The Metropolitan Stock Exchange of India (MSEI) will start trading shares of the National Stock Exchange of India Ltd (NSE) under its Permitted-to-Trade category from September 24. This move follows a circular issued by MSEI on Wednesday, which clarified that NSE shares will be listed on its capital market segment without requiring a full listing agreement. As a result, standard disclosure obligations will not apply to these trades.
NSE’s shares will also make their market debut on the Bombay Stock Exchange (BSE) on the same date, following the conclusion of its ₹22,568.94-crore initial public offering (IPO). The offering closed with 5.69 times subscription, with bids totaling 50.40 crore shares—more than five times the 8.86 crore shares available. Qualified institutional buyers (QIBs) led demand, subscribing 12.68 times their allotment, while non-institutional investors (NIIs) bid 6.54 times their share. Retail investors subscribed 1.35 times, and employees 2.36 times. Specifically, QIBs placed bids for 31.97 crore shares against the 2.52 crore shares allocated to them, while NIIs sought 12.36 crore shares versus the 1.89 crore tranche, and retail participants requested 5.96 crore shares compared with the 4.41 crore share pool.
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Financial data reveals NSE’s revenue from operations declined to ₹16,601.31 crore in FY26, down from ₹17,140.68 crore in FY25, though it remained higher than the ₹14,780.01 crore recorded in FY24. The company’s profit after tax (PAT) fell to ₹10,302.06 crore from ₹12,187.69 crore in the previous fiscal year. Operating EBITDA declined to ₹11,097.90 crore from ₹12,646.88 crore during the same period. The operating EBITDA margin stood at 66.85 per cent in FY26, compared with 73.78 per cent in FY25. The PAT margin contracted to 50.98 per cent, down from 55.30 per cent a year earlier.
