{"id":14390,"date":"2026-07-08T11:27:20","date_gmt":"2026-07-08T11:27:20","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=14390"},"modified":"2026-09-21T11:01:06","modified_gmt":"2026-09-21T11:01:06","slug":"exchange-offer-the-nse-story","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/exchange-offer-the-nse-story\/","title":{"rendered":"Exchange Offer: The NSE Story"},"content":{"rendered":"

The following article is for educational purposes ONLY. Each and every piece of information used henceforth in this article was sourced from the DRHP and\/or RHP.<\/em><\/p>\n

IPO Summary<\/h2>\n
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Introduction<\/h2>\n

The National Stock Exchange (NSE)<\/strong> needs no introduction. It is the exchange where almost every Indian investor trades and is India\u2019s largest stock exchange by far.<\/p>\n

NSE handles 92.99% of cash market turnover<\/strong>, nearly 100% of equity futures turnover<\/strong>, all exchange traded currency options activity, and more than half of all equity derivative contracts traded globally<\/strong>.<\/p>\n

Despite its dominant position, NSE has never been a publicly listed company<\/strong>. That is set to change now that it\u2019s going live in an IPO, consisting entirely of an Offer for Sale (OFS) worth ~\u20b922,562 Cr by existing shareholders, giving investors an opportunity to invest in India\u2019s largest stock exchange<\/strong>.<\/p>\n

The NSE Timeline<\/h2>\n
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Business Model<\/h2>\n

NSE operates the exchange that hundreds of millions call their trading home. They are involved in clearing trades, providing market data and connectivity, licensing its indices, and lists companies for IPOs; all in addition to facilitating the largest amount of transactions in India on a daily basis.<\/mark><\/p>\n

The Revenue Model<\/h3>\n

NSE\u2019s Revenue from Operations declined slightly in FY26<\/strong>, driven mainly by smaller transaction charge revenue. But where does this revenue come from?<\/p>\n

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Transaction Charges<\/h3>\n

Transaction charges are NSE\u2019s single largest revenue line by a wide margin, accounting for ~79% of Revenue from Operations in FY26<\/strong>.<\/p>\n

And out of these charges, the largest piece of the pie, by far, is from Options.<\/p>\n

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Landscape<\/h2>\n

India\u2019s Growth & Scope<\/h3>\n

NSE\u2019s growth story is, in large part, also India\u2019s retail-investing story.<\/p>\n

As financial markets become increasingly accessible to the retail investor and also as financial literacy continues to rise, investing in financial assets is seen as a better deal by a lot of Indians today as opposed to the past.<\/p>\n

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In fact, the number of unique investors on NSE has more than tripled in five years<\/strong>.<\/p>\n

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Global Scale: Goliath in Volume, David in Income<\/h3>\n

NSE just doesn\u2019t charge as much of a fee per trade as other exchanges. Indian exchange fees per trade\/contract are calibrated for high-volume, price-sensitive retail flow. This creates a unique <\/mark>dichotomy<\/mark><\/strong>.<\/p>\n

By number of trades in cash equities, NSE is the single busiest exchange globally ahead of giants like Nasdaq, ICE (NYSE), and Cboe.<\/p>\n

NSE also ranked first globally in contracts traded in equity derivatives every year from FY2020 to FY2026, and held a global market share of ~51% <\/strong>of equity derivative contracts <\/strong>in FY26, which speaks to the Options hype in India.<\/p>\n

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On total income, NSE still ranks well behind the world\u2019s large exchanges.<\/p>\n

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Figures based on USD to INR calculations, dated Jul 1 2026 at rate of $1 = \u20b994.43<\/em><\/figcaption><\/figure>\n<\/div>\n

NSE\u2019s global positioning is a dilemma. It\u2019s the busiest exchange in the world by trade count, but one of the smallest by revenue.<\/p>\n

Operating Metrics<\/h2>\n

Colocation<\/h3>\n

Colocation means letting some trading members (typically institutional clients) who want to host their servers physically inside or near NSE\u2019s data centre to minimise latency.<\/p>\n

Colocation was at the centre of a now settled SEBI investigation on NSE, alleging preferential data feed access for select HFT players. Regardless, NSE nearly doubled their capacity <\/strong>from 934 racks in FY24 to 1,680 racks in FY26.<\/p>\n

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Average Daily Trading Volume (ADTV)<\/h3>\n

ADTV <\/strong>tells the rupee amount that gets traded each day for each asset class. Futures & Options (F&O) dominates in this segment, mostly due to the huge trading.<\/p>\n

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IPO Listings<\/h3>\n

In FY26, Mainboard IPOs caught up to SME IPOs. Mainboard IPO activity was on the rise because SEBI implemented strict new rules causing the SME segment to cool down.<\/p>\n

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The overall growth in total listings is indicative of India\u2019s appeal as a rising capital market, and in fact, the total money raised via IPOs through FY24 and FY26 increased by a <\/mark>CAGR of ~41%<\/mark><\/strong>.<\/mark><\/p>\n

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Future Growth Levers<\/h2>\n

1. Strengthening the core franchise<\/h3>\n
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  • Continuing to lead in cash equities and equity derivatives and focusing on growing new segments like Electronic Gold Receipt (EGR) framework, electricity futures<\/mark>, etc.<\/li>\n<\/ul>\n

    2. Diversifying beyond transaction fees<\/h3>\n

    Since ~79% of revenue is still transaction-linked, other routes are sought by NSE, like:<\/p>\n

