This opportunity provides pre-IPO access at institutional valuations. In addition, you are diversifying into
India’s financial backbone via a tax-efficient USD structure (Delaware LP). Despite regulatory headwinds,
NSE continues to demonstrate transparency and compliance. It has cleaned up governance in the last few years
and has retained trust from Temasek, Tiger Global, CPP, Morgan Stanley & others.
Unlisted Equity
Institutional Grade
Product Overview
The National Stock Exchange of India (NSE) stands as the undisputed leader in India’s financial landscape
and a formidable global exchange. With a robust, integrated model spanning trading, clearing, settlement,
index creation, and market data distribution, NSE offers a compelling investment proposition, especially for
US Non-Resident Indians (NRIs) looking to participate in India’s growth story.
Key Highlights
#1 globally in derivatives volume and #2 in equity trades worldwide
Across 99.9% of Indian PIN codes and 2,000+ cities
Over 210 million accounts registered with 110 million unique investors
Market Position
Cash Equity94%
Equity Futures100%
Equity Options88%
Currency Derivatives95%
Interest Rate Futures93%
The company maintains exceptional operating margins above 60%
and carries virtually no debt. The company has been reporting stellar numbers throughout the years and some
of them are captured below.
India's Largest Real-Time Financial Ecosystem
Trading Services
1st
Largest Derivatives exchange globally (by # of contracts)
2nd
Largest equity exchange globally (by # of trades)
Listing Services
1st
Highest equity capital raised in primary markets globally in CY24
242
Cumulative number of IPO listings (on Mainboard & SME) in FY25
Clearing & Settlement
1st
NSE Clearing was the first clearing corporation to be established in
India
AAA
Credit rating of NSE Clearing as per CRISIL ratings (since 2008)
Others
1,792
Credit rating of NSE Clearing as per CRISIL ratings (since 2008)
73%
Proportion of total Industry AUM of the equity and debt passive funds
linked to Nifty indices
Key Subsidiaries & Strategic Investments
Financial Performance
5-year track record of consistent growth (FY21-FY25)
₹00,000 Cr
Revenue (FY25)
+00% from FY21
₹00,000 Cr
Profit (FY25)
+00% from FY21
00%
Net Margin (FY25)
Consistent 00%+
₹00.00
EPS (FY25)
+00% from FY21
Metric
FY21
FY22
FY23
FY24
FY25
Revenue (₹ Cr)
00,000
0,000
0,000
0,000
00,000
Profit (₹ Cr)
00,000
0,000
0,000
0,000
00,000
Net Margin (%)
00,000
0,000
0,000
0,000
00,000
EPS (₹)
00,000
0,000
0,000
0,000
00,000
₹00
Dividend per Share
₹00.00
Special Dividend
00%
Debt Level
00%+
Operating Margin
Available after launch
Growth Metrics
Strong growth driven by increasing retail participation
39%
Demat Accounts CAGR
(3-YearGrowth)
21%
Active Clients CAGR
(3-Year Growth)
₹414 Tn
India's Equity Market Cap
4th Largest Globally
Competitive Position
NSE vs BSE comparison (FY25)
Metric
NSE
BSE
Advantage
Revenue (₹ Cr)
00,000
0,000
00x Higher
Net Profit (₹ Cr)
00,000
0,000
00x Higher
EPS (₹ Cr)
00.00
0,000
00x Higher
Share price
00,000
0,000
00x Higher
Market Cap (USD Bn)
00.00
0,000
00x Larger
P/E Ratio
00
0,000
00
Available after launch
This is based on the current indicative price in the unlisted market and is subject to change.
Institutional Backing
World-class investors demonstrating confidence in NSE’s vision
Temasek Holdings
Sovereign Wealth
Tiger Global
Growth Equity
Premji Invest
Family Office
TPG NewQuest
Private Equity
CPP Investments
Pension Fund
Morgan Stanley
Investment Bank
TA Associates
Growth Capital
Think Investments
Wealth Management
360 ONE
Wealth Management
Shareholding Structure (Dec 2024)
Foreign Institutional Investors41.2%
Non-Institutional Investors24.0%
Domestic Institutions22.5%
Trading Members & Others12.3%
Disclosure
Pre-IPO investments involve significant risk, including the possible loss of your entire investment. These securities are offered only to accredited investors under Regulation D and are not registered with the SEC. Pre-IPO shares of foreign issuers may involve additional risks, including limited disclosure, different accounting standards, political and regulatory risks, currency risk, and reduced investor protections.
There is no guarantee of an IPO, liquidity event, or market for resale, and the securities may be subject to transfer restrictions or lock-ups. Valuations are speculative and may not reflect market value.
This material is for informational purposes only and is not a recommendation to buy or sell securities. Investors should conduct their own due diligence and consult their advisors before investing.
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