National Stock Exchange of India Limited

This section provides an overview of the Indian macroeconomic environment, highlighting several structural drivers that underpin economic growth. Key macroeconomic observations include India's projection to become the world's third-largest economy by Fiscal 2032P and the strengthening of its policy framework. The text details various reforms, such as the introduction of GST and the IBC, which have improved the market. Furthermore, it discusses the impact of demographic shifts, rising middle-class expansion, and nationwide digitization on economic activity. The section also covers the evolution of India's capital markets, noting their maturity and comparison with global benchmarks.

The section discusses the rising financial inclusion in India, noting growth in household savings and a shift towards financial assets. It details the evolution of Indian capital markets, highlighting technological advancements and the growth in listings on exchanges like NSE. Furthermore, the text covers the increasing participation of various investor classes, including individual investors, DIIs, NRIs, and HNIs, in the market. It also touches upon the role of Foreign Portfolio Investors (FPIs) and the overall stability and growth of the Indian equity markets.

The analysis of the Indian capital markets reveals several structural aspects, including reliance on bank funding, underdeveloped corporate bond markets, and nascent derivatives trading. While there is growth in capital formation through primary markets, the ecosystem benefits from improving regulatory frameworks and a vibrant entrepreneurial sector. Furthermore, India is expanding its access to international markets via the IFSC, and passive investing is gaining traction. The landscape of capital market instruments is evolving, with various instruments being introduced or revised to enhance transparency and liquidity.

Exchanges have evolved from simple transaction venues into integrated financial market infrastructure providers, developing technology solutions and connectivity into core components of global capital markets. Revenue streams are diversified across various asset classes, including transaction charges, listing services, data center charges, and clearing and settlement services. While transaction charges are a core revenue line, the ecosystem shows significant headroom for expansion in other areas like index licensing and advanced data monetization. Regulatory changes have been instrumental in diversifying the revenue mix by expanding asset coverage beyond equities into derivatives, commodities, and debt markets. Furthermore, digitization and globalization trends have reshaped operating models, leading to the development of electronic trading platforms and the shift towards profit-oriented, demutualized corporations.

The analysis covers various aspects of the Indian market, including market capitalization metrics, investor participation, and the growth of different trading segments. The market capitalisation-to-GDP ratio is increasing, and free float is showing potential for expansion. Investor participation is growing, evidenced by increases in PANs and demat accounts, which are expected to sustain market growth. Furthermore, the equity derivatives market has seen substantial growth, with futures and options turnover surging, although regulatory measures have led to some moderation. Other asset classes like corporate bonds and currency/commodity derivatives are also expanding, driven by institutional demand and market structure changes.

The section details various revenue streams and market dynamics within the Indian capital markets, including data center services, index licensing, listing services, clearing and settlement, and opportunities in the IFSC. It highlights the strong leadership position of NSE in the market, particularly in terms of turnover across different asset classes, and compares the exchange's performance against global peers. The text also discusses the structure of the market infrastructure, the role of different exchanges in servicing trading activities, and the competitive landscape.

The section discusses the trading activity of Indian exchanges in comparison to global peers, particularly concerning equity derivatives and IPO listings. Indian exchanges have emerged as global leaders in IPO activity, with BSE and NSE ranking among the top two globally by the number of listings in Fiscal 2026. Furthermore, the National Stock Exchange of India (NSE) was ranked first globally by the number of equity derivatives contracts traded. However, while India leads in the count of contracts traded, it lags behind developed markets in terms of the total value traded for options contracts. The products and services offered by leading listed stock exchange groups are comparable to global peers, covering cash equities, fixed-income, and a wide spectrum of derivatives, with exchanges providing full post-trade services and ancillary offerings.

