{"id":52346,"date":"2026-07-02T10:22:34","date_gmt":"2026-07-02T04:52:34","guid":{"rendered":"https:\/\/flattrade.in\/kosh\/?p=52346"},"modified":"2026-07-02T12:31:37","modified_gmt":"2026-07-02T07:01:37","slug":"the-exchange-is-going-public-inside-nses-own-ipo","status":"publish","type":"post","link":"https:\/\/flattrade.in\/kosh\/the-exchange-is-going-public-inside-nses-own-ipo\/","title":{"rendered":"The Exchange Is Going Public: Inside NSE&#8217;s Own IPO"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"52346\" class=\"elementor elementor-52346\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a8eb4ec elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a8eb4ec\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c0fda8c\" data-id=\"c0fda8c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4cb2aa4 elementor-widget elementor-widget-text-editor\" data-id=\"4cb2aa4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<link rel=\"preconnect\" href=\"https:\/\/fonts.googleapis.com\">\n<link href=\"https:\/\/fonts.googleapis.com\/css2?family=Plus+Jakarta+Sans:wght@400;500;600;700;800&#038;family=Lora:ital,wght@0,400;0,500;0,600;1,400&#038;display=swap\" rel=\"stylesheet\">\n<style>\n  #nse-drhp-article {\n    --green:#39AA01;\n    --green-dark:#2C8200;\n    --green-light:#EAF6E2;\n    --navy:#0B1B2B;\n    --navy-soft:#132A40;\n    --ink:#16212C;\n    --sub:#5B6A76;\n    --line:#E4E9EB;\n    --paper:#FBFBF9;\n    --card:#FFFFFF;\n    --amber:#E8A33D;\n    --blue:#2C6E8E;\n    --lilac:#8067B7;\n    --gray-bar:#D8DEE1;\n    --radius:16px;\n    margin:0;\n    padding:0;\n    background:var(--paper);\n    color:var(--ink);\n    font-family:'Plus Jakarta Sans',sans-serif;\n    text-align:justify;\n    line-height:1.55;\n    -webkit-font-smoothing:antialiased;\n  }\n  #nse-drhp-article * {box-sizing:border-box;}\n  #nse-drhp-article .wrap {max-width:900px;margin:0 auto;padding:0 24px;}\n  #nse-drhp-article p, #nse-drhp-article li {font-family:'Lora',serif; 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font-size:15px; flex-shrink:0; width:22px;}\n  #nse-drhp-article .risk .t {font-weight:700; color:var(--navy); font-size:14.5px; margin-bottom:3px;}\n  #nse-drhp-article .risk .body {font-family:'Lora',serif; font-size:14.5px; color:#4A4238;}\n\n  #nse-drhp-article blockquote {\n    font-family:'Lora',serif; font-style:italic; font-size:19px; color:var(--navy);\n    border-left:4px solid var(--green); margin:26px 0; padding:4px 0 4px 22px;\n  }\n\n  #nse-drhp-article .pill-row {display:flex; flex-wrap:wrap; gap:8px; margin:16px 0;}\n  #nse-drhp-article .pill {font-size:12.5px; font-weight:600; background:#fff; border:1px solid var(--line); padding:6px 12px; border-radius:999px; color:var(--navy);}\n\n  #nse-drhp-article footer {background:var(--navy); color:#B8C4CC; padding:44px 0 40px; font-size:13px;}\n  #nse-drhp-article footer h4 {color:#fff; font-size:14px; margin:0 0 10px;}\n  #nse-drhp-article footer p {color:#93A3AD; font-family:'Plus Jakarta Sans'; font-size:12.5px; line-height:1.6;}\n  \n  @media (max-width:640px) {\n    #nse-drhp-article h1.title {font-size:32px;}\n    #nse-drhp-article .stat-strip {grid-template-columns:repeat(2,1fr);}\n    #nse-drhp-article .grid.cols-2, #nse-drhp-article .grid.cols-3 {grid-template-columns:1fr;}\n    #nse-drhp-article .bar-row {grid-template-columns:100px 1fr 60px;}\n    #nse-drhp-article .donut-wrap {gap:20px;}\n    #nse-drhp-article .finchart {gap:14px;}\n    #nse-drhp-article .finbar {width:18px;}\n  }\n<\/style>\n\n<div id=\"nse-drhp-article\">\n  <!-- ================= HERO ================= -->\n  <div class=\"hero\">\n    <div class=\"wrap\">\n      <p class=\"hero-sub\">India&#8217;s biggest stock exchange just filed the paperwork to list itself. Here&#8217;s what the Draft Red Herring Prospectus actually says &#8211; no rumours, just the filing.