      \n
    • Data & analytics<\/mark><\/strong>: Data feed terminals, connectivity services to trading members, brokers, and fintechs.<\/li>\n
    • Indices & licensing<\/mark><\/strong>: Scaling Nifty-linked licensing revenue helps boost passive income. The AUM of passive funds linked to Nifty indices has already grown from \u20b96.30 trillion in FY24 to \u20b98.14 trillion in FY26.<\/li>\n
    • Colocation & technology infrastructure<\/mark><\/strong>: Continuing to expand colocation capacity as more members seek low-latency access.<\/li>\n<\/ul>\n

      3. Technology and resilience investments<\/h3>\n
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      • Continued investment in trading, clearing, and surveillance technology, including participation in industry pilots for T+0 settlement and AI-based market surveillance<\/mark>.\n
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        <\/div>\n<\/div>
        Source: NSE Investor Presentation, May 2026<\/em><\/figcaption><\/figure>\n<\/div>\n<\/li>\n
      • Strengthening cybersecurity <\/strong>and business continuity infrastructure<\/strong>, given the systemic importance of NSE\u2019s trading and clearing systems to the Indian financial system.<\/li>\n<\/ul>\n

        4. Forging global partnerships<\/h3>\n
          \n
        • Building out NSE IFSC (GIFT City)<\/strong> as a gateway for global investors to access India-linked products.\n
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          <\/div>\n<\/div>\n<\/div>
          Benefits of NSE IFSC in GIFT City. Source: NSE Investor Presentation, May 2026<\/em><\/figcaption><\/figure>\n<\/div>\n<\/li>\n<\/ul>\n

          The Financial Stuff<\/h2>\n
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          <\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n
            \n
          • Revenue from Operations<\/mark><\/strong> was \u20b916,601 Cr in FY26, down 3.2% from FY25<\/mark>. This is mostly because SEBI\u2019s October 2024 changes led to lower F&O trading volumes. Compared to FY24, it\u2019s still on the rise<\/li>\n
          • On a similar trend<\/mark>, EBITDA <\/strong>are \u20b911,098 Cr in FY26, which is a hike from FY24, but below the \u20b912,647 level in FY25.<\/li>\n
          • And lastly, Profit After Tax <\/mark><\/strong>was \u20b910,302 Cr in FY26, up from \u20b98,306 Cr in FY24<\/mark>, driven by revenue growth across transaction charges, listings, and data services.<\/li>\n<\/ul>\n

            Investors & Shareholding Pattern<\/h2>\n

            NSE has no single identifiable promoter and was originally set up by a consortium of banks and financial institutions<\/mark> rather than a single promoter group.<\/p>\n

            The IPO itself is a pure Offer for Sale (OFS) of up to ~12.64 Cr equity shares <\/strong>by existing shareholders.<\/p>\n

            This actually marks a ~15% reduction from the originally proposed 14.89 Cr shares<\/mark>, as eight major investors, including SBI, MS Strategic, and Bank of Baroda, decided to significantly trim their planned stake sales.<\/p>\n

            Trading members and their associates, i.e., the brokers who use NSE\u2019s platform daily, together still hold over a third of the exchange<\/mark>.<\/p>\n

            Top 10 Shareholders<\/h3>\n
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            Key Risks<\/h2>\n

            1. Regulatory Concentration Risk<\/strong>
            \nSEBI alone controls NSE\u2019s fee structures, expiry days, lot sizes, and margin rules. The October 2024 derivatives rule changes cut F&O volumes. To a degree, earnings are exposed to decisions outside NSE\u2019s control<\/mark>.<\/p>\n

            2. Enforcement Actions:<\/strong> Also adding to the above point, under SEBI\u2019s scrutiny, NSE has faced and may face in the future show-cause notices<\/mark>, monetary penalties<\/mark>, and historical settlement proceedings<\/mark> (e.g., the now famous Colocation case) that threaten the exchange\u2019s reputation.<\/p>\n

            Conclusion<\/h2>\n

            Since exchanges can\u2019t list themselves, NSE is going to be listed on the BSE. NSE may be the franchise doing big business, but FY26 results have already shown what regulatory tightening can do.<\/p>\n

            For a market that has spent three decades building the infrastructure for everyone else to invest, NSE\u2019s own listing is, in some sense, the final box left to tick.<\/p>\n","protected":false},"excerpt":{"rendered":"

            The following article is for educational purposes ONLY. Each and every piece of information used henceforth in this article was sourced from the DRHP and\/or RHP. IPO Summary Introduction The National Stock Exchange (NSE) needs no introduction. It is the exchange where almost every Indian investor trades and is India\u2019s largest stock exchange by far. […]<\/p>\n","protected":false},"author":9,"featured_media":14949,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-14390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"\nExchange Offer: The NSE Story - InCred Money<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incredmoney.com\/blog\/exchange-offer-the-nse-story\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exchange Offer: The NSE Story - InCred Money\" \/>\n<meta property=\"og:description\" content=\"The following article is for educational purposes ONLY. Each and every piece of information used henceforth in this article was sourced from the DRHP and\/or RHP. IPO Summary Introduction The National Stock Exchange (NSE) needs no introduction. It is the exchange where almost every Indian investor trades and is India\u2019s largest stock exchange by far. 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Each and every piece of information used henceforth in this article was sourced from the DRHP and\/or RHP. IPO Summary Introduction The National Stock Exchange (NSE) needs no introduction. It is the exchange where almost every Indian investor trades and is India\u2019s largest stock exchange by far. 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