Tag: NSE

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Corporate

NSE makes market debut, closes at ₹1,800 today

The National Stock Exchange of India (NSE) made its long-awaited stock market debut on Thursday, completing a journey that began more than a decade ago. The country’s largest exchange listed its shares on the Bombay Stock Exchange (BSE), turning its long-time rival into the platform for its own public-market debut.

NSE shares opened at ₹1,800, a 0.84% premium to the initial public offering (IPO) price of ₹1,785. The stock climbed as much as 5% during the session before settling at ₹1,818, up 1.85% from the issue price. The closing price gave NSE a market capitalisation of about ₹4.5 lakh crore, or nearly $47 billion.

The listing marks the end of a lengthy process for NSE, which had faced regulatory and legal hurdles before finally moving ahead with its IPO. The ₹22,569-crore issue was fully an offer for sale, meaning the exchange itself did not receive fresh capital from the offering. Existing shareholders sold their shares to investors.

The IPO was subscribed 5.71 times, reflecting strong demand overall. Institutional investors drove much of the interest, while retail participation was comparatively modest. The listing has now added millions of investors to NSE’s shareholder base and brought the exchange itself into the public markets it operates.

There was a strong sense of irony in Thursday’s listing. NSE was created in the early 1990s to bring greater technology, transparency and nationwide access to India’s stock market, challenging the dominance of the then broker-controlled BSE.

More than three decades later, NSE had to list on the BSE itself.

The arrangement is required under market regulations. A recognised stock exchange cannot list its own securities on its own platform and must use another recognised exchange. That is why NSE shares began trading on the BSE rather than the NSE.

The moment also highlighted how dramatically India’s stock market has changed since NSE began operations. Its electronic trading system helped move the market away from the traditional open-outcry model and made trading more accessible across the country.

NSE began operations in the wholesale debt market in 1994 and entered the equity market later that year. It overtook BSE in equity trading within about a year and has since become the dominant exchange in several key segments.

NSE now accounts for about 93% of India’s cash equity trading and nearly 75% of the options market, according to Reuters. Its derivatives business has become a major source of revenue, with transaction charges from derivatives accounting for about 68% of operating revenue in the June quarter.

That dependence on derivatives is also one of the key issues investors will be watching after the listing.

Trading activity in equity derivatives has slowed since 2024 following regulatory measures, higher taxes and other changes aimed at curbing excessive speculation. A moderation in options activity could therefore affect the pace of NSE’s future earnings growth.

The exchange’s ability to expand beyond its traditional revenue streams will be important as investors begin evaluating NSE as a listed company rather than simply as the operator of India’s biggest stock market.

New products, technology services and continued growth in capital-market participation could provide additional avenues for revenue. Brokerage firm Macquarie has pointed to the potential for stronger valuation if new products gain traction.

NSE’s public listing has also put the spotlight back on the competition between India’s two major stock exchanges.

BSE, which became a listed company in 2017, has a market value of around ₹1.3 lakh crore. NSE’s debut valuation is therefore several times larger, reflecting its much greater scale in equity and derivatives trading.

The comparison is particularly interesting because BSE has been growing rapidly from a smaller base. Its recent expansion in equity derivatives has helped increase trading volumes and revenue, while NSE continues to hold a commanding share of the overall market.

The two exchanges are therefore entering a new phase of competition, with investors now able to track their performance as listed companies.

NSE’s listing also comes at a busy time for India’s primary market. The ₹22,569-crore issue ranks among the country’s largest IPOs and follows several sizeable public offerings this year.

India has raised about $9.9 billion through more than 190 IPOs so far in 2026, according to LSEG data cited by Reuters. The NSE listing adds another major name to the country’s expanding listed-company universe, with Jio Platforms also expected to enter the public markets later this year.

The listing also gives investors a direct way to participate in the business of India’s capital-market infrastructure. NSE’s future performance will now be measured not only by its trading dominance but also by earnings growth, product diversification, regulatory changes and its ability to maintain its position as the market evolves.