<\/p>\n\n      <div class=\"filing-badge\">\n        <span><span class=\"filing-dot\"><\/span> <b>DRHP filed with SEBI<\/b> &#8211; June 17, 2026<\/span>\n        <span>Company: <b>National Stock Exchange of India Limited<\/b><\/span>\n      <\/div>\n\n      <div class=\"stat-strip\">\n        <div class=\"stat-cell\"><div class=\"num\">14.89 cr<\/div><div class=\"lbl\">Shares on offer<\/div><\/div>\n        <div class=\"stat-cell\"><div class=\"num\">\u20b90<\/div><div class=\"lbl\">Money raised by NSE<\/div><\/div>\n        <div class=\"stat-cell\"><div class=\"num\">20<\/div><div class=\"lbl\">Book running lead managers<\/div><\/div>\n        <div class=\"stat-cell\"><div class=\"num\">6.02%<\/div><div class=\"lbl\">Of the company being sold<\/div><\/div>\n      <\/div>\n    <\/div>\n  <\/div>\n\n  <!-- ================= WHAT HAPPENED ================= -->\n  <section>\n    <div class=\"wrap\">\n      <div class=\"kicker\"><span class=\"chip\">01 &#8211; What actually happened<\/span><\/div>\n      <h2 class=\"h\">This isn&#8217;t a fresh fundraise. It&#8217;s a pure ownership sale.<\/h2>\n      <p class=\"lede\">On June 17, 2026, National Stock Exchange of India Limited (NSE) filed a Draft Red Herring Prospectus with SEBI for an <b>Offer for Sale (OFS) of up to 14,89,05,525 equity shares<\/b> of face value \u20b91 each. There is no fresh issue component &#8211; NSE itself will not receive a single rupee from this IPO. Every share sold belongs to an existing shareholder cashing out part of their stake.<\/p>\n\n      <p>That distinction matters. In a fresh issue, the company raises capital for growth, debt repayment, or expansion. Here, the entire proceeds go to the selling shareholders &#8211; largely public-sector banks, insurers, and foreign institutional investors who have held NSE stock for years, long before it was tradeable on any exchange.<\/p>\n\n      <blockquote>NSE has proposed to list on <b>BSE<\/b> &#8211; its closest rival &#8211; rather than on itself, since a stock exchange listing its own shares on its own platform would be a conflict of interest.<\/blockquote>\n\n      <div class=\"grid cols-3\">\n        <div class=\"card\">\n          <span class=\"tag\">Offer type<\/span>\n          <div class=\"k\">OFS only<\/div>\n          <div class=\"d\">No fresh issue. 100% offer for sale by existing shareholders under SEBI ICDR Regulation 6(1).<\/div>\n        <\/div>\n        <div class=\"card\">\n          <span class=\"tag\">Face value<\/span>\n          <div class=\"k\">\u20b91 \/ share<\/div>\n          <div class=\"d\">Pre &amp; post-offer paid-up capital stays at 2,475,000,000 equity shares &#8211; this is a secondary sale, not dilution.<\/div>\n        <\/div>\n        <div class=\"card\">\n          <span class=\"tag\">Price &amp; dates<\/span>\n          <div class=\"k\">Not yet set<\/div>\n          <div class=\"d\">Offer size in \u20b9, price band, and bid dates are all pending SEBI&#8217;s observations.<\/div>\n        <\/div>\n      <\/div>\n    <\/div>\n  <\/section>\n\n  <!-- ================= COMPANY SNAPSHOT ================= -->\n  <section class=\"alt\">\n    <div class=\"wrap\">\n      <div class=\"kicker\"><span class=\"chip\">02 &#8211; The business, in numbers<\/span><\/div>\n      <h2 class=\"h\">NSE by the numbers (as of March 31, 2026)<\/h2>\n      <p class=\"lede\">Founded in November 1992, NSE has grown into the largest stock exchange in India by turnover in cash market and equity derivatives every year since Fiscal 2001. The scale is genuinely hard to compress into a headline.