National Stock Exchange - IPO Report

NSE is a technology-driven market infrastructure institution and has been India's largest stock exchange by total turnover in the cash market and equity derivatives from FY01 to FY26. As of June 30, 2026, it had 261.36 million registered investor accounts, 132.37 million unique registered investors, 1,328 trading members and 3,005 listed entities, with market capitalisation of ₹474.08 trillion.

The company operates across equity cash, equity derivatives, currency derivatives, commodity derivatives and debt markets. Transaction charges form the core revenue stream, contributing 78.65% of Fiscal 2026 revenue from operations, with options alone accounting for 60.22%. Other revenue streams include listing fees, data centre and connectivity services, data feeds and terminals, and index licensing.

NSE maintains a dominant position across key segments, with FY26 market share of 92.99% in the cash market, 99.79% in equity futures, 74.71% in equity options by premium turnover and 99.48% in currency futures. Equity options premium market share moderated to 68.48% in Q1FY27.

Globally, NSE was the largest multi-asset class exchange by number of trades in cash equities and equity derivative contracts in Fiscal 2026, with global shares of 11.38% and 51.18%, respectively.

The company has an integrated market-infrastructure ecosystem through subsidiaries including NSE Clearing Limited, NSE Indices, NSE Data & Analytics, NSE IFSC and NSE Investments, covering clearing and settlement, index licensing, market data, international exchange and investment-related services.