NSE shareholder army crosses 1 lakh milestone, largest among all unlisted companies

As the Street awaits the initial public offering (IPO) of the National Stock Exchange of India (NSE), the company has emerged as the largest unlisted firm in India in terms of the number of investors, with over 1 lakh shareholders.

This milestone underscores the significant investor interest in the exchange, as it is interesting to note that even several listed companies in the country do not have an investor base as extensive as this.

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NSE's shareholder base now places it among a select group of entities in the country with such a vast number of investors, a figure that even several listed companies in India have not achieved.

This extensive shareholder base reflects growing investor confidence in the exchange's pivotal role as a key platform for trading equities, derivatives, and other financial products.

According to the latest industry data, the surge in investor numbers is indicative of NSE's position as a dominant player in India's securities market, attracting both institutional and retail investors.

The exchange has consistently drawn investor interest due to its prominent standing and operational scale in the country's capital markets.

Earlier in February 2025, NSE overtook Serum Institute of India as the most valuable unlisted company, according to a joint study, which was conducted by Axis Bank’s Burgundy Private and Hurun India.

The list features the top 500 private companies in terms of value for 2024. The cumulative value of all the 500 companies rose 40% to $3.8 trillion, which is higher than India’s Gross Domestic Product (GDP).

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NSE Q4 results

For the March quarter of FY25, NSE reported a 7% YoY growth in its consolidated net profit at Rs 2,650 crore. The same stood at Rs 2,488 crore in the same quarter of the last financial year.

Further, NSE’s revenue from operations declined 18% YoY to Rs 3,771 crore against Rs 4,625 crore reported in the year-ago period. The same declined 13% on a sequential basis.

The Earnings Per Share (EPS) for FY25 stood at Rs 49.24, marking a significant rise from Rs 33.56 in FY24. The book value per share increased to Rs 122.64 in FY25, up from Rs 96.87 in the previous fiscal. The return on equity (RoE) improved to 45% in FY25, compared to 37% in FY24.

NSE IPO

NSE submitted its IPO prospectus in December 2016. Shares of the exchange are among the most actively traded in the unlisted market.
In March this year, NSE approached SEBI for a No Objection Certificate (NOC) to proceed with further steps towards listing its shares.

This is not the first time NSE has approached SEBI for an NOC for its IPO. The exchange had previously made similar requests in November 2019, twice in 2020, and again in August 2024.

In February, SEBI had responded to NSE’s NOC request, outlining specific observations regarding technology, key management personnel (KMP), ownership of clearing corporations, and ongoing cases related to the colocation matter. In its renewed appeal for a NOC in March, NSE addressed all the points raised by SEBI in its February response.

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