<\/p>\n\n      <div class=\"grid cols-3\">\n        <div class=\"card\"><div class=\"k\">25.37 cr<\/div><div class=\"d\">Registered investor accounts<\/div><\/div>\n        <div class=\"card\"><div class=\"k\">12.91 cr<\/div><div class=\"d\">Unique registered investors (26.93% CAGR since FY20&#8217;s 3.09 cr)<\/div><\/div>\n        <div class=\"card\"><div class=\"k\">2,978<\/div><div class=\"d\">Listed entities on NSE (Mainboard + SME)<\/div><\/div>\n        <div class=\"card\"><div class=\"k\">\u20b9411.25 lakh cr<\/div><div class=\"d\">Combined market cap of all listed entities on NSE<\/div><\/div>\n        <div class=\"card\"><div class=\"k\">1,325<\/div><div class=\"d\">Registered trading members<\/div><\/div>\n        <div class=\"card\"><div class=\"k\">\u20b920.33 lakh cr<\/div><div class=\"d\">Total funds mobilised via NSE in FY26 alone<\/div><\/div>\n      <\/div>\n    <\/div>\n  <\/section>\n\n  <!-- ================= FINANCIALS ================= -->\n  <section>\n    <div class=\"wrap\">\n      <div class=\"kicker\"><span class=\"chip\">03 &#8211; Show me the money<\/span><\/div>\n      <h2 class=\"h\">Revenue held up. Profit didn&#8217;t &#8211; and the DRHP tells you exactly why.<\/h2>\n      <p class=\"lede\">NSE&#8217;s restated consolidated numbers show revenue from operations dipping slightly in FY26, and profit falling more sharply &#8211; a direct result of SEBI&#8217;s derivatives-market tightening through 2024 and 2025.<\/p>\n\n      <div class=\"finchart\">\n        <div class=\"fingroup\">\n          <div class=\"finbars\">\n            <div class=\"finbar rev\" style=\"height:86.2%\"><span class=\"v\">\u20b91,478<\/span><\/div>\n            <div class=\"finbar profit\" style=\"height:48.5%\"><span class=\"v\">\u20b9831<\/span><\/div>\n          <\/div>\n          <div class=\"finyear\">FY2024<\/div>\n        <\/div>\n        <div class=\"fingroup\">\n          <div class=\"finbars\">\n            <div class=\"finbar rev\" style=\"height:100%\"><span class=\"v\">\u20b91,714<\/span><\/div>\n            <div class=\"finbar profit\" style=\"height:71.1%\"><span class=\"v\">\u20b91,219<\/span><\/div>\n          <\/div>\n          <div class=\"finyear\">FY2025<\/div>\n        <\/div>\n        <div class=\"fingroup\">\n          <div class=\"finbars\">\n            <div class=\"finbar rev\" style=\"height:96.9%\"><span class=\"v\">\u20b91,660<\/span><\/div>\n            <div class=\"finbar profit\" style=\"height:60.1%\"><span class=\"v\">\u20b91,030<\/span><\/div>\n          <\/div>\n          <div class=\"finyear\">FY2026<\/div>\n        <\/div>\n      <\/div>\n      <div class=\"fin-legend\">\n        <span><i class=\"swatch\" style=\"background:var(--blue)\"><\/i>Revenue from operations (\u20b9 crore)<\/span>\n        <span><i class=\"swatch\" style=\"background:var(--green)\"><\/i>Profit for the year (\u20b9 crore)<\/span>\n      <\/div>\n\n      <div class=\"table-responsive\">\n        <table>\n          <thead><tr><th>Particulars (\u20b9 crore)<\/th><th>FY2024<\/th><th>FY2025<\/th><th>FY2026<\/th><\/tr><\/thead>\n          <tbody>\n            <tr><td>Revenue from operations<\/td><td class=\"num\">14,780.01<\/td><td class=\"num\">17,140.68<\/td><td class=\"num\">16,601.31<\/td><\/tr>\n            <tr><td>Total income<\/td><td class=\"num\">16,352.06<\/td><td class=\"num\">19,176.83<\/td><td class=\"num\">18,713.37<\/td><\/tr>\n            <tr><td>Profit for the year<\/td><td class=\"num\">8,305.74<\/td><td class=\"num\">12,187.69<\/td><td class=\"num\">10,302.06<\/td><\/tr>\n            <tr><td>Basic &amp; diluted EPS (\u20b9)<\/td><td class=\"num\">33.56<\/td><td class=\"num\">49.24<\/td><td class=\"num\">41.62<\/td><\/tr>\n            <tr><td class=\"muted\">Total assets (as at year-end)<\/td><td class=\"num muted\">65,463.98<\/td><td class=\"num muted\">69,466.64<\/td><td class=\"num muted\">87,937.44<\/td><\/tr>\n            <tr><td class=\"muted\">Core Settlement Guarantee Fund<\/td><td class=\"num muted\">8,857.24<\/td><td class=\"num muted\">12,075.25<\/td><td class=\"num muted\">13,079.15<\/td><\/tr>\n          <\/tbody>\n        <\/table>\n      <\/div>\n      <p style=\"font-size:12.5px; color:var(--sub); font-family:'Plus Jakarta Sans';\">Figures converted from \u20b9 million (as reported in the DRHP&#8217;s Restated Consolidated Financial Information) to \u20b9 crore for readability. Weighted average EPS across FY24\u2013FY26 (per the DRHP&#8217;s quantitative factors, weighted 1:2:3): \u20b942.82.