Here are 10 key things to know from the DRHP.
1. Entirely an offer-for-sale, NSE raises no money
The IPO comprises up to 14.89 crore equity shares with a face value of ₹1 each, representing approximately 6% of NSE’s paid-up capital. It is entirely an offer-for-sale (OFS), meaning NSE itself will not receive any proceeds. All proceeds will go to the selling shareholders. The price band is yet to be announced.
2. 10 institutional shareholders are selling
The selling shareholders are State Bank of India, MS Strategic (Mauritius) Limited, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, Bank of Baroda, Stock Holding Corporation of India Limited, General Insurance Corporation of India, The New India Assurance Company Limited, National Insurance Company Limited, and United India Insurance Company Limited. Notably, LIC is not selling any stake in this offering.
3. No identifiable promoter
NSE does not have an identifiable promoter. The company is owned by a consortium of institutional shareholders, with no single entity holding a controlling stake.
4. India’s largest and globally significant exchange
NSE has been the largest stock exchange in India by total turnover in the cash market and in equity derivatives every year from FY2001 to FY2026. It is also the largest exchange in India by total turnover in exchange-traded currency derivatives from FY2009 to FY2026. As per the World Federation of Exchanges, NSE is also the largest equity derivatives exchange globally, with over 36.99 billion contracts traded in FY2026. In terms of number of trades in cash equities, NSE is the third largest globally.
5. Financials
NSE’s revenue from operations was ₹16,601 crore in FY26, up from ₹14,780 crore in FY24. Net profit (PAT) stood at ₹10,302 crore in FY26, compared to ₹8,305 crore in FY24. However, on a year-on-year basis, PAT declined from ₹12,188 crore in FY25 to ₹10,302 crore in FY26, a drop of approximately 15% —partly reflecting the impact of SEBI’s regulatory tightening of equity derivatives.
6. Consistent and generous dividends
NSE has paid ₹35 per share in both FY25 and FY26, and ₹18 per share (adjusted for bonus shares) in FY24, reflecting strong and sustained cash generation.
7. 129.1 million registered investors, coverage across 99% of PIN codes
NSE’s Unique Registered Investors base has grown at a compounded annual rate of 26.9%, from 30.87 million as of 31 March 2020 to 129.1 million as of 31 March 2026. Investors on NSE’s platform span over 99% of Indian postal codes, reflecting the exchange’s role in democratising access to capital markets. Total fund mobilisation through NSE’s platform in FY26 stood at ₹20.3 trillion.
8. Technology at the core, processing 12–14 billion messages daily
NSE’s platform processed an average of 12 to 14 billion messages daily as of 31 March 2026. On 4 June 2024, cumulative trades across all segments hit a record 293.85 million in a single day. Technology-related operating expenses rose to ₹13,145 crore in FY26, equivalent to 7.92% of revenue from operations, up from 5.32% in FY24. NSE is also piloting artificial intelligence tools across regulatory review, market surveillance, and software development.
9. Vertically integrated with growing non-trading businesses
NSE is a vertically integrated exchange offering trading, clearing, listing, data, and licensing services on a single platform. Its non-trading businesses include NSE Clearing Limited (established 1995), NSE Indices Limited (index services since 1998), NSE Data & Analytics (established 2000), and NSE International Exchange in GIFT City for foreign currency-denominated trading, among others. It has also received SEBI approval to establish a national coal trading exchange in which it will hold a majority stake, and launched electricity futures in July 2025.
10. Shares to list on BSE; 20 book running lead managers appointed
Given the inherent conflict of interest, NSE’s equity shares will be listed on BSE Limited, which has been designated as the stock exchange for this offering. The issue is being managed by 20 book running lead managers, including Kotak Mahindra Capital Company, Morgan Stanley India, HSBC Securities & Capital Markets India, SBI Capital Markets, JP Morgan India, Citi Global Markets India, JM Financial, Axis Capital, ICICI Securities, HDFC Bank, and others. MUFG Intime India Private Limited is the registrar to the issue.
