly given regulatory measures that reduced revenue from transaction charges by 4.24% in Fiscal 2026.
Concentration Risk from Top Trading Members
The company derived 47.00% of revenue from its top ten trading members in the three months ended June 30, 2026. Loss or reduced activity of key trading members could materially impact revenues and business operations.
Extensive Regulatory Oversight and Enforcement Actions
The company operates under strict SEBI oversight and has been subject to enforcement actions, monetary penalties, and adjudication proceedings. Settlement amounts totaling ₹14,912.07 million have been paid for colocation and dark fiber matters, with ongoing regulatory scrutiny posing continued risks.
Technology Infrastructure and System Disruption Risks
The company's business depends on continuous, reliable IT infrastructure. Past system failures have led to trading halts lasting over 5 hours and financial penalties of ₹60.40 million. Technology-related operating expenses represent 8.01% of revenue, with significant ongoing capital expenditure requirements.
Cybersecurity and Data Protection Vulnerabilities
The company faces cybersecurity risks including distributed denial of service attacks experienced in 2025. Any successful cyberattack could disrupt operations, compromise sensitive data, and result in regulatory penalties up to ₹2,500 million under the Digital Personal Data Protection Act.
Risk Management and Settlement Guarantee Fund Adequacy
The company maintains Core Settlement Guarantee Fund of ₹133,923.06 million as of June 30, 2026. In extreme stress scenarios with multiple clearing member defaults, the fund may prove insufficient, potentially requiring additional contributions that could impact profitability and dividend capacity.
Clearing Corporation Interoperability Competition
NCL's market share declined to 86.63% in cash market and 91.20% in equity derivatives in Q1 2026 from 94.24% and 95.67% respectively in Fiscal 2025. Increased competition from interoperability may reduce clearing revenues and operational control.
Outstanding Legal Proceedings and Contingent Liabilities
The company faces contingent liabilities totaling ₹122,260.83 million (34.95% of net worth), including competition law penalties of ₹9,124.90 million and various regulatory proceedings. Adverse outcomes could materially impact financial condition.
Company Analysis
from PROSPECTUSNational Stock Exchange of India Limited operates India's leading stock exchange providing securities trading, clearing and settlement, data services, and market infrastructure across cash equities, derivatives, mutual funds, and fixed income products.
National Stock Exchange of India Limited (NSE) is India's premier stock exchange, incorporated in 1992 and commenced operations in 1993. The exchange provides a comprehensive range of trading platforms and services including cash market trading in equities, exchange-traded funds (ETFs), government securities, and bonds; derivatives trading in equity futures and options; and clearing and settlement services through its subsidiaries. NSE generates revenue from transaction charges on trades executed across its various segments (79.44% of revenue in Q1 FY2026), listing services from listed entities, data feed and terminal services, data connectivity charges for colocation facilities, and licensing services. The company operates as a market infrastructure institution providing equal and transparent access to market participants and maintains critical systems for the Indian capital markets.
Objects of the Issue
- Offer for Sale ₹[●] million (up to 126,436,650 equity shares of face value of ₹1 each) p.3
- Offer for Sale - No proceeds to the Company p.83
- Offer for Sale by Selling Shareholders ₹[●] million (up to 126,436,650 equity shares) p.133
- Achieve benefits of listing on BSE p.133
Issue Structure
- Total Issue
- Up to 126,436,650 Equity Shares of face value of ₹1 each aggregating to ₹[●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 126,436,650 Equity Shares of face value of ₹1 each aggregating to ₹[●] million
- Price Band
- [●] per Equity Share (Floor Price: ₹[●]; Cap Price: ₹[●])
- Lot Size
- [●] Equity Shares of face value of ₹1 each and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹1 per Equity Share
Business Model
NSE generates revenue through transaction charges levied on trading members for trades executed across cash market, futures, options, mutual fund platform, and other products (79.44% of revenue from operations in Q1 FY2026); listing fees from companies listing on its platforms; data feed and terminal services (3.28% of revenue in Q1 FY2026); data connectivity charges and data centre rack charges for colocation services (6.96% of revenue in Q1 FY2026); licensing services for index licensing and data subscriptions (0.97% of revenue in Q1 FY2026); clearing and settlement services (1.81% of revenue in Q1 FY2026); and other operating revenues from investment of funds related to operating activities (5.13% of revenue in Q1 FY2026).
