Drashti Chheda Siddharth Balachandran, a well-known UAE-based investor and business leader, has once again made waves in India’s financial landscape. By raising his stake in the National Stock Exchange of India Ltd (NSE), he has cemented his position as one of the most prominent foreign investors in India’s capital markets. This comes at a time when the exchange is inching closer to its long-anticipated stock market debut, an event that has been in the works for years and is eagerly awaited by global investors.
Balachandran, who is executive chairman and CEO of Buimerc Corporation Ltd, DIFC, as well as chairman of the Indian Business & Professional Council in Dubai, now owns 9.315 million shares in NSE. This represents about 0.4 per cent of the exchange’s equity. While that percentage might look modest on paper, the significance lies in the fact that NSE is the country’s largest stock exchange and among the most influential financial institutions globally.
This is not Balachandran’s first foray into India’s bourse ecosystem. He is already the single largest individual shareholder in BSE Ltd, holding a 3.01 per cent stake. That dual positioning gives him a unique influence across India’s two market giants: BSE, the country’s oldest exchange dating back to 1875, and NSE, the younger powerhouse that has become the preferred marketplace for nearly all equity and derivatives trading.
The timing of this move is worth noting. NSE is preparing for its IPO, a development that could be one of the most consequential listings in India’s market history. For years, there has been speculation about NSE’s public debut, and with Balachandran expanding his stake, it signals renewed confidence in both the timing and valuation prospects of the offering. Investors who track institutional behavior often view such moves as leading indicators of where smart money is flowing.
NSE’s credentials are undeniably strong. Founded in 1992, it has grown into the world’s largest derivatives exchange by contracts traded. It is also the third largest in cash equities by number of trades. As of May 2024, companies listed on NSE boasted a combined market capitalization of 5.4 trillion dollars, making it the fourth largest exchange in the world. Its dominance in India is staggering, with a 93 per cent share in the cash segment and 97 per cent in equity derivatives.