After years of waiting, NSE has finally become a listed company. Its first trading session has set the starting point for a new chapter — one in which the exchange itself will be under the same market spotlight that its platform has long provided to others.

 

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Beyond

NSE Chief Chauhan denies Tata Sons chairman buzz

National Stock Exchange (NSE) Managing Director and CEO Ashishkumar Chauhan has rejected reports that he is being considered for the Tata Sons chairman post, calling the speculation baseless and factually incorrect.

The clarification came after reports emerged suggesting that Chauhan had emerged as a possible candidate in the succession race for Tata Sons Chairman N Chandrasekaran, whose current term ends in February 2027. NSE said the reports were not based on any information available with the exchange.

Chauhan also wrote to the exchange to deny the reports, saying the claims linking him to the Tata Sons position were speculative. He made it clear that his immediate focus remains on his responsibilities at NSE, particularly the exchange’s long-awaited initial public offering (IPO) and listing process.

The NSE chief said he was fully committed to working with the board and shareholders to complete the successful listing of the exchange. The statement comes at an important time for NSE, which is preparing for what could become one of India’s biggest market listings.

The speculation around Chauhan emerged after a report on the Tata Sons succession process named him alongside Tata Steel CEO T V Narendran and Tata Sons Chief Financial Officer Saurabh Agrawal as potential candidates. Chauhan was described as an external contender and a possible “dark horse” because of his experience in capital markets and financial services.

However, NSE has now clearly distanced its CEO from the Tata Sons succession discussion. The exchange said Chauhan had categorically denied the reports and reiterated his commitment to the institution he currently leads.

The timing is significant for NSE. The exchange has recently received regulatory clearance for its IPO after years of delays linked to regulatory and legal issues. The Securities and Exchange Board of India (SEBI) has given the exchange the go-ahead to proceed, paving the way for a potential listing later this month.

The NSE IPO is expected to attract substantial investor interest. The exchange is reportedly targeting a listing in the week beginning September 21, with the offering potentially valuing NSE at several billion dollars. Existing shareholders are expected to sell shares as part of the public offering rather than the exchange raising fresh capital.

The IPO represents a major milestone after years of regulatory hurdles, for Chauhan. NSE has been working towards a public listing since 2016, but investigations and litigation surrounding issues including its co-location system and access to trading infrastructure repeatedly delayed the process.

Recent legal developments have helped clear some of those obstacles. The Supreme Court dismissed a long-running SEBI case involving allegations related to preferential access to NSE systems, removing a significant legal hurdle ahead of the proposed listing.

Against this backdrop, leadership continuity at NSE has become particularly important. A change at the top while the exchange prepares for its IPO could have created additional uncertainty for investors and shareholders. Chauhan’s statement therefore reinforces the message that he remains focused on completing the listing process.

The NSE CEO has been closely associated with the development of India’s capital markets. He was among the founding team members of NSE and has held senior positions in the financial sector before returning to lead the exchange. His experience has been particularly relevant as NSE has expanded its role in India’s equity and derivatives markets.

The Tata Sons chairman succession, meanwhile, remains a closely watched issue in Indian corporate circles. Chandrasekaran’s decision not to seek a third term has triggered discussions about who will lead the Tata Group’s holding company from 2027. The eventual successor will oversee a conglomerate with businesses spanning technology, automobiles, steel, aviation, consumer products and financial services.

The search has reportedly included both internal and external names. T V Narendran, who heads Tata Steel, and Saurabh Agrawal, Tata Sons’ chief financial officer, have been among the names discussed. But there has been no official announcement identifying the next chairman.

The role is strategically important because Tata Sons sits at the centre of the Tata Group and holds significant stakes in several major Tata companies. The next chairman will also inherit responsibility for steering large investments and shaping the group’s long-term strategy.

Chauhan has sought to put the speculation surrounding his own name to rest. His message is that his attention remains firmly on NSE and its upcoming IPO.

With the exchange approaching a potentially historic public listing, the focus is now expected to shift back to the IPO process, regulatory preparations and investor interest. For Chauhan and NSE, delivering a smooth listing is likely to remain the immediate priority.

