Price band of Rs 1,700 – Rs 1,785 per Equity Share bearing face value of Rs. 1 each (“Equity
Shares”)
Anchor Investor Bidding Date – 16 th September 2026
Bid/Offer Opening Date 17 th September 2026 and Bid/Offer Closing Date 21 st September 2026
Minimum Bid Lot is 8 Equity Shares and in multiples of 8 Equity Shares thereafter
12 th September, Chennai: National Stock Exchange of India Limited has fixed the price band of Rs
1,700/- to Rs 1,785/- per Equity Share of face value Rs. 1/- each for its initial public offer.
The Initial Public Offering (“IPO” or “Offer”) of the Company will open on 17 th September 2026, for
subscription and close on 21 st September 2026.
Investors can bid for a minimum of 8 Equity Shares and in multiples of 8 Equity Shares thereafter.
Equity shares outstanding as on date 2,475,000,000 equity shares of Rs. 1 each.
The IPO, with a face value of Rs 1, is an offer-for-sale up to 126,436,650 equity shares by corporate
selling shareholders – State Bank of India, Canada Pension Plan Investment Board, Aranda Investments
(Mauritius) Pte Ltd, MS Strategic (Mauritius) Ltd, The New India Assurance Company Ltd, SBI Capital
Markets Limited (SS), Bank of Baroda, Stock Holding Corporation of India Limited, General Insurance
Corporation of India Limited, and United India Insurance Company Limited.
The issue is being made through the book-building process, in line with SEBI ICDR Regulations, with no
more than 50% reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional
Investors (NIIs), and not less than 35% for Retail Individual Investors (RIIs).
National Stock Exchange of India (NSE) began its operations in 1994 and was the first exchange in India
to implement electronic or screen-based trading. NSE has a fully integrated business model comprising
exchange listings, trading services, clearing and settlement services, indices and market data feeds. NSE
also oversees compliance by trading, clearing members and listed companies with the rules and
regulations of SEBI and the exchange. NSE is a pioneer in technology and ensures the reliability and
performance of its systems through a culture of innovation and investment in technology. NSE is the
world’s largest derivatives exchange by trading volume (contracts) for calendar year 2025 as per the
statistics maintained by Futures Industry Association (FIA). NSE is ranked third in the world in equity
segment by number of trades (electronic order book) in 2025, as per the statistics maintained by World
Federation of Exchanges (WFE).
NSE has been the largest stock exchange in India in terms of total turnover in cash market and total
turnover in equity derivatives (based on notional turnover for equity options) from Fiscal 20011 to Fiscal
2026 and the three months period ended June 30, 2026, and have also been the largest stock exchange
in India in terms of total turnover in exchange-traded currency derivatives (based on notional turnover for
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STATEMENT FROM THE COMPANY.
currency options) from Fiscal 20092 to Fiscal 2026 and three months period ended June 30, 2026,
according to the Redseer Report.
According to World Federation of Exchanges, compared to the leading listed stock exchange groups
globally, the company is the largest multi-asset class exchange in terms of number of trades in cash
equities and contracts traded in equity derivatives in Fiscal 2026 and the three months period ended June
30, 2026, with a global market share of 11.38% in number of trades in cash equities and 51.18% in
contracts traded in equity derivatives in Fiscal 2026, and a global market share of 10.68% in number of
trades in cash equities and 50.22% in contracts traded in equity derivatives in the three months period
ended June 30, 2026.
The company is a “first level regulator” in India, and in that role are committed to providing equal,
unrestricted, transparent and fair access to the stock market to all market participants, including investors,
issuers and intermediaries, while maintaining orderly and efficient market functioning and safeguarding
investor interests.
Its Unique Registered Investors base has grown at a compounded annual growth (CAGR) of 26.23% from
30.87 million as of March 31, 2020 to 132.37 million as of June 30, 2026, while the aggregate Market
Capitalisation of Listed Entities on its platform (Mainboard and EMERGE) grew at a CAGR of 25.89%
during the same period.
In the three months period ended June 30, 2026, and in Fiscal 2026, Total Fund Mobilisation of ₹6.19
trillion and ₹20.33 trillion was raised through its platform, respectively. Investors on the stock exchange
span over 99% of Indian postal codes as of June 30, 2026, thereby democratising access to financial
opportunities. As of June 30, 2026, the company supported 261.36 million registered investor accounts,
1,328 trading members, 132.37 million Unique Registered Investors and 3,005 Listed Entities with a
Market Capitalisation of Listed Entities of ₹474.08 trillion.
As of Fiscal 2026 and three months period ended June 2026, the company maintains leading market
share positions in India across key asset classes, with market share of 92.99% and 93.05%, respectively,
in cash market (based on total turnover), 99.79% and 99.72%, respectively, in equity futures (based on
total turnover), 74.71% and 68.48%, respectively, in equity options (based on premium turnover), 99.48%
and 100.00%, respectively, in exchange traded currency futures (based on total turnover), 100.00% and
100.00% for exchange-traded currency options (based on total premium turnover), according to the
Redseer Report. Further, it had a market share of 85.65% and 81.15%, respectively, in value of trades in
listed and unlisted corporate bonds (executed on over-the-counter (OTC), request for quote (RFQ) and
anonymous platform and settled through clearing corporations in India) in Fiscal 2026 and three months
period ended June 2026, according to the Redseer Report.
The company has also established key market institutions to create a holistic ecosystem and serve as a
one-stop platform for trading, listing and settlement. Its non-trading businesses provide complementary
revenue sources and serve market participants’ diverse needs, as described below:
Clearing and settlement – It established NSE Clearing Limited (NCL) in August 1995 for offering clearing
and settlement services in India.
