NSE IPO

GMP History

Strengths

• ✓NSE has maintained a leading position across multiple asset classes. In FY26, it had a 92.99% market share in the cash market, 99.79% in equity futures, 74.71% in equity options, 99.48% in exchange-traded currency futures and 100% in exchange-traded currency options, according to the Redseer Report.
• ✓The company has a large investor and market participant base. As of March 31, 2026, it had 129.09 million unique registered investors across more than 99% of Indian postal codes and supported 253.66 million registered investor accounts. Its platform also had more than 200,000 trading terminals across over 1,400 cities and towns.
• ✓NSE operates an integrated trading, clearing, and settlement ecosystem through its subsidiaries and associates. NSE Clearing Limited had market shares of 88.42% in the cash market and 91.04% in equity derivatives in FY26, based on cleared value. Its Core Settlement Guarantee Fund stood at Rs 13,079.15 crore as of March 31, 2026.
• ✓The company has a broad product and listing platform covering multiple asset classes. Its offerings include equities, equity derivatives, currencies, commodities, debt, mutual funds, interest rate futures, REITs, and InvITs. As of March 31, 2026, 2,978 entities were listed on its platforms, including 554 SME companies.
• ✓NSE claims to have a technology infrastructure designed to handle high transaction volumes. Its seven data centres support a platform capable of processing approximately five million messages per second, with microsecond response times and nanosecond order acknowledgements for certain markets. On March 24, 2026, the platform processed 21.89 billion peak order messages and 201 million trades in a single day.
• ✓The company has developed several market infrastructure and financial information businesses alongside its exchange operations. These include index services through NSE Indices, market data and analytics through NSE Data and Analytics and NSE Cogencis, and foreign currency-denominated trading through NSE International Exchange in GIFT City. NSE also has interests in complementary businesses such as depository, registry, and commodity exchange services.

