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Informist, Friday, Sept. 11, 2026

 

--NSE MD: No application made to trade our shares on NSE

--CONTEXT: Comments by NSE MD Ashishkumar Chauhan at pre-IPO press briefing 

--NSE MD: We are regulator first, then comes business 

--NSE MD:Will side with regulators in case of conflict, business comes second 

 

MUMBAI – The National Stock Exchange of India Ltd. has not submitted any application to the Securities and Exchange Board of India to allow its shares to be traded on its own exchange, NSE Managing Director Ashishkumar Chauhan told a press conference Friday. Asked whether the exchange is thinking of submitting such an application, he refused to comment on the future.

 

"We may think about it, but we haven't thought about it (yet)," Chauhan said about whether the company will apply to the market regulator to be listed on its own exchange.

 

There were several questions at the press conference about NSE's dependence on revenues from derivatives contracts. As per NSE's red herring prospectus, revenues from derivatives accounted for around 70% of revenue in the financial year 2025-26 (Apr-Mar). The management did not indicate any plans to drastically change this business mix. Chauhan said there is enough scope for transactions fee income to grow as more participants enter the market.

 

However, they expect growth in other segments such as listing, terminal, and clearing services to continue to help diversify business in future.

 

Chauhan played down concerns of strict regulations affecting the derivatives business in a major way. He sees concern around the recently implemented closing auction session to be only a "short-term blip" and still sees strong growth prospects for business as India's economy grows. "...What I have observed in the past is that 35 years of SEBI, they have come out with tougher and tougher regulations each time... more and more people have come to the market, and more and more trading has happened," he said. 

 

Chauhan said NSE's obligations as a regulator will always get precedence over the exchange's business requirements. "...We are regulator first and business second," he said. "So, whenever there is a conflict, NSE will continue to act as a regulator and be with the regulator."

 

NSE expects its costs towards technology to come down in the future. It will largely focus on reinvesting in the business and building capacities, Chief Financial Officer Ian Desouza said at the press conference. Desouza also expects employee costs to "moderate" in the future.  End

 

Reported by Anshul Choudhary and Anand JC

Edited by Rajeev Pai

 

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