The Tata Sons succession process will continue separately, with the group expected to make a decision ahead of Chandrasekaran’s term ending in February 2027. Until then, Chauhan’s latest clarification makes one thing clear: he is not positioning himself as a candidate and remains committed to leading NSE through its next major chapter.

 

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Corporate

NSE IPO gets SEBI nod, listing plans gain momentum

After years of waiting, India’s largest stock exchange is finally moving closer to the stock market.

The National Stock Exchange of India (NSE) has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its much-awaited initial public offering (IPO), bringing one of the country’s most closely watched listings a step closer.

The proposed IPO could raise about ₹30,000 crore through an offer for sale (OFS). At that size, NSE’s public issue could become the second-largest IPO in India, behind the proposed Jio Platforms issue.

The NSE IPO is unusual for another reason as far as investors are concerned. The exchange that has been at the centre of India’s stock market activity for decades will itself become an investment opportunity.

The proposed issue will involve existing shareholders selling their holdings rather than NSE issuing new shares. This means the proceeds will go to the selling shareholders and not to the exchange. Around 14.89 crore shares, or close to 6% of NSE’s equity, are expected to be offered.

Several institutional shareholders are expected to participate. State Bank of India is among the prominent sellers, along with a number of government-owned financial institutions and insurers. Life Insurance Corporation of India, however, is expected to retain its stake.

The approval marks an important turning point for NSE, whose plans to go public have been delayed for nearly a decade.

The exchange had first sought to launch an IPO in 2016. Its plans subsequently became entangled in regulatory proceedings linked to the co-location controversy, which raised questions over preferential access to NSE’s trading infrastructure.

Those concerns have gradually moved towards resolution. A long-running legal matter involving SEBI and NSE was recently settled, removing one of the key hurdles that had stood in the way of the exchange’s listing plans.

The timing could hardly be more significant.

NSE has grown into a critical part of India’s financial system. It operates the benchmark Nifty 50 index and has a dominant position in equity derivatives trading. The exchange also ranked among the world’s busiest derivatives markets in terms of contracts traded.

That scale has translated into strong financial performance.

For the year ended March 2026, NSE reported a consolidated profit after tax of ₹10,302 crore, while total income stood at ₹18,713 crore. Its earnings have benefited from sustained activity across India’s equity and derivatives markets.

The momentum has continued into the current financial year. NSE reported a consolidated profit after tax of ₹3,120 crore for the April-June quarter, an increase of 7% from the same period a year earlier. Revenue from operations rose 13% to ₹4,560 crore.

Those numbers are likely to be closely examined by investors as they assess the exchange’s valuation.

NSE’s proposed listing also comes at a time when India’s capital markets are drawing greater participation from retail and institutional investors. Rising demat accounts, strong derivatives activity and increasing participation in equities have helped exchanges build highly profitable businesses.

But investors will also have to consider the risks.

NSE’s revenues are closely linked to market activity, particularly trading volumes. Changes in derivatives regulations, lower trading activity or tighter market rules could affect earnings. The exchange also operates in a highly regulated environment, making regulatory developments an important factor for its future growth.

The IPO valuation will therefore be one of the biggest talking points once NSE announces its price band.

Shares of NSE have been actively traded in the unlisted market, giving investors an indication of the valuation the exchange could command when it finally enters the public market. However, the informal unlisted-market price should not be treated as the final IPO valuation, which will depend on the official offer price and investor demand.

The proposed listing could also give India’s IPO market a major boost.

With several large companies preparing to tap the primary market, NSE’s entry would be among the most high-profile events on Dalal Street. It would effectively put the operator of one of the world’s major exchanges under the same market scrutiny faced by the companies whose shares trade on its platform.

The exchange is reportedly looking at a September listing, although the final timetable, price band and issue details will be confirmed through official announcements.

The irony will not be lost on Dalal Street. Soon, investors who have spent years trading on NSE could find themselves trading NSE itself.