The analysis focuses on the performance and positioning of the National Stock Exchange (NSE) within the global equity derivatives trading landscape. NSE demonstrated strong momentum, with its total income growing at a CAGR of 20.51% from Fiscal 2022 to Fiscal 2026, and it is positioned among the top three exchanges globally in terms of four-year total income growth. Indian exchanges show a leaner operating model compared to global counterparts, evidenced by lower non-volume-linked expenses and higher adjusted operating EBITDA margins. Furthermore, NSE ranks among the most profitable exchanges worldwide based on Profit After Tax margins.

The section details the technological leadership of the National Stock Exchange (NSE), highlighting its ability to handle high trading volumes and low latency requirements. NSE maintains a significant global market share in equity derivatives contracts and processes a substantial portion of global trades efficiently. The Indian derivatives market, largely centered on NSE, is noted as one of the largest globally, supported by electronic trading platforms designed for high uptime. Furthermore, regulatory oversight by SEBI has emphasized technology resilience and cybersecurity, while the market structure integrates investor identification through PAN-based systems, offering enhanced transparency compared to some global markets. Finally, the adoption of Artificial Intelligence is increasing in the market infrastructure for surveillance and fraud monitoring.

The regulatory framework for securities markets in India is managed by SEBI, which uses various regulations and circulars to ensure investor protection, market fairness, and orderly growth. SEBI's responsibilities cover investor protection, market regulation, and market development. Key regulations include those concerning brokers, mutual funds, KYC, and various circulars that mandate segregation of client funds, margin collection, and cyber resilience for market infrastructure. Market regulation is enforced through acts like the SCRA and SEBI Act, which established statutory recognition for exchanges, and various regulations governing listings, IPOs, and capital raising. Furthermore, SEBI promotes market development through regulations for alternative investment funds, investment advisers, and index providers, alongside circulars that have streamlined IPO processes and settlement cycles.

The issuer operates as the largest stock exchange in India based on total turnover in the cash market and equity derivatives, as well as the largest in exchange-traded currency derivatives. The company provides a comprehensive, one-stop platform integrating trading, clearing, listing, and other services, supported by proprietary, resilient technology infrastructure. The business offers a diversified range of products across multiple asset classes, including cash market, futures, options, mutual funds, commodity derivatives, and currency derivatives. Key operational aspects include establishing clearing corporations, index services, data analytics subsidiaries, and subsidiaries for foreign currency trading.

The issuer operates as a critical infrastructure entity for India's economic development, having evolved from a trading platform into a conduit for companies, entrepreneurs, financial institutions, and governments to access capital markets. The company has facilitated significant capital mobilization and has built a repeatable capability to introduce new products into various sectors of the Indian economy. The company maintains strong profitability, evidenced by high operating margins and profit after tax margins, and holds leadership positions in the Indian market across various asset classes. Furthermore, the issuer has pioneered initiatives related to the listing of Indian companies across different platforms.

The issuer operates as an electronic bidding platform for debt instruments and highlights its significant position within the Indian capital markets. The platform has demonstrated strong performance in terms of capital raised, new listings, and market share in various segments. The company emphasizes its role in fostering trust through regulatory collaboration, technological innovation, and robust market infrastructure. Furthermore, the issuer points to the growing participation of individual and institutional investors, the maturation of the market infrastructure, and the positive economic tailwinds in India that support continued growth.

The issuer operates a vertically integrated model offering a diversified range of products across trading, clearing, and other services to meet the investment, trading, and hedging needs of market participants. The trading products include various cash market instruments and derivatives, alongside an online mutual fund transaction system. The clearing infrastructure supports settlement across multiple asset classes with robust risk management systems. The company also provides listing services, develops and licenses indices, and offers analytical tools and research support. Furthermore, the company has been designated by SEBI as the PaRRVA Data Centre to enhance transparency in risk and return verification processes.

The company emphasizes its commitment to technology infrastructure and continuous modernization to maintain trust, transparency, and efficiency in India's capital markets. They have invested in robust systems, including high-availability data centers and redundant network equipment. The company has significantly increased its colocation capacity and has introduced digital infrastructure to streamline compliance and investor access. Furthermore, they are actively developing AI initiatives to enhance surveillance, risk identification, and operational efficiency. The business diversifies by launching new products across various asset classes and aiming to automate large, unorganized markets in India.

