Synopsis
In a bold move, the National Stock Exchange is set to initiate a major offer for sale, aiming to secure additional capital from its existing investors. This organization boasts a fully integrated platform focused on trading and settlement, where transaction fees are the primary source of income, supplemented by expanding services.
ANI ET Intelligence Group: National Stock Exchange of India (NSE), the country’s largest stock exchange by total turnover in cash market and equity derivatives, plans to raise up to ₹22,562 crore through an offer for sale (OFS). The OFS will be carried out by 23 existing investors including State Bank of India, Canada Pension Plan Investment Board, Aranda Investments, The New India Assurance Company, SBI Capital Markets and Bank of Baroda. NSE is expected to benefit from the rising participation of retail investors in capital markets. The exchange remains heavily reliant on transaction volumes. Transaction charges formed nearly 79% of FY26 operating revenue, including nearly 60% from options, exposing earnings to regulatory changes, competition, and stock market volatility. Given these factors, the issue appears to be suitable for long-term investors with a higher risk tolerance.
ET Bureau Business
Incorporated in 1992, NSE operates a vertically integrated platform covering trading, clearing, settlement, listing, market data and index licensing. Its trading portfolio covers cash equities, equity futures and options, mutual funds, commodity derivatives, exchange-traded currency derivatives, wholesale debt and interest-rate futures. In FY26, NSE commanded nearly 93% share in cash market, 99.7% in equity futures and 68.5% in equity options premium turnover.
Read more: NSE IPO Tracker: Catch all the highlights here
While transaction charges remain the core revenue driver, the company has diversified its revenue base through connectivity, colocation, data and licensing services. Revenue from these businesses rose 9.5% year-on-year to ₹1,955.9 crore in FY26 and accounted for 11.8% of operating revenue.
As of June 30, 2026, it had 132.4 million unique registered investors, 1,328 trading members and 3,005 listed entities. However, trading activity remains concentrated, with the top 10 trading members accounting for 46.8% of FY26 revenue from operations. Lower trading volumes, regulatory chan
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