NSE

What NSE does

NSE (National Stock Exchange of India) is India's largest stock exchange by trading turnover, operating a multi-asset electronic trading platform across equity cash markets, futures & options, currency derivatives, commodity derivatives, and Electronic Gold Receipts (EGR). Founded in 1992 as India's first dematerialized electronic exchange, it now handles average daily equity traded volumes of Rs 1,19,617 crore and dominates Indian equity derivatives with 86.8% market share in F&O premium turnover, 99.8% in futures, and 69% in options premium turnover. The exchange's product surface has expanded beyond traditional securities to include NSE Emerge (SME listing platform with 720+ listings), NSE IX (global access platform for fractional investing in international equities, expanding to 30 markets by FY27-end), Nifty indices (48 classified by SEBI as 'Significant Indices'), and new commodity segments including Brent crude oil futures and a proposed National Coal Exchange.

NSE serves retail investors (26+ crore unique trading accounts as of June 2026), institutional investors (domestic mutual funds held 11.46% of NSE-listed companies), trading members/brokers, and listed companies (219 IPOs facilitated raising Rs 20.3 lakh crore in FY26). Revenue is generated primarily through transaction charges on trading activity (Rs 13,057 crore in FY26), clearing and settlement income (Rs 251 crore), listing fees, and recurring data services and index licensing. Total FY26 revenue stood at Rs 16,601 crore, with full-year profit after tax of Rs 10,302 crore. The company operates as a SEBI-regulated market infrastructure institution with deep regulatory relationships, a wholly-owned subsidiary (NSE IX) and a 25% stake in Indian Gas Exchange (IGX), and is currently processing an offer-for-sale IPO valued at approximately $2.75 billion at a ~$55 billion valuation.

The company's go-to-market relies on its role as critical market infrastructure: demand is generated through broker/member networks, retail digital adoption (mobile trading apps), and issuer capital-raising activity. Distribution is via registered trading members including Angel One, IIFL Capital Services, Billionbrains Garage Ventures, and Anand Rathi. Annual technology expense rose to Rs 1,315 crore in FY26 (from Rs 1,022 crore in FY25), reflecting infrastructure investment to support new product launches and in-house generative AI development.

Name

NSE

Legal name

National Stock Exchange of India Ltd

Website

https://e-nse.co.jp

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Short description

NSE (National Stock Exchange of India) is India's largest stock exchange, operating multi-asset electronic trading platforms across equity, derivatives, commodities, and digital gold, serving 26+ crore investor accounts, institutional participants, listed companies, and brokers.

Ownership category

akta.pro rank

Product category

Financial Institution Software Development Services

NAICS

Custom Computer Programming Services (541511)

SIC

Services-Computer Programming Services (7371)

akta.pro primary industry

Custom Application Development (Web/Mobile/Desktop) (BPAEAFAA)

Keywords

• Financial software development
• Insurance systems engineering
• Securities software development
• Core systems development
• Enterprise software services

Headquarters

HQ city

Yokohama

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Transaction Charges: Charges levied on trading activity across equity cash and derivatives segments. Declined 4% to Rs 13,057 crore in FY26 due to moderated market activity.
2. Clearing and Settlement Income: Revenue from clearing and settlement operations. Fell 22% to Rs 251 crore in FY26.
3. Listing Fees: Fees charged to companies for listing on the exchange. NSE facilitated capital raising of Rs 20.3 lakh crore through 219 IPOs during FY26.
4. Data Services and Index Licensing: Revenue from market data dissemination and licensing of NSE indices to mutual funds and other products.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels1 record

Core offering

NSE (株式会社エヌエスイー) develops custom business software systems (業務系ソフト) for financial institutions in Japan, with a primary focus on non-life insurance companies (損保) and securities firms (証券). The company leverages more than 30 years of accumulated know-how to design and deliver tailored systems aligned to each client's specific operational needs, operating as a customer trust-first system development partner.

Product overview

NSE (National Stock Exchange of India) operates India's largest stock exchange by trading turnover, offering a multi-asset trading platform with equity cash market, equity derivatives (F&O), currency derivatives, commodity derivatives, and Electronic Gold Receipts (EGR). The exchange also provides SME listing services through NSE Emerge, international market access via NSE IX, and index products including Nifty indices. The Electronic Gold Receipts platform, launched in May 2026, enables dematerialised gold trading backed by physical gold stored in SEBI-accredited vaults, representing a major expansion into precious metals.

Differentiator

Problem solved

Functional benefit

Brands

• NSE IX: Global Access Platform enabling fractional investing in global equities
• NSE Emerge
• Electronic Gold Receipts (EGR)

Products and services

• Financial Institution Business Systems Development Services (業務系ソフト development for 損保・証券) Custom business software development services delivered to Japanese financial institutions, with a focus on core systems for non-life insurance (損保) and securities (証券) companies. Each engagement is tailored to the client's specific operational requirements, drawing on the firm's more-than-30-year track record in financial-institution systems work.

Quantifiable outcome

• 26+ crore investor accounts as of June 2026
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• The Wealth Company (Pantomath Group)coreTechnology or Integration · 4 May 2026The Wealth Company became the first asset management company to confirm participation in NSE's Electronic Gold Receipts (EGR) segment, aiming to broaden investor access to gold through institutional investment vehicles.
• Reliance JiominorOthers · 1 May 2026Reliance Jio is expected to list on Indian stock exchanges in the second half of FY27. It is among the major upcoming IPOs that may list on NSE.
• PhonePeminorOthers · 1 May 2026PhonePe has received SEBI approval to raise Rs 12,000 crore but has temporarily put its IPO on hold. Expected to list on NSE.
• NSE IX (Global Access Platform)coreTechnology or Integration · 28 April 2026NSE IX plans to expand its Global Access Platform to 30 markets by FY27-end under its super-broker model, enabling fractional investing in global equities.
• Indian Gas Exchange (IGX)coreStrategic or Co-development Partner · 27 April 2026NSE reduced its stake in IGX to exactly 25% (from 26%) to comply with PNGRB norms. IGX is India's first online delivery-based natural gas trading platform preparing for IPO.

Scale indicators13 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• TIS Inc. Major Japanese IT services company with a dedicated Financial Services business unit providing custom system development for banks, insurers, and securities firms — directly comparable in end-market focus, though materially larger.
• ITFOR Inc. Mid-sized Japanese IT services firm focused on financial institutions, providing custom development, maintenance, and consulting for capital markets participants — a closer size and niche match than the mega-SIs.
• Kyoritsu Computer & Communication Co., Ltd. Smaller Japanese IT services firm providing custom software development and system maintenance, with operations overlapping in size and customer profile with NSE.
• JIEC Co., Ltd. Japanese IT engineering services company focused on financial-sector system development and maintenance, comparable in scale and end-market specialization to NSE.

Broad incumbents

• NTT Data: Largest Japanese systems integrator with deep financial-sector practice covering banking, insurance, and capital markets infrastructure; overlaps with NSE's target buyers but serves a much broader portfolio of industries.
• Otsuka Corporation: Established Japanese IT services and solutions provider serving enterprises including financial institutions with custom application development and managed services.
• BIPROGY Inc. Japanese systems integrator (formerly Nihon Unisys) with a strong financial-services vertical delivering core system development and integration to banks and insurers.
• Fujitsu: Global Japanese technology vendor with one of the largest financial-services IT practices, including core banking, insurance platforms, and securities infrastructure; overlaps in buyer base but at vastly different scale.

Market position

Strengths3 records

Weaknesses3 records

Competitive moat6 records

Key risks5 records

Key highlights4 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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 NSE