<\/p>\n    <\/div>\n  <\/section>\n\n  <!-- ================= REVENUE MIX ================= -->\n  <section class=\"alt\">\n    <div class=\"wrap\">\n      <div class=\"kicker\"><span class=\"chip\">04 &#8211; Where the revenue actually comes from<\/span><\/div>\n      <h2 class=\"h\">Nearly four of every five rupees come from transaction charges<\/h2>\n      <p class=\"lede\">This is the single most important number for understanding NSE&#8217;s risk profile: revenue is heavily concentrated in trading-linked transaction charges &#8211; and within that, options premium turnover alone.<\/p>\n\n      <div class=\"donut-wrap\">\n        <div class=\"donut\"><div class=\"donut-center\"><span class=\"n\">78.65%<\/span><span class=\"l\">Transaction charges<\/span><\/div><\/div>\n        <div class=\"legend\">\n          <div class=\"row\"><i class=\"swatch\" style=\"background:var(--green)\"><\/i>Transaction charges<b>78.65%<\/b><\/div>\n          <div class=\"row\"><i class=\"swatch\" style=\"background:var(--blue)\"><\/i>Data feed, terminal &amp; connectivity<b>10.87%<\/b><\/div>\n          <div class=\"row\"><i class=\"swatch\" style=\"background:var(--amber)\"><\/i>Listing services<b>2.12%<\/b><\/div>\n          <div class=\"row\"><i class=\"swatch\" style=\"background:#6FCB4A\"><\/i>Licensing + clearing &amp; settlement<b>2.42%<\/b><\/div>\n          <div class=\"row\"><i class=\"swatch\" style=\"background:var(--gray-bar)\"><\/i>Other operating income<b>5.93%<\/b><\/div>\n        <\/div>\n      <\/div>\n      <p>Within transaction charges specifically, the <b>options business alone contributed 60.22% of total revenue from operations in FY26<\/b> (down from 64.62% in FY24), with futures adding another 8.92%. That&#8217;s why SEBI&#8217;s October 2024 and May 2025 circulars tightening the equity derivatives framework &#8211; upfront premium collection, larger contract sizes, fewer weekly expiries &#8211; show up directly in NSE&#8217;s own numbers as lower Average Daily Trading Volume in equity futures and options through FY26.<\/p>\n    <\/div>\n  <\/section>\n\n  <!-- ================= WHO'S SELLING ================= -->\n  <section>\n    <div class=\"wrap\">\n      <div class=\"kicker\"><span class=\"chip\">05 &#8211; Who&#8217;s actually cashing out<\/span><\/div>\n      <div class=\"h\">Public-sector banks and insurers own more than half of what&#8217;s being sold<\/div>\n      <p class=\"lede\">The top 10 selling shareholders account for <b>79.85%<\/b> of the entire OFS. Group them by type, and a clear pattern emerges &#8211; this is old, legacy institutional ownership dating back to NSE&#8217;s founding-era shareholding, not a promoter or VC exit.<\/p>\n\n      <div class=\"donut-wrap\">\n        <div class=\"donut2\"><\/div>\n        <div class=\"legend\">\n          <div class=\"row\"><i class=\"swatch\" style=\"background:var(--navy-soft)\"><\/i>PSU banks, insurers &amp; govt-owned entities<b>53.58%<\/b><\/div>\n          <div class=\"row\"><i class=\"swatch\" style=\"background:var(--amber)\"><\/i>Foreign institutional investors<b>26.27%<\/b><\/div>\n          <div class=\"row\"><i class=\"swatch\" style=\"background:var(--gray-bar)\"><\/i>Other selling shareholders<b>20.15%<\/b><\/div>\n        <\/div>\n      <\/div>\n\n      <div class=\"table-responsive\">\n        <table>\n          <thead>\n            <tr>\n              <th>Selling shareholder<\/th>\n              <th>Shares