The company operates across various segments, including trading in equity and exchange-traded currency derivatives, commodity derivatives, and debt instruments. The company holds significant market shares in various derivative markets, including equity futures, options, and currency derivatives. It provides listing services for various entities, including Mainboard companies, SMEs, and non-profit organizations. Furthermore, the company offers trading facilities for various debt instruments and facilitates offers for sale and share buybacks.

The issuer provides various services related to data centers, data connectivity, data feed, and index services for the financial market. They offer colocation services for various members, data connectivity charges based on Message Per Second, and data products for the cash and derivatives markets. Furthermore, they own and manage indices under the Nifty brand, including various broad, sectoral, thematic, fixed income, and strategy indices, and they license these indices to external entities. A subsidiary is responsible for clearing and settlement services, and they have established risk and collateral management systems to mitigate market failures.

The issuer details various aspects of its operations, including collateral management, stress testing, and provisions for settlement guarantees. The company has established a PaRRVA Data Centre in collaboration with Care Ratings Limited to enhance transparency in risk and return verification. Furthermore, it has launched NSEIXGA, a wholly-owned subsidiary, which introduced a platform for Indian resident investors to invest in global markets. The company emphasizes in-house development of core technology platforms to maintain strategic flexibility and has developed various trading and processing technologies, including a National Exchange for Automated Trading (NEAT) platform and a nationwide trading network using VSAT technology. The infrastructure includes numerous data centers and processing capabilities, and the company offers various platforms for different market activities such as trading, bid collection, and mutual fund transactions.

The section details various operational and structural aspects of the company, including the division of functions, the number of contractual and full-time employees, and the extent of intellectual property ownership. The company outlines its corporate governance standards, employee benefits, and various insurance coverage policies. Furthermore, it describes its Corporate Social Responsibility (CSR) activities, which focus on healthcare, education, innovation, and high-altitude training centers. Finally, the text lists numerous properties, including owned and leased centers, and details the insurance coverage percentage against net insurable assets.

This section details various key laws and regulations in India applicable to the company's business and operations, primarily focusing on securities markets and financial oversight. It outlines the authority of the Securities and Exchange Board of India (SEBI) and various acts like the SEBI Act and the Securities Contract (Regulation) Act (SCRA). Furthermore, it discusses regulations concerning stock exchanges, including rules on recognition, governance, ownership norms, and restrictions on associations with unregulated entities. The text also covers aspects related to money laundering prevention and various amendments and circulars issued by SEBI and other bodies.

This section details various legal and regulatory frameworks that the company must comply with in India. It covers regulations related to securities lending, trade marks, copyright, digital personal data protection, information technology, labour laws, foreign exchange, and various tax laws. Furthermore, it outlines obligations under SEBI regulations concerning listing, insider trading, and takeovers, alongside compliance with the Companies Act, 2013 and other relevant rules issued by various authorities.

The company, formerly known as National Stock Exchange of India Limited, has a long history dating back to its incorporation in 1992 and subsequent recognition by the Ministry of Finance. The company has undergone several changes to its registered office location over the years. The Memorandum of Association has seen significant amendments regarding the authorized share capital in recent years. The company has a substantial track record of milestones, including the launch of various trading segments, index development, and investor base growth. Furthermore, the company has divested stakes in several entities, including National Securities Depository Limited and Computer Age Management Services Limited.

This section provides various definitions and abbreviations used throughout the Prospectus. It defines terms related to the company, such as the name of the company and its registered office. It also details various roles, such as the Lead Managers, the types of investors, and the process for the Offer. Key terms include definitions for different types of bidders, the process for allotment, and the parties involved in the book-building process.

This section details various terms related to the offer process, including definitions for different types of bidders, the parties involved, and the documentation used. It specifies different portions of the offer, such as the Employee Reservation Portion, the Retail Portion, and the Non-Institutional Portion, along with the total offer size and the final offer price. It also defines various entities like the Lead Managers, Selling Shareholders, and the mechanism for bids, such as the UPI Mechanism.

