National Stock Exchange (NSE) Chairperson Srinivas Injeti on Thursday said the exchange’s responsibilities as a market institution and a listed commercial entity would continue to coexist, but public interest would take precedence whenever the two objectives overlap.
His comments came after NSE made its debut on the BSE, with shares listing at ₹1,800 apiece, a premium of 0.84% over the issue price of ₹1,785.
The listing marked a significant milestone for the country’s largest stock exchange after its public offering remained delayed for several years due to regulatory issues, including the co-location controversy.
NSE prioritises market integrity after listing
Addressing concerns over whether listing could create a conflict between shareholder interests and the exchange’s regulatory role, Injeti said both objectives were aligned.
"Often there is a lot of debate whether a public utility like an exchange should get listed. Whether it carries an inherent tension of competition between what are the public interests and what are the stakeholders' interests. While at a superficial level there may appear to be some competition, it is our belief that if we look deeper, there is a complete convergence between the two," Injeti said.
He said NSE has a dual responsibility of maintaining market integrity while also operating as a business that delivers value to shareholders.
"It is important for the entity to focus on its financial performance, to give returns to our shareholders. But it is very clear that if two lines intersect, if two duties intersect, the former will have an overriding advantage," he said.
NSE IPO attracts strong investor participation
Injeti said NSE’s growth has helped transform India’s capital market from a limited platform into a broader and more accessible marketplace.
The ₹22,569-crore initial public offering (IPO) received strong investor interest, with nearly six times subscription on the final bidding day. It became India’s second-largest IPO after Hyundai Motor India’s ₹27,870-crore issue in 2024.
"What is most satisfying is that even though it was a large size issue, it was oversubscribed in all the categories," Injeti said.
He added that the exchange focused on the company’s long-term value rather than short-term market conditions while deciding the timing of the IPO.
