The National Stock Exchange's long-awaited IPO filing has brought renewed focus on how India's largest exchange compares with its listed rival, BSE. The draft red herring prospectus filed with SEBI on June 17 shows NSE maintaining a sizeable lead across most operating and financial metrics.
In FY26, NSE recorded equity index options turnover of Rs 1.25 lakh crore, compared with Rs 48,221 billion on BSE. The exchange also reported single-stock futures turnover of Rs 3.2 lakh crore, while BSE's turnover in the segment stood at Rs 9 billion.
The gap remains significant in the cash market as well. NSE's average daily traded value was Rs 1.06 lakh crore during FY26, more than 13 times BSE's Rs 7,950 crore. The exchange reported FY26 revenue of Rs 16,601 crore and an operating margin of 67%. In comparison, BSE posted revenue of Rs 4,834 crore with an operating margin of 64%.
Derivatives continue to be the biggest differentiator between the two exchanges. NSE dominates index options and futures trading, segments that have emerged as major revenue generators for exchanges globally and have played a significant role in driving its earnings growth.
Differentiator: The Primary Market
BSE, however, retained an edge in the primary market segment. According to the NSE DRHP, BSE facilitated 109 mainboard IPOs in FY26, marginally ahead of NSE's 108. The lead was wider in the SME space, where BSE hosted 146 listings compared with 111 on NSE.
BSE has a market capitalisation of around Rs 1.68 crore itself, whereas the cumulative Mcap of all the companies listed on the exchange is well over Rs 400 lakh crore. The total market capitalisation of all companies listed on the National Stock Exchange of India (NSE) is approximately Rs 438.9 lakh crore.
The offer is a pure offer-for-sale, meaning NSE itself raises no fresh capital. The shares will list on rival BSE Ltd., setting up a direct, publicly traded face-off between the country's two main exchanges for the first time.
State Bank of India plans to be the largest shareholder participating in NSE's proposed IPO, while Life Insurance Corporation of India, the exchange's biggest shareholder, does not intend to tender any shares in the offer.
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