Risks

• !NSE operates in a highly regulated industry and is subject to continuous supervision, inspections, and audits by SEBI, as well as oversight from RBI, IFSCA, and other statutory authorities. The company has received observations, show cause notices, administrative warnings, deficiency and advisory letters from SEBI relating to areas including internal controls, technology, data governance, surveillance, risk management, and regulatory compliance, with certain findings resulting in enforcement actions and settlement proceedings. Inability to satisfactorily address these observations or comply with applicable regulatory requirements could result in penalties, restrictions on operations, suspension or revocation of its registration or licence and could materially and adversely affect its business, financial condition, and prospects.
• !NSE has been, and continues to be, subject to enforcement actions, penalties, and adjudication proceedings by SEBI in relation to alleged violations of applicable SEBI laws and regulations. Adverse outcome in these ongoing or future proceedings could materially and adversely affect the company’s business, reputation, and financial condition, results of operations, cash flows and prospects.
• !In FY26, FY25, and FY24, NSE derived Rs 13,057.01 crore (78.65%), Rs 13,635.76 crore (79.55%), and Rs 12,129.64 crore (82.07%) of its revenue from operations from transaction charges, respectively. Of this, its options business contributed Rs 9,997.57 crore (60.22%), Rs 10,194.03 crore (59.47%) and Rs 9,550.19 crore (64.62%), while its futures business contributed Rs 1,480.10 crore (8.92%), Rs 1,727.26 crore (10.08%) and Rs 1,248.97 crore (8.45%), respectively. Any significant decline in trading activity, particularly in options and futures (F&O), could reduce transaction revenue and adversely affect the company’s business, financial condition, and prospects.
• !NSE’s revenue from listing services stood at Rs 352.44 crore (2.12%), Rs 313.82 crore (1.83%), and Rs 222.62 crore (1.51%) of revenue from operations in FY26, FY25, and FY24, respectively. The number of IPOs on its platform also declined from 242 in FY25 to 219 in FY26. Going forward, any decline in listings, issuances, or capital-raising activity due to macroeconomic conditions, regulatory changes, competition, or issuer preference for alternative fundraising avenues could adversely affect the company’s operations, revenues and market share.
• !NSE’s digital operations and reliance on IT systems expose it to cybersecurity risks, including security breaches, ransomware, phishing, DDoS attacks, and data breaches. In May 2025, its website was targeted by approximately 395 million DDoS hits in 11 minutes, while the company also received a SEBI warning dated May 9, 2025, for failing to conduct VAPT audits comprehensively and close certain VAPT observations within the prescribed timelines. Any successful cyberattack, data breach, or delay in addressing cybersecurity vulnerabilities could disrupt operations and result in regulatory action, financial losses, litigation and reputational damage.
• !NSE derived Rs 7,765.58 crore (46.78%), Rs 7,623.84 crore (44.48%) and Rs 6,689.42 crore (45.26%) of its revenue from operations from its top ten trading members in FY26, FY25 and FY24, respectively. Any loss, reduced trading activity, financial distress or migration of these key trading members to competing exchanges or alternative trading venues could reduce trading volumes and adversely affect the company’s revenues and financial condition.
• !Some of NSE’s subsidiaries have incurred losses, including NSE IFSC Limited with losses of Rs 30.33 crore in FY24 and NAL Academy Limited with losses of Rs 16.31 crore and Rs 12.11 crore in FY25 and FY24, respectively; NSE Administration and Supervision Limited with a loss of Rs 6.53 crore in FY25; NSE IFSC Clearing Corporation Limited with losses of Rs 5.13 crore and Rs 8.40 crore in FY25 and FY24, respectively; NSEIX Global Access IFSC Limited with a loss of Rs 0.67 crore in FY26; and NSE Sustainability Ratings and Analytics Limited with losses of Rs 2.60 crore and Rs 1.91 crore in FY26 and FY25, respectively. NSE has invested Rs 750.00 crore in NSEIX, which has invested Rs 250.00 crore in NSE IFSC Clearing Corporation Limited, and continued losses or inability of these entities to secure adequate funding could require further financial support from NSE and adversely affect its financial performance and results of operations.
• !NSE, its subsidiaries, directors, key management personnel (KMP), senior management, and group companies are involved in legal proceedings pending before various courts, tribunals, quasi-judicial bodies, and appellate authorities. Any adverse outcome in these proceedings or further liability arising from such matters could adversely affect the company’s reputation, business, results of operations, financial condition and cash flows.
• !As at March 31, 2026, NSE and its subsidiaries had total outstanding unsecured borrowings of Rs 8,973.27 crore. Any failure to meet its obligations under these borrowings could adversely affect the company’s financial condition and cash flows.

About NSE

National Stock Exchange of India Limited (NSE) is India’s premier stock exchange that provides platforms and infrastructure for trading, clearing, listing, and related market services. Its product portfolio includes cash market, futures and options, mutual funds, commodity derivatives, exchange-traded currency derivatives, wholesale debt market, and interest rate futures. The company also provides index services, market data, analytics, news and information services, data feeds, data terminal services, and licensing services. Through its subsidiaries and associates, it also provides clearing and settlement, foreign currency-denominated trading, mutual fund registry, depository, e-corporate governance, mobile trading, and other exchange-related services. NSE operates a vertically integrated technology infrastructure comprising seven data centres, including a primary data centre, member colocation data centre, disaster recovery site, and near data centre. It also has points of presence across more than 30 locations in India. The company commenced operations in November 1992. Use of proceeds: The IPO is an offer-for-sale (OFS). The company will not receive any proceeds from the offer. Net proceeds from the offer will go to the promoter selling shareholders in proportion to the number of shares offered by them for sale. The primary objective of the offer is to achieve the benefits of listing the equity shares on the stock exchanges, which is expected to enhance the company’s visibility and brand recognition. Listing will also provide liquidity to the existing shareholders and create a public market for the company’s shares in India​.