Business Segments
SWOT Analysis
- • Established market infrastructure institution with long operational history(p.3)
- • Diversified revenue streams across multiple market segments and services(p.33)
- • Dominant market position with significant transaction volumes(p.33)
- • Dominant market position in equity derivatives with 91.04% NCL clearing market share in FY2026(p.44)
- • Strong clearing operations across multiple segments (cash, F&O, currency derivatives, IRF)(p.44)
- • Substantial Core Settlement Guarantee Fund (Core SGF) corpus of ₹133,923.06 million as of June 30, 2026(p.59)
- • Significant investment in technology infrastructure with IT capex as 71.94% of total capex in FY2026(p.47)
- • Launched integrated digital platform NSEIXGA enabling Indian residents and overseas investors to seamlessly invest in global markets(p.70)
- • Strong revenue generation from diversified transaction-based income streams(p.74)
- • Established market position with significant trading volumes and liquidity in Indian securities market(p.75)
- • Largest stock exchange in India by turnover and derivatives volumes(p.136)
- • Global leadership in equity derivatives and options trading(p.136)
- • Massive investor base of 132.37 million registered accounts(p.136)
- • First-mover advantage in electronic trading and clearing infrastructure(p.137)
- • Strong technical infrastructure with high processing capacity(p.137)
- • Robust risk management with strong settlement guarantee funds(p.137)
- • High profitability with strong margins and cash generation(p.137)
- • Designated as Critical Information Infrastructure by NCIIPC(p.137)
- • Largest stock exchange in India across cash market, equity derivatives and currency derivatives(p.215)
- • Global leadership in equity derivatives and cash equity trading volume(p.215)
- • Dominant clearing and settlement capabilities through NCL(p.215)
- • High profitability and operating efficiency compared to global peers(p.211)
- • Broad investor base across 99% of Indian postal codes(p.215)
- • Leading position in index licensing for passive investing(p.216)
- • Technology resilience and low outage rate compared to global peers(p.199)
- • Strong revenue growth with diversified revenue streams(p.211)
- • Largest stock exchange in India with dominant market share across cash market, derivatives, and other instruments(p.230)
- • First-mover advantage with innovative product launches including fully automated screen-based trading system and exchange-traded currency derivatives(p.220)
- • Vertically integrated business model with trading, clearing, settlement, and data services(p.221)
- • Robust technology infrastructure designed for scale with high processing capacity(p.219)
- • Strong brand synonymous with trust, efficiency and transparency in Indian capital markets(p.218)
- • Comprehensive surveillance and risk management framework to protect market integrity(p.218)
- • Protective clearing and settlement infrastructure with strong guarantee mechanisms(p.219)
- • Financial inclusion initiatives promoting market participation across geographies and investor classes(p.219)
- • World's largest derivatives exchange by trading volume for 7th consecutive year(p.257)
- • Second position in cash market trades globally in 2024(p.257)
- • Massive scale: 110+ million unique investors and 220+ million investor accounts(p.257)
- • Market capitalization leadership: Listed companies surpassed ₹416.57 trillion ($5 trillion)(p.257)
- • Leading IPO facilitator: 220 IPOs raising ₹1.78 trillion in 2025(p.257)
- • Strong SME ecosystem: NSE EMERGE crossed 650 SME listings with ₹180,000 million raised(p.257)
- • Strong cash clearing and settlement subsidiary (NSE Clearing Limited) with consistent profitability(p.260)
- • Diversified subsidiary portfolio with strong financial performance in data and indices(p.266)
- • Substantial Core Settlement Guarantee Fund with multi-segment coverage(p.376)
- • Diversified investment portfolio across quoted and unquoted instruments(p.352)
- • Strong cash position and liquidity management(p.355)
- • Structured investment platforms for capital deployment(p.353)
- • Dominant market position with consistent revenue growth across transaction charges(p.420)
- • Diversified revenue streams beyond transaction charges, including high-growth data services(p.420)
- • Strong liquidity and cash generation from operations(p.433)
- • Growing listing services revenue and market activity(p.420)
- • Substantial treasury investments providing financial flexibility(p.433)
- • Market-leading position in securities clearing and settlement(p.460)
- • Established regulatory recognition and approvals from SEBI and RBI(p.468)
- • High concentration of revenue from derivatives trading (options and futures)(p.34)
- • Dependency on top ten trading members for significant portion of revenue(p.34)
- • Decline in transaction charge revenue in FY2026(p.34)
