Drashti Chheda India’s stock market is buzzing, and the buzzword of the season is not a startup or a tech unicorn. It’s the National Stock Exchange itself. Retail investors are diving headfirst into NSE’s unlisted shares, and the frenzy is very real.
In just three months, the number of retail shareholders in NSE has surged from about 34,000 to over 1.46 lakh. That’s more than a fourfold jump. What sparked this stampede? A mix of IPO anticipation and a regulatory unlock that made trading these shares far simpler.
Until recently, getting your hands on NSE’s unlisted shares felt like trying to board a moving train. The ISIN was frozen, meaning you couldn’t freely transfer shares. It often took months to process a transaction. That changed on March 24, 2025, when NSE removed the freeze and cleared the path for smooth, one-day transfers. The unlisted market hasn’t looked the same since.
Retail investors grabbed the opportunity. Trades are happening for as few as 10 shares. And with the NSE IPO expected to hit the markets by the end of FY26, investors aren’t waiting for a second invite.
There’s good reason for the enthusiasm. NSE isn’t just any company inching toward an IPO. It’s a profit machine. In FY25, the exchange reported a net profit of ₹12,188 crore, up 47 percent from the previous year. Revenue stood at ₹17,141 crore. To put that in perspective, NSE’s profits are nearly ten times that of BSE, its closest counterpart.
NSE holds a 94 percent market share in cash equities, 99 percent in equity index futures, and 88 percent in equity options. It’s not just a leader in India, but a global force—currently the world’s largest derivatives exchange by volume and the fifth-largest in market capitalization. As of June 2025, its valuation in the unlisted space has climbed to ₹5.4 lakh crore. Its shares have doubled in the last year.
Big players are already on board. LIC owns a 10.72 percent stake. Billionaire investor Radhakishan Damani holds 1.58 percent. Other notable names include Aranda Investments, Stock Holding Corporation of India, and SBI Capital Markets. For everyday investors, buying in now feels like getting a seat at the table before it turns VIP only.
SEBI has also played a role in boosting investor confidence. The regulator recently stated that there are no remaining hurdles for NSE to go public. Meanwhile, NSE has offered ₹1,388 crore to settle long-standing issues related to the co-location case. The final paperwork may still take a few months, but the runway is clear.
The way retail investors see it, this is a once-in-a-generation opportunity to invest in a company that forms the backbone of Indian capital markets. If the IPO delivers even a fraction of what the current momentum suggests, those getting in early may have more than just bragging rights.
For now, NSE is the hottest ticket in the unlisted market—and retail investors are not missing the show.
