From Market Reforms To Investor Safety: NSE’s Sriram Krishnan On The Road Ahead

2025 proved to be a solid year for India’s primary markets, with strong momentum in IPO activity and a clear emphasis on quality listings. While the total number of companies listed was marginally lower than in the previous year, overall fund mobilisation exceeded USD 20 billion, driven by a notable rise in main-board IPOs. The growing presence of larger companies on the main board reflects increasing confidence in the markets and the depth of India’s capital-raising ecosystem. On the SME front, listings on the NSE Emerge platform were more selective, reflecting a cautious and disciplined approach aimed at protecting investor interests. Stricter eligibility criteria ensured that only companies with credible business models and sustainable prospects were permitted to list, helping maintain market integrity and avoid undue risks. This focus on quality over quantity helped ensure a stable and incident-free year for SME listings. In the secondary markets, NSE further consolidated its leadership position. The exchange ended 2025 with a market share of over 92 per cent in equity derivatives, aided by the shift in expiry days from Thursday to Tuesday. Significant gains were recorded across multiple trading days, while NSE continued to maintain a steady 93–94 per cent share in the cash equities segment. Overall, the year marked strong operational performance, reinforcing optimism around market conditions and expectations for 2026.