 

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Corporate

SBI group plans 1% NSE stake sale ahead IPO

State Bank of India (SBI) and its subsidiary SBI Capital Markets are set to sell a combined 1 per cent stake in the National Stock Exchange (NSE) through the exchange’s proposed initial public offering, marking another significant step towards its long-awaited stock market debut.

SBI Chairman C S Setty said the bank plans to offer a 0.65 per cent stake in NSE, while SBI Capital Markets will sell 0.35 per cent. The final quantity could change depending on whether other shareholders also participate in the offer.

The proposed stake sale is part of NSE’s planned public issue, which is expected to be valued at around ₹30,000 crore. The IPO is likely to attract considerable interest because NSE is one of India’s most important market infrastructure institutions and has a dominant position in the country’s equity and derivatives markets.

SBI currently owns 3.23 per cent in NSE, while SBI Capital Markets holds a 4.33 per cent stake. Following the proposed sale, the SBI group would continue to remain a shareholder in the exchange.

The latest development provides greater clarity on the ownership structure ahead of the NSE IPO. SBI had earlier been identified as a potential selling shareholder. The inclusion of SBI Capital Markets means the parent bank and its subsidiary will together participate in the offer.

Under the revised structure, SBI is expected to sell 1.59 crore shares, while SBI Capital Markets will offer 87.8 lakh shares. The combined sale amounts to 2.475 crore shares, keeping the overall proposed offer size unchanged.

The transaction is expected to be structured as an offer for sale (OFS), meaning the shares being sold are existing shares held by shareholders. Unlike a fresh issue, an OFS does not result in new shares being issued by NSE or bring additional capital directly into the exchange.

Instead, the proceeds from the shares sold by SBI and SBI Capital Markets will accrue to the selling shareholders. For SBI, the transaction provides an opportunity to partially monetise its investment in NSE while continuing to retain a sizeable holding.

The proposed listing has been closely followed by investors and participants in India’s capital markets. NSE is a critical part of the country’s financial infrastructure, facilitating trading across equities, equity derivatives and other market segments.

Its public listing would also give investors an opportunity to participate directly in the ownership of the exchange. More importantly, a listed NSE would provide a market-determined valuation for one of India’s largest financial market institutions.

The NSE IPO has been in the pipeline for several years, with regulatory developments and changes in the exchange’s shareholder structure shaping its route towards the public market. The latest disclosures indicate that the exchange is moving closer to the next stage of the listing process.

For SBI, the decision to dilute a portion of its NSE holding comes as the lender continues to review its investments and capital allocation. However, the bank does not appear to be planning a broad-based sell-down of stakes in its other subsidiaries at this stage.

The lender is simultaneously seeing expansion in its core banking business. Setty said SBI’s housing loan portfolio is expected to cross ₹10 lakh crore during the current quarter.

Housing finance remains a major component of SBI’s retail banking operations. The anticipated milestone highlights the scale of the bank’s mortgage business and its continued focus on retail credit.

The NSE stake sale, however, is likely to remain the more closely watched development for capital-market investors. The exchange’s strong position in India’s securities market, combined with the expected ₹30,000-crore size of the public offer, makes the proposed IPO one of the most significant listings in the country’s primary market.

The transaction could also provide a clearer picture of the value of NSE‘s business. For existing investors, including SBI and SBI Capital Markets, the IPO offers a route to realise part of their investment while maintaining exposure to the exchange’s future growth.

The final structure of the offer, including the precise number of shares sold by individual shareholders, will depend on the regulatory process and participation of other investors.

The planned 1 per cent dilution by the SBI group represents an important development in NSE’s journey towards becoming a publicly listed company. If the proposed ₹30,000-crore issue proceeds as planned, it could become one of the largest and most closely watched IPOs in India’s capital-market history.

 

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Corporate

NSE launches Electronic Gold Receipts trading

The National Stock Exchange (NSE) has officially launched trading in Electronic Gold Receipts (EGRs), marking a new step in India’s efforts to modernise gold investing and bring more transparency to the bullion market.