Indices – It commenced offering index services in May 1998 and currently provide these services through
NSE Indices Limited (NSE Indices)
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STATEMENT FROM THE COMPANY.
Data analytics, news and market updates – It established NSE Data and Analytics Limited (NSE DAL) in
June 2000 to offer data analytics services, providing comprehensive real-time market data, benchmark
data, fixed income valuations and analytical tools to institutional investors, asset managers and
regulators.
Foreign currency denominated trading – It established NSE International Exchange (NSEIX) as a
subsidiary of the company in Gift City in November 2016 in GIFT City to enable Indian and foreign entities
to trade in foreign currency-denominated securities and financial products, and access international
financial markets, allowing trading for nearly 21 hours a day
The company provides a robust, scalable and secure platform for market participants and investors. It
continuously adapts its technology infrastructure to meet investor needs and evolving market
requirements. Its platform processed an average of 12.46 billion messages daily during the period from
April 1, 2024 to June 30, 2026, with 21.89 billion peak order messages processed in a single day on
March 24, 2026, on which date 201.00 million trades were executed and on June 4, 2024, its platform
processed a total of 293.85 million peak trades in a single day.
The platform can also process nearly 5 million messages per second with microsecond response time for
cash market, equity derivatives and exchange-traded currency derivatives.
In the three months period ended June 30, 2026, and in Fiscal 2026, the company enabled the capital
mobilisation of over ₹1.29 trillion and ₹4.78 trillion in equity capital and facilitated total fund mobilisation of
₹6.19 trillion and ₹20.33 trillion through its platform, respectively, which it believes is evidence of its
central role in India’s capital formation architecture.
Its revenue from operations was Rs 4,560 crore for the June 2026 quarter as compared to Rs 4,032 crore
a year earlier. Its net profit was Rs 3,121 crore in the June 2026 quarter as compared to Rs 2,811 crore a
year earlier.
Kotak Mahindra Capital Company Limited, JM Financial Limited, Morgan Stanley India Company Private
Limited, Citi Global Markets India Private Limited, HSBC Securities & Capital Markets India Private
Limited, JP Morgan India Private Limited, SBI Capital Markets Limited, Anand Rathi Advisors Limited,
Avendus Capital Private Limited, Axis Capital Limited, DAM Capital Advisors Limited, Equirus Capital
Limited, HDFC Bank Limited, ICICI Securities Limited, IDBI Capital Markets & Securities Limited, IIFL
Capital Services Limited, Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management
Limited, Pantomath Capital Advisors Private Limited and 360 ONE WAM Limited, are the book-running
lead managers.
MUFG Intime India Private Limited is the registrar to the issue.
The equity shares are proposed to be listed on BSE.
National Stock Exchange of India Limited is proposing, subject to receipt of requisite approvals, market
conditions and other considerations, to make an initial public offer of its Equity Shares and has filed a red
herring prospectus dated 10 th September, 2026, with the RoC. The RHP is made available on the website
of the SEBI at www.sebi.gov.in as well as on the website of the BRLM,
https://investmentbank.kotak.com/, https://www.jmfl.com/, https://www.morganstanley.com/about-
us/global-offices/asia-pacific/india, https://www.citigroup.com/global/about-us/global-presence/india/cgm-
india, https://www.business.hsbc.bank.in/en-gb/regulations/hsbc-securities-and-capital-market,
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STATEMENT FROM THE COMPANY.
https://indiaipo.jpmorgan.com/, https://anandrathi.com/, https://www.avendus.com/,
https://www.axiscapital.co.in/, https://www.damcapital.in/home.aspx, https://www.equirus.com/,
https://www.hdfc.bank.in/, https://www.icicisecurities.com/, https://idbicapital.com/index.asp,
https://www.iiflcapital.com/, https://www.motilaloswal.com/, https://www.nuvamawealth.com/,
https://www.pantomathgroup.com/, https://www.360.one/, the website of the NSE at www.nseindia.com
and the website of the BSE at www.bseindia.com and the website of the Company at www.nseindia.com.
Any potential investor should note that investment in equity shares involves a high degree of risk and for
details relating to such risks, please see the section “Risk Factors” beginning on page 26 of the RHP.
Potential investors should not rely on the DRHP for making any investment decision but should only rely
on the information included in the RHP filed by the Company with the RoC.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, OUTSIDE
INDIA. The Equity Shares offered in the Offer have not been and will not be registered under the United
States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any other applicable law of the
United States and, unless so registered, may not be offered or sold within the United States except
pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S.
Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and
sold (a) within the United States only to persons reasonably believed to be “qualified institutional buyers”
(as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from, or not subject to, the
registration requirements of the U.S. Securities Act; and (b) outside of the United States in offshore
transactions as defined in and in compliance with Regulation S under the U.S. Securities Act
(“Regulation S”) and the applicable laws of the jurisdiction where those offers and sales are made.
Disclaimer Clause of Securities and Exchange Board of India (“SEBI”): SEBI only gives its
observations on the offer documents, and this does not constitute approval of either the Issue or the
specified securities stated in the Offer Documents. The investors are advised to refer to page 470 of the
RHP for the full text of the disclaimer clause of SEBI.
Disclaimer Clause of BSE: It is to be distinctly understood that the permission given by BSE Limited
should not in any way be deemed or construed that the RHP has been cleared or approved by BSE
Limited, nor does it certify the correctness or completeness of any of the contents of the RHP. The
investors are advised to refer to page 475 of the RHP for the full text of the disclaimer clause of BSE.