The National Stock Exchange (NSE) has officially crossed the one lakh mark in terms of shareholders, further cementing its position as one of India’s largest unlisted companies by investor base. Interestingly, several listed entities on the Indian stock market still don’t enjoy such a vast and diverse shareholder count. With this growing interest, NSE is increasingly being recognized among the best unlisted shares companies in India, attracting both institutional and retail investors looking for long-term value in the pre-IPO space.
Market experts highlight the significance of this milestone, especially considering that NSE remains the largest equity exchange in India by market share and consistently ranks among the top 25 most profitable companies in the country. According to exchange disclosures, NSE reported a consolidated net profit of ₹12,188 crore for FY25 — a 47% increase from the previous year.
NSE shares continue to attract attention in the unlisted stock space. As the NSE share price moves based on demand in the grey market, interest remains strong among both institutional and retail investors. Some prominent shareholders include Life Insurance Corporation (LIC), General Insurance Corporation (GIC), New India Assurance, National Insurance, Oriental Insurance, and State Bank of India, which holds a 3.23% stake.
On the international front, key foreign investors in NSE include Canada Pension Plan Investment Board, Crown Capital, MS Strategic (Mauritius), TIMF Holdings, TA Asia Pacific Acquisitions, and Aranda Investments (Mauritius) Pte Ltd. Additionally, nearly 34,000 retail investors hold NSE shares valued up to ₹2 lakh each, according to the March 2025 shareholding pattern.
Despite its robust financials and growing investor interest, NSE’s initial public offering (IPO) has been on hold for over eight years. The IPO process has faced regulatory hurdles, though efforts to move forward continue. In a recent statement to Moneycontrol, Tuhin Kanta Pandey, Chairman of SEBI, confirmed ongoing discussions around governance, technology, litigation, and the exchange’s clearing corporation. These key areas need clarity before the IPO can proceed.
NSE had originally filed its IPO prospectus back in December 2016. Since then, NSE shares have remained among the most actively traded pre-IPO stocks in the unlisted market. Earlier this year, in March, NSE once again reached out to SEBI seeking a No Objection Certificate (NOC) to take the next steps toward going public. Prior similar requests were made in November 2019, twice in 2020, and again in August 2024.
SEBI’s February response to NSE’s latest application highlighted areas of concern such as technology infrastructure, key management personnel (KMP), clearing corporation ownership, and the ongoing colocation case. NSE has since responded to all the observations and continues to push for regulatory clearance.
For investors looking to buy or sell NSE stock price-based transactions in the unlisted market, platforms like Growfast Securities and Credit Private Ltd offer a seamless way to participate in this segment. Growfast specializes in dealing with unlisted shares, pre-IPO stocks, and other high-potential equity investments. With NSE shares gaining traction and the possibility of an IPO still on the horizon, this could be a strategic time for savvy investors to explore such opportunities.
If you’re curious about the current NSE share price in the unlisted space or looking to invest in NSE shares ahead of a potential listing, reach out to Growfast Securities for expert advice and real-time market insights.