This section primarily defines various terms used within the context of the company's operations and market activities. It includes definitions for trading terms, various financial instruments, infrastructure concepts, and various revenue streams. Key definitions cover aspects related to market operations, derivative contracts, data connectivity, and various financial reporting metrics.

This section primarily defines various financial and legal terms used within the prospectus. It includes definitions for various financial metrics such as Book value per share, Compound annual growth rate, and different categories of Alternative Investment Funds (AIFs). It also defines various legal acts, such as the Companies Act and the Income Tax Act, as well as various financial reporting standards like Indian GAAP and International Financial Reporting Standards (IFRS).

This section discusses various aspects related to the presentation of financial information, including currency definitions, rounding practices, and the sourcing of industry and market data. It clarifies that certain numerical information is presented in millions, billions, or whole numbers, and details how figures are rounded to two decimal places. Furthermore, it addresses the use of exchange rates and the reliance on third-party industry reports for market data, noting that such data may involve estimates and assumptions.

The offering details involve a total consideration of ₹22,561.57 Crore for equity shares with a face value of ₹1 each. This total is broken down into an Employee Reservation Portion and a Net Offer, which further segregates into various categories such as QIB, Non-Institutional, and Retail. Specific allocations are made for different investor types, including reservations for domestic Mutual Funds and Life Insurance Companies and Pension Funds.

This section details the contingent liabilities of the company as of June 30, 2026, based on the restated consolidated financial information. The contingent liabilities primarily relate to pending litigations and enforcement actions with the Securities and Exchange Board of India (SEBI) concerning the company's Colocation facility, Dark Fibre, and governance matters. These issues involve multiple orders from the Whole-Time Member (WTM) and Adjudicating Officers (AO), along with subsequent appeals and settlements.

The provided text details various financial settlements, penalties, and legal proceedings involving the company and SEBI across several matters. This includes a revised settlement for a cumulative amount, an agreement by SEBI to accept terms, and subsequent payments made by the company. Furthermore, the text outlines several disputes, including appeals against penalties levied by SEBI and the Competition Commission of India (CCI), as well as disputes concerning the pledging of securities by a trading member, and various contingent liabilities.

This section details various transactions and balances with related parties over different fiscal periods, including percentages of other expenses. It lists transactions involving various entities such as National Securities Depository Limited, eGov Technologies Limited, and Capital Quant Solutions Private Limited. Furthermore, it outlines remuneration and employee benefit transactions with key managerial personnel and directors, as well as transactions with public interest directors and other listed entities. The disclosures confirm that related party transactions were undertaken in compliance with applicable laws and regulations.

This section details the various corporate and professional entities involved in the offering process, including the company's registered office, the composition of its Governing Board, the Book Running Lead Managers (BRLMs), the Legal Counsel, the Registrar to the Offer, and the Statutory Auditors. It lists numerous individuals and firms responsible for different roles such as directors, executives, lead managers, and auditors.

This section details the various entities involved in the public offer process, including the identification of Public Offer Account Banks and Sponsor Banks. It lists numerous financial institutions, including ICICI Bank Limited, Axis Bank Limited, Kotak Mahindra Bank Limited, and State Bank of India, which are involved in different capacities. Furthermore, it outlines the responsibilities for the drafting, marketing, and coordination activities among the Book Running Lead Managers (BRLMs) and other involved parties.

This section details various lists and lists of entities related to the offering process, including Syndicate SCSB Branches, Registered Brokers, Registrar and Share Transfer Agents (RTAs), and Collecting Depository Participants (CDPs). It also outlines the process for book building, which involves consultation with Book Running Lead Managers (BRLMs) and notification in various newspapers prior to the bid opening date. Furthermore, it specifies the requirements for different bidder categories, such as the mandatory use of the ASBA process for certain investors, and details regarding the underwriting agreement with various entities.

