National Stock Exchange Of India IPO
National Stock Exchange Of India LtdMainboard
This IPO has listed.
- Open date
- 17 Sep 2026
- Close date
- 21 Sep 2026
- Min. Investment
- ₹14,280
- Lot Size
- -
- Fresh Issue
- ₹-
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers12.68x
- Non-Institutional Investors6.55x
- Retail-Individual Investors1.39x
- Total5.71x
Schedule
- Completed: IPO open date17 Sep 2026
- Completed: IPO close date21 Sep 2026
- Completed: Allotment date22 Sep 2026
- Completed: Funds unblock or debit23 Sep 2026
- Completed: Tentative listing date24 Sep 2026
Financials of National Stock Exchange Of India IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 14780.01 | 17140.68 | 16601.31 |
| Total Expenses | 5450.61 | 5040.38 | 6126.92 |
| Profit Before Tax | - | - | - |
| Total Profit | 8305.66 | 12187.94 | 10302.06 |
National Stock Exchange Of India IPO Strengths & Risks
- Market leader in India - a liquid market for all stakeholders.
- Well positioned to benefit from India's structural growth tailwinds which drive strong network effects for NSE.
- Strong brand synonymous with trust, efficiency and transparency, across our trading platform as well as our clearing, settlement and market supervisory role.
- Track record of comprehensive and innovative offerings delivered through a vertically integrated business model.
- Technology platform built for scale and resilience.
- Combination of scale, growth, profitability and sustained cash generation.
- Experienced and skilled management team committed to upholding strong corporate governance standards.
- Risks Relating to the Business: Any significant decrease in the volume and value of transactions executed on the company's stock exchange could significantly reduce demand for its products, constrain the company's growth, and adversely affect its business, financial condition, results of operations, cash flows, and prospects.
- Risks Relating to the Business: In the three months period ended June 30, 2026 and June 30, 2025, and in Fiscals 2026, 2025 and 2024, the company derived 79.44%, 78.20%, 78.65%, 79.55% and 82.07% of its revenue from operations from transaction charges of which the company options business contributed 60.17%, 58.84%, 60.22%, 59.47% and 64.62% of its revenue from operations, and the company's futures business contributed 8.06%, 9.47%, 8.92%, 10.08% and 8.45% of its revenue from operations, respectively. Any failures to maintain or increase the company's trading volumes, could result in loss of market share, reduced revenue from operations from its transaction charges, and other adverse effects on the company's business, results of operations, financial condition, and prospects.
- Risks Relating to the Business: The company derived 47.00%, 45.60%, 46.78%, 44.48% and 45.26% of its revenue from operations from the company's top ten trading members in the three months period ended June 30, 2026 and June 30, 2025, and in Fiscals 2026, 2025 and 2024, respectively. Any disruption in the services of these trading members or the company's inability to onboard new trading members could have an adverse impact on its operations.
- Risks Relating to the Business: The company operates in a highly regulated industry, primarily overseen by SEBI. The company is also subject to periodic inspections by SEBI and IFSCA and pursuant to such inspections, have received observations, show cause notices, and administrative warnings, deficiency and advisory letters in relation to certain regulatory matters, and after issuance of show cause notices, enforcement actions including adjudication proceedings under Section 15-I and/or directions or penalties under Section 11B of the SEBI Act may be initiated by SEBI. There can be no assurance that further such communications will not be issued in the future.
- Risks Relating to the Business: The company has been, and continue to be, subject to enforcement actions, monetary penalties, adjudication proceedings, which may or may not get settled with SEBI in respect of alleged violations and regulatory matters with applicable SEBI regulations. The outcome of current and potential future proceedings is uncertain and could have a material adverse effect on the company's business, reputation, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: Disruptions, failures, or inadequacies in the company IT infrastructure, systems, or software, including those provided by third-party vendors, could adversely affect its business, reputation and results of operations, and may subject the company to regulatory action or the imposition of financial disincentives by SEBI.
- Risks Relating to the Business: The company's ability to attract new listings, issuances and capital formation activities on its platforms is critical to the company's business, and any decline may adversely affect its operations.
- Risks Relating to the Business: The company is subject to cybersecurity risks, including a distributed denial of service attack its experienced in 2025, and any successful cyberattack could disrupt the company operations and adversely affect its business, financial condition, results of operations, and prospects.
- Risks Relating to the Business: The company's risk management systems may not always be adequate, which could result in financial losses, regulatory action, and reputational harm.