offered<\/th>\n              <th class=\"align-center\">Weighted avg. cost\/share<\/th>\n            <\/tr>\n          <\/thead>\n          <tbody>\n            <tr><td>State Bank of India<\/td><td class=\"num\">2,47,50,000<\/td><td class=\"align-center\">\u20b90.80<\/td><\/tr>\n            <tr><td>MS Strategic (Mauritius) Ltd<\/td><td class=\"num\">1,60,00,000<\/td><td class=\"align-center\">\u20b966.54<\/td><\/tr>\n            <tr><td>Canada Pension Plan Investment Board<\/td><td class=\"num\">1,18,74,060<\/td><td class=\"align-center\">\u20b9324.13<\/td><\/tr>\n            <tr><td>Aranda Investments (Mauritius) Pte Ltd<\/td><td class=\"num\">1,12,46,336<\/td><td class=\"align-center\">\u20b962.38<\/td><\/tr>\n            <tr><td>Bank of Baroda<\/td><td class=\"num\">1,09,86,250<\/td><td class=\"align-center\">\u20b90.54<\/td><\/tr>\n            <tr><td>Stock Holding Corporation of India<\/td><td class=\"num\">1,08,90,000<\/td><td class=\"align-center\">\u20b90.46<\/td><\/tr>\n            <tr><td>General Insurance Corporation of India<\/td><td class=\"num\">1,06,58,000<\/td><td class=\"align-center\">\u20b95.26<\/td><\/tr>\n            <tr><td>The New India Assurance Co. Ltd<\/td><td class=\"num\">1,05,00,000<\/td><td class=\"align-center\">\u20b90.32<\/td><\/tr>\n            <tr><td>National Insurance Company Ltd<\/td><td class=\"num\">60,00,000<\/td><td class=\"align-center\">\u20b90.32<\/td><\/tr>\n            <tr><td>United India Insurance Company Ltd<\/td><td class=\"num\">60,00,000<\/td><td class=\"align-center\">\u20b90.50<\/td><\/tr>\n          <\/tbody>\n        <\/table>\n      <\/div>\n      <p style=\"font-size:12.5px; color:var(--sub); font-family:'Plus Jakarta Sans';\">Weighted average cost of acquisition per share as certified by Manian &amp; Rao, Chartered Accountants, dated June 17, 2026. The wide spread in cost &#8211; from \u20b90.32 to \u20b9324.13 &#8211; reflects decades of holding at very different entry points, further adjusted for NSE&#8217;s 4:1 bonus issue in 2024.<\/p>\n    <\/div>\n  <\/section>\n\n  <!-- ================= GLOBAL STANDING ================= -->\n  <section class=\"alt\">\n    <div class=\"wrap\">\n      <div class=\"kicker\"><span class=\"chip\">06 &#8211; India&#8217;s exchange vs. the world<\/span><\/div>\n      <h2 class=\"h\">By number of trades, NSE is already the world&#8217;s busiest exchange<\/h2>\n      <p class=\"lede\">According to the World Federation of Exchanges data cited in the DRHP, NSE&#8217;s cash equity market recorded more individual trades in FY26 than Nasdaq or NYSE &#8211; though this is a trade-count comparison, not a comparison of traded value.<\/p>\n\n      <div class=\"barchart\">\n        <div class=\"bar-row\"><div class=\"bar-label\">NSE<\/div><div class=\"bar-track\"><div class=\"bar-fill\" style=\"width:100%\"><\/div><\/div><div class=\"bar-val\">7.95 bn<\/div><\/div>\n        <div class=\"bar-row\"><div class=\"bar-label\">Nasdaq<\/div><div class=\"bar-track\"><div class=\"bar-fill alt\" style=\"width:74.6%\"><\/div><\/div><div class=\"bar-val\">5.93 bn<\/div><\/div>\n        <div class=\"bar-row\"><div class=\"bar-label\">NYSE (ICE)<\/div><div class=\"bar-track\"><div class=\"bar-fill alt\" style=\"width:67.7%\"><\/div><\/div><div class=\"bar-val\">5.38 bn<\/div><\/div>\n      <\/div>\n      <p style=\"font-size:12.5px; color:var(--sub); font-family:'Plus Jakarta Sans'; margin-top:-6px;\">Number of trades in cash equities, Fiscal 2026, per World Federation of Exchanges data cited in the DRHP.<\/p>\n\n      <p>In equity derivatives, the gap is even starker: NSE (including NSE IFSC) processed <b>36.99 billion contracts<\/b> in FY26 &#8211; good for a <b>51.18% global market share<\/b> in contracts traded across equity derivatives, and an <b>11.38% share<\/b> in cash-equity trade count.