NSE Shareholder Base Exceeds 1 Lakh Amid IPO Delay

According to the news report, the National Stock Exchange (NSE) has surpassed 1 lakh shareholders and reached a market capitalisation of around ₹5 lakh crore, making it the largest unlisted company in the country. Despite these developments, its initial public offering (IPO) continues to face delays.

National Stock Exchange (NSE), the largest equity bourse by market share, ranks among the top 25 most profitable companies in India is considered significant. As per exchange disclosures, the consolidated net profit for FY25 was reported at ₹12,188 crore, representing a 47% increase compared to the previous fiscal year.

IPO Filing 

NSE first filed its draft red herring prospectus (DRHP) in 2016. That year, SEBI granted approval for the equity listing, subject to compliance with applicable regulations. Board and shareholder approvals were also secured in October and November 2016. At the time, neither NSE nor its directors were barred from accessing the capital markets.

In 2019, SEBI imposed a six-month ban on NSE from accessing the market due to violations related to its co-location facilities. While financial penalties were revised by the Securities Appellate Tribunal in 2023, the ban itself was upheld. The matter was settled in October 2024 for ₹643 crore.

Shareholders in NSE

The exchange boasts a diverse shareholder base, with well-known entities like insurance giants LIC, GIC, New India Assurance Company, National Insurance Company, and Oriental Insurance among them. Additionally, the State Bank of India holds a 3.23% share.

In addition to domestic investors, the NSE has a significant number of foreign shareholders, such as the Canada Pension Plan Investment Board, Crown Capital, MS Strategic (Mauritius), TIMF Holdings, TA Asia Pacific Acquisitions, and Aranda Investments (Mauritius) Pte Ltd. In addition, approximately 34,000 retail investors hold shares valued at a maximum of ₹2 lakh each.

Read more: Here’s Why the NSE IPO Faces a Delay!

Additional Conditions

According to reports, SEBI introduced additional conditions for the IPO, including operational stability, tech infrastructure upgrades, governance improvements, and resolution of legal matters.

Conclusion

NSE needs to complete the listing process, even under an accelerated timeline. While progress has been made on regulatory and compliance fronts, the IPO remains on hold until all conditions are addressed.

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