Metropolitan Stock Exchange of India

What Metropolitan Stock Exchange of India does

Metropolitan Stock Exchange of India (MSE), originally established as MCX Stock Exchange in 2008 and rebranded in 2013, is India's youngest SEBI-recognized stock exchange, headquartered in Mumbai. It operates multi-asset trading infrastructure across equity cash, equity derivatives, currency derivatives, interest rate derivatives, and debt market segments. The exchange runs on a trading engine developed by 63 moons Technologies (the same vendor serving MCX since 2003) and is migrating its technology backbone to NTT Global Data Centers' Chandivali campus in Mumbai, leasing 6.4MW of high-density capacity for trading operations. It maintains proprietary benchmark indices (SX40 and SXBANK), co-location and colocation-latency infrastructure, 13 empaneled Independent Software Vendors, and supports algorithmic trading, DMA, and smart order routing.

MSE serves three primary customer segments: trading members and brokers (its core B2B segment connecting to the trading platform); retail and institutional investors trading through those brokers across asset classes; and corporate issuers using MSE for IPO listings and debt issuance. The exchange generates revenue through transaction fees on executed trades across equity, derivatives, currency, and debt segments, listing fees charged to issuers, and recurring membership fees for trading member registrations and activations.

In 2025, MSE raised approximately Rs 1,000-1,240 crore from Peak XV Partners, Groww, Zerodha (via Rainmatter), and Jainam Broking as part of a strategic relaunch. The exchange launched live equity cash trading on January 27, 2026 with 130 stocks, appointed designated market makers with Rs 40 lakhs monthly incentives from April 2026, underwent a brand refresh in April 2026, secured NTT data center infrastructure in July 2026, and saw SEBI approve Upma Chawdhry as Chairperson in May 2026. Its go-to-market positions MSE as a challenger to the entrenched NSE-BSE duopoly, which controls 90-92% of equity cash and 95% of F&O volumes in India.

Name

Metropolitan Stock Exchange of India

Legal name

Metropolitan Stock Exchange of India Ltd.

Website

https://msei.in

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

251–500 employees

Short description

Metropolitan Stock Exchange of India (MSE) is India's youngest SEBI-recognized multi-asset stock exchange in Mumbai, offering equity, derivatives, currency, and debt trading to brokers and corporate issuers following a 2025-2026 strategic relaunch.

Ownership category

akta.pro rank

Product category

Stock Exchange

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

SME / Growth Market Stock Exchanges (FSAFAAAC)

akta.pro secondary industries

Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA), Equity Index Futures & Options Exchanges (FSAFABAA)

Keywords

• Stock exchange services
• Equity trading platform
• Derivatives trading
• Currency derivatives market
• Debt market platform

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Operations, Personnel, Marketing or Sales

Revenue model

1. Trading and Transaction Fees: MSE generates revenue through transaction fees charged on trades executed across its equity, derivatives, currency, and debt market segments.
2. Listing Fees: MSE charges listing fees to companies that list securities on the exchange for trading.
3. Membership Fees: MSE charges fees for trading member registrations, activations, and ongoing membership maintenance.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Metropolitan Stock Exchange of India (MSE) operates a SEBI-recognized multi-asset stock exchange providing electronic trading infrastructure across equity cash, equity derivatives, currency derivatives, interest rate derivatives, and debt market segments. The exchange enables trading members and brokers to execute transactions on behalf of retail and institutional investors, supports primary market issuance (IPOs, listings), and disseminates market data and indices.

Product overview

MSE operates as a multi-asset stock exchange offering equity cash trading, equity derivatives, currency derivatives, interest rate derivatives, debt market, IPO services, and ETFs. The exchange runs on a trading platform developed by 63 moons Technologies and has launched its equity cash segment in January 2026 with 130 stocks. MSE provides market indices including SX40 and SXBANK, and offers supplementary services like the Market Watch Desktop Gadget and Datafeed Products. The Liquidity Enhancement Scheme supports market makers to improve trading liquidity across segments.