<\/p>\n\n      <div class=\"grid cols-2\" style=\"margin-top:20px;\">\n        <div class=\"card\">\n          <span class=\"tag\">Domestic dominance<\/span>\n          <div style=\"font-family:'Lora',serif; font-size:14.5px; margin-top:6px;\">\n            Cash market: <b>92.99%<\/b><br>\n            Equity futures: <b>99.79%<\/b><br>\n            Equity options: <b>74.71%<\/b><br>\n            Currency futures: <b>99.48%<\/b><br>\n            Currency options: <b>100.00%<\/b>\n          <\/div>\n          <div class=\"d\" style=\"margin-top:8px;\">India market share by turnover, FY2026, per the Redseer industry report cited in the DRHP.<\/div>\n        <\/div>\n        <div class=\"card\">\n          <span class=\"tag\">Technology at scale<\/span>\n          <div style=\"font-family:'Lora',serif; font-size:14.5px; margin-top:6px;\">\n            <b>21.89 billion<\/b> peak order messages processed in a single day (March 24, 2026)<br><br>\n            <b>293.85 million<\/b> peak trades in a single day (June 4, 2024)<br><br>\n            Zero reported data breaches across FY24, FY25 and FY26\n          <\/div>\n        <\/div>\n      <\/div>\n    <\/div>\n  <\/section>\n\n  <!-- ================= RISKS ================= -->\n  <section>\n    <div class=\"wrap\">\n      <div class=\"kicker\"><span class=\"chip\">07 &#8211; The fine print<\/span><\/div>\n      <h2 class=\"h\">What the DRHP itself flags as risk<\/h2>\n      <p class=\"lede\">Every DRHP carries a &#8220;Risk Factors&#8221; section, and NSE&#8217;s is unusually candid given its role as a market regulator. A few stand out.<\/p>\n\n      <div class=\"risk-list\">\n        <div class=\"risk\">\n          <div class=\"n\">01<\/div>\n          <div>\n            <div class=\"t\">Revenue is concentrated in trading volumes &#8211; and options specifically<\/div>\n            <div class=\"body\">78.65% of revenue from operations comes from transaction charges, and 60.22% of that is from options alone. Any regulatory move that dampens F&amp;O activity (like the October 2024 and May 2025 SEBI circulars) hits the topline directly &#8211; as FY26&#8217;s numbers already show.<\/div>\n          <\/div>\n        <\/div>\n        <div class=\"risk\">\n          <div class=\"n\">02<\/div>\n          <div>\n            <div class=\"t\">NSE is both a listed company and a first-level regulator<\/div>\n            <div class=\"body\">The DRHP discloses past SEBI show-cause notices, administrative warning letters, and settlement proceedings arising from routine inspections. Regulatory oversight of NSE doesn&#8217;t pause because NSE is now also a listed entity.<\/div>\n          <\/div>\n        <\/div>\n        <div class=\"risk\">\n          <div class=\"n\">03<\/div>\n          <div>\n            <div class=\"t\">Securities Transaction Tax went up in April 2026<\/div>\n            <div class=\"body\">STT on futures rose from 0.02% to 0.05% of contract value, and on options from 0.10% to 0.15% of premium value, effective April 1, 2026 &#8211; a direct cost increase for the same trading activity NSE&#8217;s revenue depends on.<\/div>\n          <\/div>\n        <\/div>\n        <div class=\"risk\">\n          <div class=\"n\">04<\/div>\n          <div>\n            <div class=\"t\">No identifiable promoter<\/div>\n            <div class=\"body\">NSE&#8217;s shareholding is diversified across financial institutions with no single promoter group &#8211; meaning no &#8220;promoter skin in the game&#8221; in the traditional IPO sense, and no promoter lock-in requirements apply.<\/div>\n          <\/div>\n        <\/div>\n        <div class=\"risk\">\n          <div class=\"n\">05<\/div>\n          <div>\n            <div class=\"t\">Macro and geopolitical sensitivity<\/div>\n            <div class=\"body\">The DRHP explicitly flags that slowing GDP growth, rate hikes, currency depreciation, or escalating geopolitical tensions could reduce foreign portfolio flows and dampen trading volumes on the exchange.