NSE to become one of India’s 15 largest companies by market capitalisation after listing; investor base has grown more than sixfold since 2016

NSE's unique investor base has grown to 132 million as of June 2026, up from 20 million in 2016, Shanti Ekambaram said, stressing the exchange's expanding reach among Indian investors.
“NSE has consistently stood as the largest stock exchange” since its inception in 1992, Shanti Ekambaram said, highlighting its leadership across cash equities and equity derivatives.
Shanti Ekambaram, director, Kotak Investment Banking, said the NSE IPO will open for subscription on September 17 and close on September 21. “NSE has democratised access to India’s financial markets. We at Kotak are proud to be the BRLMs for NSE IPO,” she said.
“It’s so historic, it’s perhaps worth repeating,” Shanti Akambaram, director, Kotak Investment Banking, said while welcoming the media at the NSE IPO press meet. She highlighted the exchange’s three-decade journey and its growing investor base.
NSE’s press conference has begun, with MD and CEO Ashishkumar Chauhan expected to address the media shortly on the exchange’s IPO and its business outlook.
Zerodha co-founder Nithin Kamath had earlier shared a detailed analysis of the exchange's business model, describing it as a rare "cash generation and distribution machine" in India's corporate landscape.
In a post on X, Kamath highlighted NSE's extraordinary profitability and dividend-paying ability, noting that the exchange generated more than ₹10,300 crore in profit during FY26 and distributed around ₹8,660 crore as dividends, translating into a payout ratio of 84%.
"NSE is a cash generation and distribution machine," Kamath wrote, adding that such high payouts are likely to continue even after the exchange goes public.
BSE’s explosive growth in equity derivatives is facing a reality check, with regulatory changes, lower market volatility and a high base expected to substantially moderate options volumes, according to brokerage reports.
Bernstein, which initiated coverage of Indian exchanges on September 8, said equity-options volumes could grow just 5% in FY27, sharply below the 31% YoY growth recorded in Q1FY27. The brokerage attributed the slowdown to lower India VIX, the CAS introduced from August 1, tighter RBI leverage norms and a high base.
The impact of CAS has already become visible. Bernstein found that during the August 1-28 period, BSE’s options premium average daily turnover fell 22%, compared with a 14% decline at NSE. BSE also saw contracts traded decline 30%, against a 7% fall at NSE.
The Securities and Exchange Board of India’s (Sebi) approval for the National Stock Exchange’s (NSE) long-awaited initial public offering (IPO) has put the spotlight on companies that are set to monetise part of their holdings in the exchange.
Shares of key selling shareholders, including State Bank of India (SBI), IFCI, General Insurance Corporation of India (GIC Re) and Bank of Baroda, remained in focus on Monday, September 7, as investors assessed the potential impact of the IPO on their holdings.
The IPO party is showing little sign of cooling off in the grey market, even as the secondary market came under heavy selling pressure on Friday, with the much-awaited National Stock Exchange (NSE) IPO emerging as the biggest draw.
NSE's IPO, which opens for subscription on September 17, is commanding a ₹190 grey market premium (GMP) over its upper price band of ₹1,785, according to data from the InvestorGain. This implies an estimated listing price of around ₹1,975, or a 10.64% premium to the issue price.
NSE managing director and CEO Ashishkumar Chauhan will hold a press conference in the afternoon today on the upcoming IPO of the exchange. Chauhan will be accompanied by other senior members of the NSE management.
The highly anticipated IPO is likely to hit Dalal Street on September 17 and close on September 21, with the exchange targeting a listing around September 25, industry sources told Fortune India.
The country’s largest exchange filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (Sebi) on Wednesday. The exchange received Sebi’s green signal for the IPO on September 4, after filing its draft red herring prospectus (DRHP) with the regulator in June.
The National Stock Exchange of India (NSE) will launch its much-awaited IPO on September 17, giving investors an opportunity to participate in the public listing of the country’s largest stock exchange. The bidding window will remain open until September 21, while NSE shares are expected to make its stock-market debut on the BSE on September 24.
The exchange has fixed price band at ₹1,700-1,785 apiece, looking to raise ₹22,561.5 crore at the upper end of the price range, putting NSE’s implied valuation at about ₹4.42 lakh crore.
NSE management is set to address the media ahead of its ₹22,000-crore-plus IPO, with investors watching closely for commentary on valuation, derivatives growth, regulation, competition and the exchange's future growth strategy.
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