Overview

• Private-market deals have driven NSE's valuation up 60% to $58 billion as trading in its unlisted shares accelerates.
• The exchange expanded its shareholder base past 100,000 this month after a four-for-one bonus share issue.
• Grey market prices climbed to around ₹2,000 per share on growing bets that the exchange could list its shares this year.
• NSE held 93.6% of India’s equity trading by value in FY25, though its options segment share dipped to 87.4%.
• Unlisted shares now trade at a 43.7-times price-to-earnings multiple and lack exchange-backed settlement guarantees, heightening transaction risks.