This section details the authorized and issued equity share capital of the company, including various transactions such as offers for sale and past allotment history. The data shows the structure of the share capital before and after certain offers, including an employee reservation portion, which was noted not to exceed 5% of the post-offer capital. Furthermore, the document provides a detailed history of equity share allotments and subscriptions across different dates, including rights issues, bonus issues, and various preferential allotments to different entities.

The company has not issued preference shares since its incorporation, nor has it issued equity shares through a bonus issue except for two specific instances. A bonus issue occurred on November 24, 2016, involving a 1:10 ratio, and another bonus issue took place on November 4, 2024, with a 4:1 ratio. Furthermore, the shareholding pattern shows that promoters and the promoter group collectively hold 100.00% of the equity shares. A significant number of equity shares have been pledged by 1,212 public shareholders.

The section details various lists of shareholders holding 1% or more of the pre-Offer Equity Share capital, categorized by different timeframes prior to the Prospectus filing. It lists shareholders as of ten days prior to the date of the Prospectus, one year prior, and two years prior. Furthermore, it provides tables showing the pre-Offer and post-Offer shareholding percentages for the top 10 public shareholders, including the change in their holdings after the allotment. The text also clarifies the roles and disclosures related to Book Running Lead Managers (BRLMs) and Selling Shareholders.

The objects of the offer primarily involve the Offer for Sale of 12,64,36,650 Equity Shares for a total consideration of ₹22,561.57 Crore. The company also aims to achieve the benefits associated with listing these Equity Shares on the BSE. The process involves an Employee Discount of ₹ 170.00 per Equity Share for Eligible Employees bidding in the Employee Reservation Portion. The offer details cover various aspects related to the sale, including the estimation of offer-related expenses and the utilization of the proceeds by the selling shareholders.

This section provides various quantitative factors derived from the Restated Consolidated Financial Information, including earnings per share, P/E ratios, Return on Net Worth, Net Asset Value, and comparisons with industry peers. It details performance metrics over different periods, such as annual and quarterly, and includes various financial and operational metrics. The data is presented with notes explaining the calculation methodologies and the basis for the figures.

The provided section details various financial and operational Key Performance Indicators (KPIs) for the company, which are intended as supplemental measures to review and assess performance, not as a substitute for the Restated Consolidated Financial Information. The KPIs are categorized into Operating Metrics, Trading Metrics, Listing Metrics, Financial Metrics, and Risk Management Metrics. The section also includes a comparison of these KPIs with the listed peer company, BSE Limited, across different time periods and financial years.

This section details various financial metrics and operational figures across different time periods. It includes data on equity futures, equity options (premium and notional value), total equity raised, total debt raised, and various financial metrics such as revenue, transaction charges, and various income/expense components. The text also covers aspects related to listing metrics, profit/loss figures, and risk management metrics.

This section details various transactions and justifications related to the offer price, including records of past transactions and explanations for the determined offer price. It also covers a statement regarding possible special tax benefits available to the company, its subsidiary, and shareholders under the Income-tax Act, 1961. The text confirms that the company has opted for certain tax rates and discusses deductions related to inter-corporate dividends and employee costs.

This section details various tax implications and special tax benefits available to the company, its material subsidiary, and its shareholders under both direct and indirect taxation laws. It discusses rules regarding capital gains and dividends, as well as specific provisions related to the Income-tax Act, 2025, and the Central Goods and Services Tax Act, 2017. The text outlines conditions under which certain tax benefits can be availed and notes that the applicability of benefits may depend on fulfilling prescribed conditions.

This section details the corporate structure of the issuer's subsidiaries and associates, including the NSE Clearing Limited (NCL), NSE Investments Limited, NSE IFSC Limited (NSEIX), NSE Administration and Supervision Limited (NASL), NSE Foundation, and National Coal Exchange of India Limited (NCEIL). It provides financial performance metrics for these entities over fiscal years 2026, 2025, and 2024, covering items such as equity capital, reserves and surplus, total income, profit/loss after tax, and earnings per share for each entity.

