India’s biggest unlisted company? NSE now has more shareholders than most listed firms

The National Stock Exchange (NSE) has reportedly emerged as India’s largest unlisted company by shareholder count, crossing the 1 lakh mark—a milestone that places it ahead of most listed firms in terms of investor base. This rare feat underscores the immense investor confidence and interest in the exchange, which remains central to India’s capital markets.

The NSE’s strong fundamentals, market leadership, and consistent financial performance have helped it build a loyal investor base, despite being unlisted, as per reports.

NSE reported robust financial results for the financial year ending March 31, 2025 (FY25). Its consolidated total income rose 17% year-on-year to Rs 19,177 crore. Net profit saw an even sharper rise of 47%, touching Rs 12,188 crore, according to its regulatory filing. The exchange also reported an increase in earnings per share, which rose to Rs 49.24 from Rs 33.56 in the previous year, after accounting for a 4:1 bonus share issuance.

The NSE made a significant fiscal contribution to the Indian government in FY25, paying Rs 59,798 crore through Securities Transaction Tax (STT), stamp duty, SEBI fees, income tax, and GST.

Despite persistent speculation about a potential IPO, the exchange has reiterated that it has not approached the government on the matter. Regulatory uncertainties have kept its public listing on hold for years.

Some notable shareholders of the exchange include insurance giants such as LIC, GIC, New India Assurance Company, National Insurance Company, and Oriental Insurance, as well as the State Bank of India holding a 3.23 percent stake, as per news reports.

Additionally, NSE has several foreign shareholders including Canada Pension Plan Investment Board, Crown Capital, MS Strategic (Mauritius), TIMF Holdings, TA Asia Pacific Acquisitions, and Aranda Investments (Mauritius) Pte Ltd, among others.

NSE IPO

In February 2024, the NSE was named the most valuable unlisted company in the country by the Burgundy Private Hurun India 500 report. It saw a 201% surge in valuation, reaching an estimated Rs 4.70 lakh crore, further reinforcing its dominant role in India’s financial infrastructure, as per the Hurun report.

The number of NSE shareholders has been steadily increasing, despite delays in obtaining regulatory and statutory approvals for its IPO, which has been pending for over eight years. NSE submitted its IPO prospectus in December 2016, and its shares are actively traded in the unlisted market. In March of this year, NSE reached out to SEBI to request a No Objection Certificate (NOC) to move forward with the listing process.

This is not the first time NSE has sought an NOC from SEBI for its IPO. Similar requests were made in November 2019, twice in 2020, and again in August 2024.

In February this year, SEBI replied to NSE's request for an NOC, addressing various issues raised in the letter such as technology, key management personnel, ownership of clearing corporations, and ongoing cases related to colocation. In March, NSE submitted a new request for an NOC, addressing all the points raised by SEBI in their February response.