<\/div>\n          <\/div>\n        <\/div>\n      <\/div>\n    <\/div>\n  <\/section>\n\n  <!-- ================= TIMELINE ================= -->\n  <section class=\"alt\">\n    <div class=\"wrap\">\n      <div class=\"kicker\"><span class=\"chip\">08 &#8211; What&#8217;s still unknown<\/span><\/div>\n      <h2 class=\"h\">Where this goes from here<\/h2>\n    \n      <div class=\"timeline\">\n        <div class=\"tl-item done\">\n          <div class=\"tl-h\">DRHP filed with SEBI <span class=\"tl-badge done\">Done<\/span><\/div>\n          <div class=\"tl-d\">June 17, 2026 &#8211; this is the document this article is based on.<\/div>\n        <\/div>\n        <div class=\"tl-item pending\">\n          <div class=\"tl-h\">SEBI review &amp; observations <span class=\"tl-badge pending\">Pending<\/span><\/div>\n          <div class=\"tl-d\">SEBI examines the DRHP and issues observations that must be addressed before filing the final RHP.<\/div>\n        <\/div>\n        <div class=\"tl-item pending\">\n          <div class=\"tl-h\">Price band &amp; RHP filing <span class=\"tl-badge pending\">Pending<\/span><\/div>\n          <div class=\"tl-d\">Offer price, exact \u20b9 value of the OFS, and the final Red Herring Prospectus get filed with the RoC.<\/div>\n        <\/div>\n        <div class=\"tl-item pending\">\n          <div class=\"tl-h\">Anchor investor bidding <span class=\"tl-badge pending\">Pending<\/span><\/div>\n          <div class=\"tl-d\">One working day before the public bid opens, per standard SEBI ICDR process.<\/div>\n        <\/div>\n        <div class=\"tl-item pending\">\n          <div class=\"tl-h\">Bid\/offer opens &amp; closes <span class=\"tl-badge pending\">Pending<\/span><\/div>\n          <div class=\"tl-d\">Dates not yet announced.<\/div>\n        <\/div>\n        <div class=\"tl-item pending\">\n          <div class=\"tl-h\">Listing on BSE <span class=\"tl-badge pending\">Pending<\/span><\/div>\n          <div class=\"tl-d\">NSE&#8217;s designated stock exchange for this listing is BSE.<\/div>\n        <\/div>\n      <\/div>\n\n      <div class=\"pill-row\">\n        <span class=\"pill\">Registrar: MUFG Intime India Pvt Ltd<\/span>\n        <span class=\"pill\">Auditor: Price Waterhouse &amp; Co Chartered Accountants LLP<\/span>\n        <span class=\"pill\">Chairperson: Shri Srinivas Injeti<\/span>\n        <span class=\"pill\">CFO: Shri Ian Desouza<\/span>\n      <\/div>\n    <\/div>\n  <\/section>\n\n  <!-- ================= FOOTER \/ DISCLAIMER ================= -->\n  <footer>\n    <div class=\"wrap\">\n      <h4>A note on this article<\/h4>\n      <p>Every figure in this article &#8211; offer size, financials, market share, selling shareholder details, and risk disclosures &#8211; is sourced directly from the <a href=\"https:\/\/www.sebi.gov.in\/filings\/public-issues\/jun-2026\/national-stock-exchange-of-india-ltd-drhp_102189.html\"; > Draft Red Herring Prospectus <\/a>filed by National Stock Exchange of India Limited with SEBI on June 17, 2026, including data attributed within the DRHP to the Redseer industry report and the World Federation of Exchanges. Figures originally reported in \u20b9 million have been converted to \u20b9 crore for readability. No figures have been estimated, assumed, or sourced from unlisted\/grey market activity.<\/p>\n    <\/div>\n  <\/footer>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d9eb57c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d9eb57c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6ecf004\" data-id=\"6ecf004\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2f55762 elementor-widget elementor-widget-text-editor\" 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