Shares of BSE Ltd, the erstwhile Bombay Stock Exchange, soared to a 52-week high of ₹2904.50 on Thursday morning. So far, the stock has jumped a staggering 222 per cent in one year, jumping close to 16 per cent in the last one week.
This comes after a tussle between India’s two major exchanges on index expiry dates. But the real reason for this spike could be directly related to unconfirmed news of an impending initial public offering (IPO) in the other major stock exchange of the country, the NSE or the National Stock Exchange.
Last year, according to a joint study by Axis Bank’s Burgundy Private and Hurun India, the NSE was valued at $4.7 lakh crore, making it India’s most valued unlisted company. The second most valued firm in the 2024 Burgundy Private Hurun India 500 list was Serum Institute, and it was just half of what NSE was in terms of market value.
And now the market is abuzz with rekindled hopes of the initial public offering of the NSE. It comes after years of delay, especially since the SEBI hesitated to give it the green light in the form of a No Objection Certificate.
This NOC was needed along with the Draft Red Herring Prospectus it submitted back in December 2016 to go ahead with the offering.
And recently, in 2025, SEBI chairperson Tuhin Kanta Pandey stated that the NSE IPO application “is not something that cannot be sorted”, sending hopes skyrocketing for a prospective IPO.
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The unlisted shares of NSE jumped more than 60 per cent. And it was already the most valued unlisted company in the country!
However, market watchers suggest to exercise caution. The SEBI has still not given its green light. Earlier this week, the markets regulator gave the nod to six entities, including HDFC Bank’s unit HDB Financial Services and Vikram Solar, for IPO.
In contrast, NSE has yet to still formally receive any word.
Back in May, NSE CEO Ashishkumar Chauhan brought up the IPO in the company’s earning call, confirming that NSE responded to SEBI’s February 28 communication, formally requesting the NOC.
However, NSE’s regulatory gaps still remain, and without giving SEBI assurances of clearing these, including the case of disinvestment of clearing corporations and issues surrounding the remuneration of key managerial personnel (KMP).
Its rival, BSE, however, is enjoying the fruits of this market buzz on the NSE, where it is listed.
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By the end of FY 2025, the combined market cap of BSE-listed companies stood at an obscene $4.82 trillion, backed by more than 214 million investors, as per its annual report. BSE’s consolidated net worth stood at ₹43.97 crore.
It is not just BSE that is getting the benefit of the NSE IPO buzz. Shares of the Central Depository Services (India) Ltd, or CDSL, have gained more than 75 per cent in the last 12-month period.
On Thursday, it soared to as high as ₹1745.00 apiece at the NSE. CDSL is BSE’s version of the NSDL. Both of them are the country’s two central securities depositories, which are like digital vaults where securities like shares, bonds, and mutual funds are held in an electronic format.