EGRs are digital instruments that represent ownership of physical gold stored securely in SEBI-approved vaults. Investors can buy, sell, and hold them on the exchange in the same way they trade shares, without needing to physically store gold.

The new system aims to make gold investment more transparent, regulated, and accessible. Each EGR is backed by a fixed quantity of gold that meets strict purity standards, helping ensure quality and reducing concerns related to fake or unverified gold.

Trading takes place on the NSE platform during market hours, with prices determined by market demand and supply. Investors also get the option to convert their digital holdings into physical gold, subject to exchange rules.

According to exchange details, EGRs are held in demat form and offer benefits such as easier trading, better price discovery, and reduced storage and security risks compared to physical gold. The system is designed to bring uniform pricing across the country and integrate gold more closely with financial markets.

The launch is part of a broader effort to formalise India’s large but fragmented gold market. India is one of the world’s biggest consumers of gold, but a significant portion of trading still happens through physical and unorganised channels.

Market participants, including retail investors, jewellers, bullion traders and refineries, are expected to take part in the new segment. While the product offers improved transparency and convenience, experts note that liquidity and adoption will take time to build as investors become more familiar with the instrument.

The NSE’s move is seen as an important step toward making gold trading more structured and aligned with modern financial systems, similar to equities and exchange-traded funds.

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1 Minute-Read

NSE posts 8% rise in Q4 profit to ₹2,871 cr

The National Stock Exchange (NSE) reported an 8% year-on-year rise in consolidated net profit to ₹2,871 crore for the March quarter, compared to ₹2,650 crore a year earlier. Revenue from operations jumped 32% to ₹4,968 crore, driven by higher trading volumes in equity and derivatives segments.

Transaction charges remained the biggest revenue source, supported by strong market activity. The board has recommended a dividend of ₹35 per share for FY26, subject to approval.

The results highlight steady growth in profitability and trading activity, reflecting continued investor participation in India’s capital markets.

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Beyond

NSE launches electronic gold receipts system

The National Stock Exchange (NSE) has introduced Electronic Gold Receipts (EGRs) to modernise India’s gold market and bring more transparency to trading.

Under the system, physical gold stored in SEBI-approved vaults is converted into electronic receipts. Each EGR represents ownership of a fixed quantity of gold and is fully backed by real, stored metal. These receipts can be bought and sold on the exchange, similar to shares.

NSE says the aim is to shift gold trading from a largely physical and unorganised system to a regulated digital platform. This will improve price discovery, reduce dependence on physical handling, and make transactions more efficient.

Investors will also be able to convert EGRs back into physical gold when needed. This flexibility is expected to attract both retail and institutional participants, including jewellers and traders.

The exchange demonstrated the system by converting a 1 kg gold bar into an electronic receipt. Officials said the move will help standardise gold trading, improve liquidity, and ensure better transparency in pricing and purity.

India has a large gold market, but most trading has traditionally been physical and outside formal financial systems. With EGRs, regulators aim to bring more of this trade into a structured exchange-based framework.

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Corporate

NSE appoints 20 banks, 8 law Firms for mega IPO

The National Stock Exchange of India (NSE) has taken a key step toward its highly anticipated initial public offering (IPO) by appointing 20 merchant banks and eight law firms to manage the process. This marks one of the largest advisory rosters for an Indian IPO, highlighting the scale of the listing.

The selected merchant bankers include India’s leading firms such as Kotak Mahindra Capital, ICICI Securities, Axis Capital, JM Financial, SBI Capital Markets, IIFL Capital Services, and Nuvama Wealth Management. International banks like Morgan Stanley, Citigroup, and J.P. Morgan will also assist in managing the IPO.

On the legal side, the NSE has engaged top Indian law firms including Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas, AZB & Partners, Khaitan & Co, Trilegal, and S&R Associates. Global legal advisors such as Latham & Watkins and Sidley Austin will provide additional support.

The IPO is expected to be primarily an offer-for-sale (OFS), allowing existing shareholders to sell a portion of their holdings rather than raising significant new capital. This approach reflects the NSE’s strategy to let current investors unlock value while listing on the public market.

