NSE files for ₹30,000 crore IPO: A look at its defining milestones

As NSE moves closer to a ₹30,000 crore IPO, here's a look at the milestones that transformed it from a market reform initiative into India's leading stock exchange

The National Stock Exchange of India (NSE) has taken a major step towards its long-awaited initial public offering (IPO), filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) nearly a decade after its first attempt to go public.

 

According to a Business Standard report, the proposed issue is estimated at around ₹30,000 crore, potentially making it the largest IPO in Indian history. The offer will comprise up to 148.9 million equity shares, representing nearly 6 per cent of NSE’s paid-up capital. The issue will be entirely an offer for sale (OFS), with no fresh issue component, meaning the exchange itself will not receive any proceeds from the sale. Following regulatory approvals, NSE shares will be listed on rival exchange BSE.

 

 

The development marks the culmination of a listing journey that began in December 2016, when NSE first filed draft papers for a ₹10,000 crore IPO. The process was later derailed by the co-location controversy and subsequent regulatory scrutiny. Sebi issued a no-objection certificate on January 30, 2026, while NSE’s board approved the public issue on February 6, 2026, paving the way for the fresh filing.

 

When and why was NSE launched?

 

The NSE was incorporated in 1992 in the aftermath of the Harshad Mehta securities scam, which exposed significant weaknesses in India’s market infrastructure. Acting on the recommendations of the Pherwani Committee, the central government backed the creation of a modern and transparent exchange aimed at replacing the traditional system.

 

Headquartered in Mumbai, NSE received recognition as a stock exchange from Sebi in April 1993. It commenced operations in 1994 with the launch of the wholesale debt market, followed shortly by the cash market segment. The derivatives segment was introduced in 2000.

 

Unlike traditional exchanges that relied on trading floors and hand signals, NSE was built around electronic trading, ushering in a new era of transparency and efficiency in Indian capital markets.

 

Revolutionising trading through technology

 

A defining moment came in 1995 when NSE introduced a fully automated screen-based trading system. The platform enabled investors to buy and sell securities electronically. By 1999, NSE had completely phased out manual trading, becoming the first Indian exchange to do so. The exchange continued its technology-led expansion in 2003 by introducing internet-based remote trading facilities.

 

Birth of Nifty 50 index

 

One of NSE’s most significant contributions to Indian markets came with the launch of the Nifty 50 index on April 22, 1996. The benchmark was introduced with a base date of November 3, 1995, and a base value of 1,000.

 

Originally known as CNX Nifty, the index was renamed Nifty 50 in 2015. It comprises 50 large, liquid and actively traded stocks across sectors. Over the years, the Nifty evolved into the primary barometer of India's equity markets and investor sentiment.

 

Crossing the historic 10,000 mark

 

The Nifty 50 achieved a landmark milestone in July 2017 when it breached the 10,000 level for the first time, touching an all-time high of 10,011.30. The feat came nearly 21 years after the benchmark was launched with a base value of 1,000, underscoring the rapid growth of India's equity markets and expanding investor participation. The index continued its upward trajectory, eventually crossing the 20,000 mark in September 2023, less than seven years after entering five-digit territory.

 

Expanding beyond equities

 

As Indian financial markets matured, NSE steadily expanded beyond equities, broadening its product offerings across asset classes. The exchange introduced currency derivatives to help businesses and investors manage foreign exchange risks, launched the Mutual Fund Service System (MFSS) to simplify mutual fund transactions, and rolled out index-based derivative contracts for better risk management.

 

It also launched a Depository Receipts platform that enabled foreign companies to access Indian capital markets, played a key role in establishing the National Commodity & Derivatives Exchange (NCDEX), and strengthened the fixed-income ecosystem through the New Debt Segment (NDS), an electronic platform aimed at improving transparency and liquidity in corporate bond trading.

 

Taking India to global markets

 

NSE expanded its international footprint in June 2017 with the launch of NSE International Exchange (NSE IX) in Gujarat International Finance Tec-City (GIFT City). The platform marked India's entry into the global exchange landscape, offering trading across multiple asset classes and helping position GIFT City as an international financial centre.

 

From domestic leader to global powerhouse

 

Over the past decade, NSE has consolidated its dominance across cash equities and derivatives trading. According to NSE's DRHP, it has emerged as the world's largest multi-asset exchange in FY26, accounting for 11.38 per cent of global cash equity trades and 51.18 per cent of global equity derivatives contracts traded.

 

The exchange also retained its position as the world's largest equity derivatives exchange, with more than 36.99 billion contracts traded during FY26, including activity on NSE International Exchange. As of March 31, 2026, NSE remained India's largest exchange by cash market turnover and ranked third globally by the number of cash equity trades.

 

Strong financial performance ahead of listing

 

NSE enters the IPO market from a position of financial strength. According to NSE's DRHP, revenue from operations increased to ₹16,601 crore in FY26 from ₹14,780 crore in FY24. Net profit rose to ₹10,302 crore from ₹8,305 crore during the same period. However, profit after tax declined 15 per cent year-on-year from ₹12,188 crore in FY25 to ₹10,302 crore in FY26, partly due to Sebi’s tighter regulations governing equity derivatives trading.

 

For NSE, the IPO marks the culmination of a transformation that began in the early 1990s, when India sought to rebuild trust in its financial system. More than three decades later, the exchange that revolutionised trading in India is preparing to enter a new chapter as a listed company.