This section presents financial information for five different entities: NSE Indices Limited, NSE Sustainability Ratings and Analytics Limited (NSRAL), NSE IFSC Clearing Corporation Limited (NSEICC), NSE Data & Analytics Limited (NSE DAL), and Cogencis Information Services Limited (Cogencis). The data includes various financial metrics such as reserves, income, profit after tax, and earnings per share for different periods. Specific notes indicate that some figures are not annualised, and there are various footnotes regarding the incorporation dates and the status of share transfers.

This section details the capital structure and shareholding patterns for several entities, including NAL Academy, NSEIX Global Access IFSC Limited, NSE Infotech Services Limited, BFSI Sector Skill Council of India, India International Bullion Holding IFSC Limited, Indian Gas Exchange Limited, and Power Exchange India Limited. It provides information on authorized and issued capital, along with the distribution of equity and preference shares among various shareholders. Furthermore, it includes financial data for some entities, showing variations in reserves, income, profit/loss, and earnings per share across different fiscal years.

This section details various aspects of the company's structure, including its nature of business, capital structure, and shareholding patterns for several entities. It outlines the business activities of RXIL and Capital Quant, describes the business of MSIL, and provides information on the corporate structure and shareholding of NSDL and SSECBF. It also covers details regarding the management and governing board composition of the company.

This section primarily details the directorships and qualifications of various individuals associated with the company. It lists details such as name, designation, period of directorship, term, address, occupation, date of birth, age, and DIN for several directors. It also mentions various directorships in different companies, including Indian and foreign entities. Furthermore, it outlines the relationship between the directors, Key Management Personnel, and senior management, and notes arrangements or understandings with major shareholders, customers, suppliers, or others, specifically concerning the nomination of Shri Dinesh Pant.

This section primarily details confirmations regarding the directors' appointments, conduct, and remuneration, as well as the sitting fees paid to various directors. It confirms that no directors have been appointed under certain regulations without prior approvals, and it outlines the terms of appointment and remuneration for the Managing Director and Chief Executive Officer, as well as the Executive Directors. It also specifies the sitting fees paid to Non-Independent and Public Interest Directors during the preceding financial year, and details the remuneration paid to Executive Directors in the fiscal year.

This section details various aspects of corporate governance, including director interests, changes in the Governing Board over the last three years, borrowing powers, and the composition and functions of the Audit Committee. It outlines the framework for director interests, the changes in appointments and cessations of directors, the limits on borrowing funds by the Governing Board, and the specific responsibilities delegated to the Audit Committee regarding financial reporting and auditor oversight.

This section details various review and oversight functions assigned to different committees within the company, including the Nomination and Remuneration Committee, the Stakeholders’ Relationship Committee, the Risk Management Committee, and the Corporate Social Responsibility Committee. It outlines specific responsibilities related to director appointments, key managerial personnel identification, handling shareholder grievances, managing risks, and formulating and monitoring CSR activities.

This section primarily details the statutory requirements related to Corporate Social Responsibility (CSR) projects, the constitution of various governing board committees, and the disclosure of Key Management Personnel (KMP) and Senior Management members. It lists the details of several key personnel, including their roles, qualifications, and previous professional associations, along with the remuneration they received during Fiscal 2026. It also provides information regarding contingent or deferred compensation accrued by certain KMPs for the fiscal year.

This section primarily details various changes in Key Management Personnel, including appointments, re-designations, and cessations, spanning from late 2024 to mid-2026. It also covers disclosures regarding payments or benefits to Key Management Personnel and employee stock option plans. Furthermore, it provides a detailed breakdown of dividend distribution history for different financial years, including the number of equity shares, face value, final dividends, dividend rates, and associated tax details.

This section details the independent auditor's examination of the restated consolidated financial information provided by the company for inclusion in the Draft Red Herring Prospectus. The examination covered various financial statements, including interim and consolidated statements for different periods, and relied on audited reports from previous auditors. The report confirms that the financial information was prepared in accordance with applicable accounting standards and regulations, and it outlines reliance on the work of other auditors for certain subsidiaries and associates.

