NSE looks to diversify revenue beyond weekly options ahead of ₹22,569 crore IPO
Weekly index options contributed 46 per cent of operating revenue in FY26; new businesses gaining ground
The National Stock Exchange (NSE) is diversifying its revenue streams beyond weekly index derivatives, which still account for 46% of its operating revenue in FY26. However, the exchange anticipates transaction revenue will remain dominant as India's capital markets expand. NSE CEO Ashishkumar Chauhan stated that the transaction charges and revenue in India's largest stock exchange have decreased from 79% five years ago to 70% currently.
New revenue lines such as data, connectivity, and indices make up 11% of NSE's revenue and are growing rapidly. Other potential revenue sources include electronic gold receipts, specialized investment funds, and exchange-traded funds. Options generated 60% of NSE's operating revenue in FY26, with monthly index options contributing 6%, single-stock options 8%, and weekly options the remaining 46%.
Futures and cash equities together accounted for 9% each. NSE anticipates technology expenses to grow by 17-18% annually. The exchange priced the IPO at ₹1,700-1,785, requiring only 4.1-4.25% of equity to be offered to meet regulatory requirements. Existing shareholders offered about 5.11% of equity, which is lower than the 14.89% initially proposed.
NSE has no promoter and aims to have a 100% public float. Shares were not sold through NSE's platform but could be considered later. Several selling shareholders have reduced their proposed sales at the RHP stage, with State Bank of India and MS Strategic (Mauritius) significantly lowering their offers.
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