Legendary cricketers and Bollywood stars are buying unlisted shares of the National Stock Exchange (NSE) ahead of its expected IPO. While the interest highlights confidence in India's largest exchange, the IPO comes at a time when regulatory changes in the derivatives market have impacted trading volumes.
A group of high-profile Indian celebrities, including cricketers like Sachin Tendulkar and Sunil Gavaskar, and Bollywood stars such as Aamir Khan, have recently acquired unlisted shares of the National Stock Exchange (NSE). This move by prominent figures comes as the exchange prepares for its highly anticipated initial public offering (IPO), which has been in the spotlight throughout 2026.
The NSE formally submitted its draft red herring prospectus (DRHP) to the market regulator in June 2026. The proposed IPO consists of an offer for sale (OFS) of up to 149 million shares, which accounts for about 6% of the company's paid-up capital. In an offer for sale, existing shareholders sell their stake to the public, meaning the company itself does not raise fresh capital through this specific process. As of August 11, 2026, these unlisted shares have been trading in the range of ₹1,960 to ₹2,005 per share.
While the market is optimistic about the NSE's dominant position—holding over 93% market share in equity cash trading and approximately 69% in equity options—the IPO arrives amid a challenging regulatory environment. The exchange generates a significant portion of its revenue from transaction charges in the derivatives segment, which has recently faced strict oversight from the Securities and Exchange Board of India (SEBI). Regulatory measures to curb speculative retail trading, such as increasing contract sizes and rationalizing weekly expiries, led to a 51% decline in options trading volumes during the 2026 financial year.
Investors evaluating the NSE should note that these regulatory changes directly affect the company's core business model. The exchange's future profitability will depend on how it manages these shifting market dynamics and whether it can diversify its revenue streams effectively. While the NSE remains a critical piece of India's financial infrastructure, the impact of these policy changes on future transaction revenue is a key factor that market participants are considering.
Looking ahead, the next important updates for investors will be the final approval from regulators and the announcement of official listing dates. Beyond the IPO timeline, monitoring the exchange's quarterly financial results will be essential to see how trading volumes in the derivatives segment stabilize following the recent regulatory adjustments. Investors may also track management’s commentary on how the exchange plans to sustain growth in a more tightly regulated derivatives market.