- • Significant decline in futures business revenue(p.34)
- • High customer concentration with top 10 trading members accounting for 46.78% of revenue in FY2026(p.36)
- • Declining NCL market share in cash market (88.42% in FY2026 from 94.24% in FY2025) due to interoperability(p.44)
- • Some subsidiaries incurring losses with NAL Academy Limited showing ₹(57.00) million loss in Q3 FY2026(p.53)
- • Dependence on third-party service providers with Vendor 1 accounting for 1.23% of FY2026 revenues(p.48)
- • Multiple regulatory violations and compliance lapses including non-compliance with SEBI Listing Regulations(p.60)
- • Previous enforcement actions and settlements totaling ₹6,430.53 million for TAP Architecture issues(p.39)
- • Substantial contingent liabilities from pending litigation and regulatory enforcement actions(p.92)
- • Concentrated investment in Subsidiaries and Associates with no guaranteed dividend returns(p.70)
- • Significant unspent CSR obligations that must be deployed within three years or face penalties(p.71)
- • Governance restrictions limiting shareholder influence due to Public Interest Director appointment process not requiring shareholder approval(p.71)
- • Disputes with Associates causing dilution of economic interests and reputational impact(p.70)
- • Regulatory restrictions severely limiting capital raising flexibility through shareholding caps(p.71)
- • Outstanding litigation including material civil and criminal cases(p.122)
- • Past regulatory compliance issues with RBI filing delays(p.122)
- • Declining equity derivatives volumes due to regulatory changes(p.206)
- • High dependence on transaction charges revenue(p.179)
- • Limited revenue diversification in data and index licensing(p.177)
- • Exposure to commodity derivatives volatility and market share fluctuations(p.174)
- • High dependence on transaction charges as primary revenue source creating earnings volatility(p.230)
- • Significant capital expenditure requirements for technology infrastructure maintenance and upgrades(p.223)
- • Dependence on Nifty indices and Indian capital market for significant portion of revenue and brand value(p.234)
- • Exposure to regulatory changes and compliance requirements that could increase operational costs(p.248)
- • Newly-established international exchange (NSEIX) generating losses(p.262)
- • High concentration in subsidiary investments through NSE Investments Limited(p.260)
- • Dependent on single clearing subsidiary for clearing and settlement operations(p.260)
- • Recently-established Administration subsidiary (NASL) operating at a loss(p.262)
- • No identifiable promoter resulting in potential governance dispersal(p.302)
- • Reliance on unaudited financial information from subsidiaries and associates(p.313)
- • Significant regulatory penalties and ongoing SEBI adjudication matters with uncertain outcomes(p.307)
- • Substantial provision made for SEBI-related penalties affecting profitability(p.308)
- • Significant regulatory settlement liabilities and contingent obligations(p.373)
- • High contingent liabilities from regulatory and legal disputes(p.375)
- • Concentration of assets in clearing services segment(p.367)
- • Elevated tax disputes and contested demands(p.375)
- • Significant dependence on top 10 trading members for revenue generation(p.437)
- • Substantial litigation exposure and settlement costs(p.421)
- • Significant recent SEBI enforcement actions and penalties settled(p.453)
- • High capital expenditure requirements for technology infrastructure(p.435)
- • Significant regulatory enforcement history and multiple SEBI penalty orders(p.464)
- • Substantial tax litigation involving subsidiary NSE Clearing Limited(p.463)
- • Litigation involving subsidiary NSE Investments over shareholder dilution(p.461)
- • Multiple unresolved civil litigation matters affecting investor protection(p.461)
- • Expansion of ancillary services and new product offerings(p.33)
- • Potential growth from increased retail investor participation(p.33)
- • Expansion of listing services and market segments(p.20)
- • GIFT City expansion with NSEIX holding 99.62% market share in equity derivatives at GIFT IFSC as of June 30, 2026(p.68)
- • Strategic partnerships with global exchanges including SGX Connect launched July 3, 2023(p.68)
- • Data monetisation through NSE Indices Limited and NSE Data & Analytics Limited with licensing services growing to ₹1,518.45 million in FY2026(p.52)
- • Expansion into new asset classes including electricity futures and coal trading(p.61)
- • International operations with NSEIX launching innovative products like 0DTE Options in FY2026(p.69)
- • Expand international market connectivity through NSEIXGA and global investor access(p.70)
- • Capture growing household financial asset allocation from high liquidity decade(p.75)
- • Benefit from India's economic growth and capital market development trends(p.74)
