IPO-bound NSE set to be the change in exchange game

NSE filed IPO papers with SEBI on June 17, targeting a listing before January 30 next year, with issue size estimated at close to ₹30,000 crore based on its ₹5 lakh crore unlisted valuation. NSE shares will list exclusively on BSE under Indian securities law, handing BSE one of its most consequential listings. NSE's FY26 operational revenue declined 3% YoY to ₹16,601 crore and profit fell 16% to ₹10,302 crore, attributed to lower transaction charges and SEBI's F&O tightening, while BSE has surged from ₹928 crore revenue in FY22 to ₹5,226 crore in FY26.