The exchange has been preparing for a public listing for several years, with regulatory approvals and compliance reviews causing delays. The Securities and Exchange Board of India (SEBI) granted final clearance for the IPO earlier this year, enabling the NSE to move forward with its plans.

With the advisory teams in place, the NSE is set to begin drafting its detailed offer documents, a process that may take several months. Market observers note that the listing could become one of the most closely watched IPOs in India, given the NSE’s critical role in the country’s capital markets and the scale of its operations.

The move has generated optimism among investors, with NSE’s unlisted shares remaining stable amid broader market volatility. The participation of leading domestic and international banks and law firms signals the IPO’s potential to attract significant interest from institutional and retail investors alike.

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Leaders

Tablesh Pandey to lead NSE IPO committee plan

The National Stock Exchange of India (NSE) has taken a major step toward going public, as its board approved plans for an initial public offering (IPO) and formed a special IPO committee to oversee the process.

The IPO will be conducted via an offer-for-sale (OFS) route, in which existing shareholders sell their stake rather than the exchange issuing new shares. This approach helps determine NSE’s market valuation while retaining its overall ownership structure.

Former LIC Managing Director Tablesh Pandey has been appointed chairman of the IPO committee, bringing decades of experience in financial management, corporate governance, and regulatory compliance. Pandey is widely respected for his leadership at LIC, India’s largest insurance company, where he successfully steered growth, improved operational efficiency, and strengthened investor trust.

The IPO committee will include NSE’s Managing Director & CEO and public interest directors, ensuring strategic oversight of key steps such as finalizing the issue size, appointing merchant bankers, and preparing the Draft Red Herring Prospectus (DRHP).

A significant milestone for the exchange was the no-objection certificate (NOC) from SEBI, which clears a major regulatory hurdle for the listing. NSE aims to file the DRHP by end of March or early April, subject to audited financial statements and regulatory approvals.

The IPO is expected to unlock shareholder value and increase participation in India’s premier stock exchange. Analysts believe that with Pandey leading the committee, the process will benefit from strong governance, credibility, and smooth execution.

Pandey’s appointment is seen as a signal of the NSE’s commitment to transparency and regulatory compliance, given his proven track record in managing large public-sector financial institutions. Experts expect the IPO to be closely watched by both retail and institutional investors in India.

With the IPO committee now in place under Pandey’s guidance, NSE is on track to achieve a long-awaited listing, marking a major development in India’s capital markets.

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Corporate

NSE receives SEBI approval for IPO launch

The National Stock Exchange of India (NSE) has finally received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO), ending almost ten years of delays. This clearance allows the exchange to submit its draft prospectus and move toward listing, a significant milestone for India’s capital markets.

NSE first filed for an IPO in 2016, but its plans were stalled amid regulatory scrutiny and legal challenges. The exchange faced allegations regarding co-location facilities and dark fibre services, which reportedly gave select brokers faster access to trading data. Over the years, these issues delayed NSE’s path to listing, even as other Indian exchanges, like BSE, successfully went public.

The recent SEBI approval follows settlement applications submitted by NSE to resolve these long-standing cases. Officials from the regulator had indicated that the NOC would likely be granted after these matters were addressed. With the nod now in hand, NSE is expected to submit the IPO draft prospectus by end of March 2026, with the listing process projected to take six to eight months, potentially making NSE a publicly listed company by late 2026.

Unlike conventional IPOs, NSE’s offering is expected to be an offer-for-sale (OFS). Existing shareholders, including LIC, SBI, and other financial institutions, will sell part of their holdings to the public, meaning the exchange itself will not raise fresh capital from the IPO. This approach allows existing investors to realize part of their gains while introducing NSE shares to retail and institutional investors.

NSE chairperson Srinivas Injeti described SEBI’s approval as “a significant milestone in our growth journey,” highlighting the exchange’s commitment to transparency and market development. Market experts say the IPO will not only enhance NSE’s public profile but also boost investor confidence in India’s capital markets.

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