- Risks Relating to the Business: The company clearing corporation operations expose it to financial, operational, counterparty and systemic risks arising from the company's relationships with, and dependencies on, clearing members, depositories and other market infrastructure participants. Any failures could have an adverse impact on its business and financial condition.
- Risks Relating to the Business: The success and growth of the company's business depends on its ability to innovate and develop new products. Any failures to do so could have an adverse impact on the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company's businesses requires it to acquire, store, and transmit sensitive information, which exposes the company to risks of internal and external security breaches, and non-compliance with applicable privacy and data protection laws could result in claims, liabilities, and harm to its results of operations, financial condition, and prospects. If market data disseminated by the company contains undetected errors, this could also have a material adverse effect on its business, financial condition, or results of operations.
- Risks Relating to the Business: The company's technology infrastructure is critical to its operations. Any failures to maintain, upgrade, or enhance the company's technology systems, or to successfully adopt emerging technologies, could adversely affect its business, financial condition, results of operations, and prospects.
- Risks Relating to the Business: The company relies on third parties for certain products, including aspects of its critical system infrastructure and software. The company is subject to operational risks, including failures in execution, system disruptions, or fraud, including risks arising from the operations of such third parties and other intermediaries, which could materially and adversely affect its business, financial condition, results of operations, and prospects.
- Risks Relating to the Business: There are outstanding legal proceedings involving the Company, Subsidiaries, Directors, Key Management Personnel or Senior Management and Group Companies. Failures to defend these proceedings successfully, or any further liability or appeal arising out of these matters, may adversely affect its business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company's risk management framework and insurance policies may not be effective or adequate.
- Risks Relating to the Business: The company's business depends on statutory and regulatory approvals, licences, registrations and permissions which are subject to periodic renewal and regulatory conditions, and which its may not always be able to obtain or renew in a timely manner.
- Risks Relating to the Business: The company's Data Feed & Terminal services and licensing services may contain errors and vulnerabilities that may result in financial, operational, and reputational harm.
- Risks Relating to the Business: The company's Statutory Auditors have included certain emphasis of matter paragraphs in their examination report on its Restated Consolidated Financial Information.
- Risks Relating to the Business: Failures to protect the company's intellectual property rights could materially adversely affect its business.
- Risks Relating to the Business: Some of the company's Subsidiaries have incurred losses during the three months period ended June 30, 2026 and June 30, 2025 and in Fiscals 2026, 2025 and 2024 and may continue to incur losses in the future.
- Risks Relating to the Business: The SEBI no objection certificate for the listing of the company's Equity Shares requires it to complete the listing process before January 30, 2027. If the company fails to comply with this deadline, its may be required to apply for an extension or a fresh approval, which may not be granted in a timely manner, or at all.
- Risks Relating to the Business: Damage to the company's reputation could materially adversely affect its business.
- Risks Relating to the Business: The use of Artificial Intelligence ("AI") and machine learning technologies, and the use of AI-driven strategies by market participants, could adversely affect the company's business, reputation, financial condition, and results of operations.
- Risks Relating to the Business: The company does not own the land on which its Registered Office and Corporate Office is situated. The company's inability to renew leases or adverse changes in the lease terms could disrupt its business operations.
- Risks Relating to the Business: Some of its investments in debt instruments are unsecured, and the company has not made any provision for a decline in the value of its investments.
- Risks Relating to the Business: The company's ability to attract, retain and replace members of its senior management team, skilled employees and other key personnel is subject to significant competitive, regulatory and market pressures, and any failures to do so could materially impair the company operational capacity, strategic execution and long-term business performance.
- Risks Relating to the Business: The company operates in a highly competitive industry, and its failures to compete successfully could materially and adversely affect the company's business, results of operations, financial condition, and prospects.
- Risks Relating to the Business: Interoperability among clearing corporations may result in reduced clearing volumes, loss of market share to competing clearing corporations, margin compression, and increased operational risks, which could adversely affect the company's business, results of operations, financial condition, and prospects.
- Risks Relating to the Business: The company has given a loan to NSE Administration and Supervision Limited, one of its related parties, and have issued corporate guarantees on behalf of NSE IFSC Clearing Corporation, one of the company's related parties. There can be no assurance that such amounts will be recovered from such related parties or the guarantees provided will not be invoked.