- • India becoming world's third-largest economy by Fiscal 2032(p.161)
- • Rapid expansion of investor base and financialisation of savings(p.169)
- • Rising household incomes and middle-class expansion(p.162)
- • Structural shift from physical to financial assets(p.166)
- • Large pool of investable enterprises through growing start-up ecosystem(p.164)
- • Strong demand for IPOs and capital raising on NSE platform(p.167)
- • Expansion of GIFT City and international trading capabilities(p.137)
- • Expansion of index-linked passive investing products(p.186)
- • Growth of corporate bond market and debt capital formation(p.183)
- • Expansion of GIFT City international financial services(p.205)
- • Capital formation through primary market IPOs(p.211)
- • SME and smaller company listings ecosystem growth(p.173)
- • Data monetization and analytics services expansion(p.179)
- • Technology exports and licensing to emerging markets(p.205)
- • Rising household financialization and retail investor participation(p.216)
- • Expansion into new asset classes and unorganized markets through new product launches(p.227)
- • Growing financialisation of savings and expanding participant base creating network effects(p.217)
- • Expanding geographic reach with growing AUM contribution from beyond tier-1 cities(p.217)
- • Deepening global capital allocation to India and indexation creating strong tailwinds for index-linked products(p.217)
- • Strong growth potential in international markets through GIFT City and global partnerships(p.228)
- • Data monetization opportunities through comprehensive market data ecosystem as AI and systematic investing grow(p.228)
- • Strong pipeline of capital formation through robust listing services and growing IPO activity(p.225)
- • Emerging social capital markets and ESG-focused investing as new revenue and impact opportunities(p.219)
- • Expansion of commodity derivatives trading across metals and energy products(p.257)
- • Growth in municipal bonds and government securities markets(p.257)
- • Social Stock Exchange and ESG-aligned securities issuance platform expansion(p.257)
- • International expansion through IFSC and cross-border trading infrastructure(p.256)
- • Technology-enabled settlement innovations (T+0 settlement)(p.256)
- • Emerging asset classes and digital infrastructure (electronic gold receipts, national coal exchange)(p.257)
- • Expansion of indices and analytics products through subsidiaries(p.257)
- • Expansion of data and analytics services revenue streams(p.362)
- • Growth in listing services and capital market infrastructure(p.362)
- • Development of modernised technology platforms and infrastructure(p.351)
- • Expansion of interoperability framework and clearing corporation services(p.375)
- • Expansion of data services and connectivity offerings(p.420)
- • Growth in clearing and settlement services revenue(p.420)
- • Expansion of index licensing services and Nifty Indices(p.420)
- • Growing data centre and colocation rack utilization(p.420)
- • Increased market participants and ADTV growth(p.420)
- • Expansion of derivative products across multiple segments(p.467)
- • Growth in commodity and interest rate derivatives markets(p.468)
- • New platform capabilities for debt securities and government securities trading(p.468)
- • SME platform and institutional trading opportunities(p.468)
- • Adverse macroeconomic conditions affecting market participation(p.33)
- • Geopolitical risks and global market disruptions(p.33)
- • Migration to alternative asset classes reducing platform demand(p.33)
- • Regulatory interventions restricting derivatives trading(p.34)
- • Increased competition from alternative trading venues and asset classes(p.34)
- • Regulatory scrutiny of intermediaries affecting market participation(p.34)
- • Regulatory scrutiny and enforcement actions from SEBI with multiple show cause notices and settlement orders requiring ₹14,912.07 million payment for colocation, dark fibre and governance matters(p.52)
- • Major technical glitch on February 24, 2021 causing complete trading halt for 5 hours 24 minutes across all segments(p.40)
- • Intense competition from other exchanges with equity options market share declining to 68.48% in Q3 FY2026 from 87.43% in FY2025(p.57)
- • Interoperability framework enabling participants to clear through other clearing corporations, reducing NCL volumes(p.57)
- • Cybersecurity threats including 395 million DDoS attack hits in 11 minutes in May 2025 on NSE website(p.43)
- • Increased STT rates on equity derivatives effective April 2026 including increase from 0.02% to 0.05% on equity futures sales(p.57)
- • Regulatory restrictions on new products with SEBI circular mandating single weekly expiry per exchange for index derivatives(p.57)
- • Withdrawal of ESMA recognition for NCL and NSEICC as third country CCPs under EMIR as of April 30, 2023(p.68)
