The National Stock Exchange of India (NSE) has crossed the 100,000 shareholder mark, making it the country’s largest unlisted company by investor count. This surge followed a major operational shift that cut share transfer time from months to a single day, significantly boosting activity. In just over a month, shareholder numbers jumped from 22,400 to over 1 lakh. Meanwhile, NSE shares in the unlisted market have rallied 35% over the past year amid rising demand and IPO expectations. The exchange also reported a 47% rise in annual profit, underscoring its robust financial health.
The National Stock Exchange of India (NSE), the country’s largest stock exchange, has achieved a significant milestone by becoming the biggest unlisted company in India in terms of shareholder count. The number of shareholders has surged past 100,000, driven by recent reforms that have streamlined the share transfer process.
Previously, share transfers in unlisted companies like NSE could take up to three to four months. However, following changes implemented on March 24, the transfer process now takes just a single day. This significant reduction in processing time has led to a sharp spike in investor participation and trading activity in unlisted NSE shares.
According to market observers, the number of NSE shareholders tripled in less than a month—from 22,400 in late March 2025 to around 60,000 by April 11. The number has since continued to rise and now exceeds 1 lakh, reflecting a growing appetite for exposure to NSE’s equity ahead of a potential IPO.
The accelerated process was enabled after the exchange adopted regulatory provisions aimed at easing share transfers for unlisted market infrastructure institutions (MIIs). NSE adopted these changes on March 21, shortly after Tuhin Kanta Pandey assumed the role of SEBI Chairman on March 1, 2025.
Strong Financial Performance in Q4 FY25
NSE recently reported its financial results for the fourth quarter ended March 2025. The exchange posted a consolidated net profit of ₹2,650 crore, marking a 7% year-on-year increase from ₹2,488 crore in the same quarter last year.
However, total income for the quarter declined by 13% to ₹4,397 crore from ₹5,080 crore in Q4 FY24, reflecting some pressure on revenue streams. Despite this, the exchange’s overall annual performance remained strong. For the full financial year, NSE reported a net profit of ₹12,188 crore, up 47% from the previous year. Total consolidated income also rose by 17% to ₹19,177 crore.
In recognition of the solid financial year, NSE’s board recommended a final dividend of ₹35 per equity share, which includes a special one-time dividend of ₹11.46 per share.
Unlisted Share Price Surges Amid IPO Buzz
Amid growing investor interest and expectations of a possible Dalal Street listing, NSE shares in the unlisted market have performed strongly over the past year. According to data from Unlisted Zone, NSE’s unlisted shares have delivered a return of nearly 35%, currently trading at around ₹1,650.
The sharp rally reflects strong demand from both institutional and retail investors, as well as confidence in NSE’s fundamentals and governance. The stock is considered a premium pick in the unlisted space, with many stakeholders anticipating further upside once the company officially announces its IPO plans.
As NSE continues to gain momentum with an expanding investor base and strong earnings, it stands as a prime example of how regulatory agility and operational efficiency can drive sustained market interest—even before going public.