- Risks Relating to the Business: The company may be required to make significant contributions to the Investor Protection Fund Trust ("IPFT") and Settlement Guarantee Fund ("Core SGF"), which could adversely affect its profitability and ability to declare dividends, and there can be no assurance that the corpus of these funds will be sufficient to meet investor claims or fulfil settlement obligations in the event of defaults by clearing members.
- Risks Relating to the Business: The company's public responsibilities as a stock exchange and Market Infrastructure Institution ("MII") may, at times, conflict with the commercial interests of its Shareholders.
- Risks Relating to the Business: The company will not receive any proceeds from the Offer.
- Risks Relating to the Business: There have been certain lapses in compliance with the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations 2018, and the Companies Act, 2013, in the past.
- Risks Relating to the Business: The company's corporate governance framework may be impacted by delays in director and Chairperson appointments.
- Risks Relating to the Business: The company may be unsuccessful in implementing, or fails to realise the expected benefits from, its strategies, including technology modernisation, business diversification, new product launches, GIFT City operations, global partnerships, and data monetisation.
- Risks Relating to the Business: The company has in the past paid late submission fees for delays in filing of forms with RBI in respect of certain allotments made by the Company. Its cannot assure you that no legal proceedings or regulatory actions will be initiated against the Company in the future in this regard.
- Risks Relating to the Business: The company's policies and procedures may not be sufficient to prevent, detect, or address bribery, fraud, other misconduct, or whistleblower complaints involving its employees, directors, or third parties.
- Risks Relating to the Business: The company's dependence on proprietary, in-house technology systems and infrastructure could give rise to significant operational risks that could materially disrupt its services and adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: Any failures to maintain the quality of customer service across the company's businesses, and to address customer complaints promptly, could materially and adversely affect its business and operating results.
- Risks Relating to the Business: Any increase in or realisation of the company's contingent liabilities could have a material adverse effect on its financial condition.
- Risks Relating to the Business: Increased focus on environmental, social, and governance ("ESG") practices, climate transition and sustainability-related market frameworks may lead to higher compliance costs, operational challenges and reputational risks if stakeholder expectations are not met.
- Risks Relating to the Business: The company's ownership and control in certain entities may be adversely affected by regulatory changes.
- Risks Relating to the Business: The company relies on other MIIs, such as clearing corporations, depositories and other financial intermediaries, to provide its services. Any disruption in the functioning of these entities could result in delayed execution or non-execution of transactions which could lead to the company's customers incurring losses. This may adversely impact its business, reputation, financial condition and results of operations.
- Risks Relating to the Business: Changes in interest rates and foreign exchange rates affect the company's results of operations and financial position.
- Risks Relating to the Business: Any delay or default in payment of statutory dues, including those under dispute, may result in financial penalties from government authorities, which could adversely affect the company's financial condition and cash flows.
- Risks Relating to the Business: The company may not be able to amend its byelaws and rules in a timely manner or at all.
- Risks Relating to the Business: The company may be required to comply with certain foreign regulations in conjunction with its business ventures outside India and may not be able to maintain or obtain recognition from foreign regulators, which could adversely affect the company's international operations.
- Risks Relating to the Business: The company's Subsidiaries may not pay dividends on the shares its hold in them. Consequently, the Company may not receive any return on investments in its Subsidiaries.
- Risks Relating to the Business: There can be challenges in identifying or successfully executing acquisitions, investments, alliances, joint ventures, or other business combinations, which may affect the company's ability to pursue certain strategic opportunities.
- Risks Relating to the Business: The company has unutilized money earmarked for corporate social responsibility ("CSR") activities.
- Risks Relating to the Business: The appointment and re-appointment of the company's public interest directors ("PIDs") does not requires shareholders approval.
- Risks Relating to the Business: Regulatory limitations on the ownership of securities in a stock exchange may influence the way the company is able to raise capital.
- Risks Relating to the Business: Some of the information in this Red Herring Prospectus is derived from industry report prepared by Redseer, independent third-party agency, and also includes information sourced from World Federation of Exchanges, independent third-party agency and reliance on such information involves inherent risks.
- Risks Relating to the Business: The company has in the past entered, and will continue to enters, into related party transactions.
- Risks Relating to the Business: The company cannot assure payment of dividends on the Equity Shares in the future and its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
- Risks Relating to the Business: The company does not hold a controlling interest in its Associates and the company's shareholding in its Associates may be subject to transfer restrictions.