- • Litigation risks from MCX Stock Exchange with ₹8,569.90 million compensation claim pending before NCLAT(p.65)
- • Dependence on connectivity and third parties with critical systems experiencing operational disruptions historically(p.40)
- • Complex and evolving international regulations creating operational and legal risks for foreign operations(p.70)
- • Potential economic slowdown and reduced investment activity affecting transaction volumes and revenues(p.74)
- • Risk of household savings reverting from financial assets to physical assets like gold and real estate(p.75)
- • Global financial instability and geopolitical conflicts causing market volatility and capital outflows(p.75)
- • Foreign portfolio investor outflows due to high Indian market valuations and global capital reallocation(p.75)
- • Increased regulatory scrutiny and potential enforcement actions under Competition Act(p.76)
- • Rising inflation increasing operational costs that may not be offset by revenue growth(p.76)
- • Natural disasters, pandemics and climate change disrupting operations and capital markets(p.81)
- • Potential sovereign credit rating downgrade affecting investor confidence and market conditions(p.75)
- • Global competition from leading international exchanges(p.136)
- • Regulatory changes in capital markets and tax regimes(p.137)
- • Market cyclicality and volatility affecting trading volumes(p.141)
- • Dependence on transaction-based revenue subject to market conditions(p.141)
- • Market penetration remains lower than developed economies(p.167)
- • Technology risks and system failures affecting market infrastructure(p.205)
- • Cybersecurity risks and data breach exposure(p.205)
- • Reversal of liquidity super-cycle and shift to physical assets(p.205)
- • External shocks and geopolitical disruptions affecting market flows(p.206)
- • Monetary policy tightening reducing trading activity and valuations(p.206)
- • Regulatory restrictions limiting derivatives trading and competition between exchanges(p.206)
- • Tighter regulations on capital market intermediaries and liquidity providers(p.207)
- • Market infrastructure capacity constraints from accelerated settlement cycles(p.206)
- • Competitive pressure from BSE and international exchanges for trading and listing market share(p.240)
- • Index competition from global providers with established international brands and relationships(p.240)
- • Regulatory changes and compliance risks including securities market reforms and new regulations(p.247)
- • Systemic risks and market volatility impacting trading volumes and participant participation(p.230)
- • Technology disruption and cybersecurity threats to exchange operations and market integrity(p.223)
- • Economic downturn and currency depreciation affecting capital market activity and investor participation(p.232)
- • Foreign investment restrictions and ownership regulations limiting global investor participation(p.247)
- • Regulatory changes and SEBI compliance requirements affecting operations(p.289)
- • Competition from BSE and international exchanges in domestic and global markets(p.273)
- • Dependency on market volatility and investor participation for revenue generation(p.257)
- • Technology and cybersecurity risks affecting trading platform stability(p.258)
- • Ongoing regulatory enforcement actions and compliance risks(p.373)
- • Significant litigation and compensation claims from market participants(p.374)
- • Market competition impacting clearing and trading services revenue(p.366)
- • Systemic risks from clearing corporation guarantees and collateral obligations(p.375)
- • Exposure to trading volume volatility and market conditions(p.420)
- • Significant regulatory and enforcement proceedings with ongoing litigation risk(p.452)
- • Potential for additional regulatory penalties and settlement requirements(p.453)
- • Concentration risk in member base and member default exposure(p.437)
- • Ongoing regulatory scrutiny and enforcement risk from SEBI(p.31)
- • Dependence on regulatory approvals for new product launches(p.469)
- • Pending litigation involving subsidiary clearing corporation related to share pledging disputes(p.460)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| State Bank of India | Selling Shareholder | — | — |
| Life Insurance Corporation of India | Selling Shareholder | — | — |
| Industrial Development Bank of India | Promoter/Selling Shareholder | — | — |
| Life Insurance Corporation of India | Shareholder | 10.72% | — |
| Aranda Investments (Mauritius) Pte Ltd | Shareholder/Selling Shareholder | 4.54% | — |
| Stock Holding Corporation of India Limited | Shareholder/Selling Shareholder | 4.44% | — |
| Life Insurance Corporation of India | Shareholder | 10.72% | 10.72% |
Leadership
Auto-extracted from the company's PROSPECTUS using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official PROSPECTUS before relying on it.