Differentiator

Problem solved

Functional benefit

Products and services

• Equity Cash Trading Cash equity trading platform enabling trading of stocks listed on MSE with live market reports, historical data, and pre-open market facilities.
• Equity Derivatives Futures and options contracts on individual stocks and indices, providing risk management and speculation tools for trading members and market participants.
• Currency Derivatives Currency futures and options platform enabling participants to hedge forex volatility and trade currency pairs including USDINR, EURINR, JPYINR, and GBPINR.
• Interest Rate Derivatives Futures and options on government securities and interest rates, enabling participants to manage interest rate risk.
• Debt Market Corporate debt securities trading platform facilitating listing and trading of bonds, debentures, and other debt instruments with corporate debt reporting.
• Initial Public Offerings (IPO) Primary market services for companies seeking to list equity through IPOs via book building and offer for sale mechanisms.
• Exchange Traded Funds (ETF) ETF trading platform allowing investors to trade baskets of securities tracking indices, commodities, or specific sectors.
• SX40 Index MSE's flagship benchmark index tracking the performance of top 40 stocks traded on the exchange.
• SXBANK Index Banking sector index tracking performance of banking stocks listed on MSE.
• Datafeed Products Real-time and historical market data feeds provided to market participants for processing back-office operations and trading systems.

Quantifiable outcome

• Launched equity cash trading with 130 stocks effective April 1, 2026
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• NTT Global Data CenterscoreTechnology or Integration · 7 July 2026MSE has selected NTT Global Data Centers' Chandivali campus in Mumbai to house its trading platform as part of a relaunch initiative. MSE will lease 6.4MW of capacity for high-density IT deployment to modernize its technology backbone for multi-asset trading across capital markets, derivatives, and debt. The Chandivali campus is India's largest operational data center park, with proximity to financial services ecosystem participants reducing latency for high-frequency trading.
• 63 moons TechnologiescoreTechnology or Integration · 27 January 2026MSE launched trading in its Equity Cash Segment with an upgraded trading engine developed by 63 moons Technologies. This technology services model mirrors the arrangement that 63 moons Technologies has provided to MCX since 2003.

Scale indicators4 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Multi Commodity Exchange of India: India's largest commodity derivatives exchange, also using 63 moons Technologies' trading engine. MCX is a comparable multi-asset venue and a benchmark for how challenger exchanges have scaled in India, though focused on commodities.
• Intercontinental Exchange: Global exchange operator and clearing house spanning equities, derivatives, and data services. Comparable for its multi-asset operating model and for illustrating how technology-led exchanges can scale beyond home-market volume.
• Nasdaq: Global technology-focused exchange operator offering cash equities, derivatives, and market technology services. Comparable as a benchmark for technology stack modernization, market-data monetization, and exchange-as-a-service strategy MSE could emulate.

Regional players

• Singapore Exchange: Asia's leading multi-asset exchange with deep derivatives and commodity franchises. Comparable as a regional multi-asset venue and a potential benchmark for technology and product innovation, though primarily serving ASEAN clients.
• Hong Kong Exchanges and Clearing: Asia-Pacific multi-asset exchange operator spanning cash equities, derivatives, commodities, and post-trade services. Comparable as a regional benchmark for exchange business diversification and a potential partnership/listing destination for Indian issuers.

Others

• CBOE Global Markets: US derivatives-focused exchange operator with deep options and volatility product expertise. Relevant as a strategic and product benchmark for MSE's derivatives ambitions once SEBI permits equity derivatives launch.

Direct peers

• Bombay Stock Exchange: Asia's oldest stock exchange and India's other incumbent venue across equity, derivatives, currency, and debt. BSE and MSE compete directly for listings, members, and trading volumes in the same regulatory environment.
• India International Exchange (India INX): BSE subsidiary operating in GIFT City IFSC, offering 22-hour trading across equities, derivatives, commodities, and currencies. A direct peer for cross-border and extended-hours trading ambitions relevant to MSE's diversification strategy.
• National Stock Exchange of India: India's dominant stock exchange operating across equity, derivatives, currency, and debt segments with ~90–95% market share. MSE's most direct competitor in every product vertical and the primary benchmark for MSE's market-share ambitions.
• NSE IFSC: NSE's international subsidiary in GIFT City providing trading in equity, currency, and commodity derivatives on Indian underlyings. A relevant peer for global-access and IFSC-based product expansion that MSE may pursue.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/mse_exchange
• Facebookfacebook.com/metropolitanstockexchange
• LinkedInlinkedin.com/company/679844

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds2 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Metropolitan Stock Exchange of India