This section details various aspects of the financial statements, primarily focusing on the reliance on the audit reports of other auditors for subsidiaries and associates. It outlines instances where the company did not audit certain financial statements, including consolidated and standalone statements for subsidiaries and associates, and interim financial statements. The text specifies the financial figures and the periods covered by these statements, noting that the opinions expressed by the other auditors were relied upon by the company.

The section details the scope of financial statement review concerning subsidiaries and associates, noting that certain financial statements were not audited and relied upon directly from management. It lists various entities and the periods for which their financial information was considered, including consolidated financial statements and restated consolidated financial information. The report clarifies that the opinion on these financial statements is based solely on the furnished or examined information, and the report is intended for use by the Board of Directors for IPO filings.

This section provides restated consolidated financial information for National Stock Exchange of India Limited, covering assets, liabilities, and profit and loss statements for various periods. The data includes details on non-current and current assets, equity, and various liabilities, including financial obligations and provisions. The profit and loss statement details revenue, expenses, and various income and tax items, culminating in profit for the period. The data is presented across different reporting periods, including quarterly and annual figures.

This section details the statement of changes in equity, showing movements in various reserve categories and liabilities over different periods. It includes movements in equity share capital, various reserves such as Securities premium reserve, Retained earnings, Risk Reserve, and others, as well as changes in debt instruments and equity instruments. The data is presented for periods ending June 30, 2026, June 30, 2025, March 31, 2026, and March 31, 2025. The text also outlines the accounting policies and compliance requirements related to the financial information.

This section details the accounting policies and basis of measurement used by the Group for its financial reporting, including the application of Indian Accounting Standards (Ind AS). It specifies the basis of measurement as historical cost, with exceptions for certain financial assets and liabilities measured at fair value. The document outlines the fair value hierarchy (Level 1, 2, and 3 inputs) and the critical role of accounting estimates and judgments in preparing the financial statements. Furthermore, it details the revenue recognition policies for various services, such as transaction charges, listing fees, and technology services, and outlines the accounting for business combinations, leases, trade receivables, and financial assets.

This section details various accounting policies related to the financial statements, including the useful lives for various assets, the accounting treatment for investment properties, intangible assets, and various accounting principles for subsidiaries, associates, and joint arrangements. It also outlines policies for foreign currency translation, income taxes, and leases.

This section details various accounting policies related to financial statements, including lease accounting, impairment testing, financial asset classification, and liability recognition. It outlines how lease payments are treated, the classification of leases as finance or operating, and the subsequent measurement of assets and liabilities. Furthermore, the text specifies different measurement categories for financial assets such as amortised cost, fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVTPL), depending on the business model and contractual terms. It also covers rules for impairment, de-recognition of financial assets, and the recognition and measurement of provisions and employee benefits.

This section details various accounting treatments and disclosures related to employee benefits, bonuses, dividends, and earnings per share calculations. It outlines how various costs and gains are recognized in the financial statements, including provisions for bonuses and dividends. Furthermore, it provides extensive schedules for the movement and valuation of Property, Plant and Equipment, including additions, disposals, and currency fluctuations over different reporting periods. It also details the carrying amounts for Goodwill and other intangible assets, which are recognized based on acquisitions of stakes in various companies.

This section details various aspects of the company's financial statements, including intangible assets, investments, and trade receivables, presented across different reporting periods. It includes information on the amortization of computer software, the aging of projects, and the breakdown of different types of investments such as quoted and unquoted securities. Furthermore, it provides extensive detail on trade receivables, including their breakdown by security status and credit risk, as well as various provisions and amounts related to the Core SGF.

This section details various financial balances, reserves, liabilities, and income tax expenses for the company across different reporting periods. It includes breakdowns of cash and cash equivalents, restricted balances with banks, various types of liabilities such as trade payables and provisions, and the movement in reserves and surplus. Furthermore, it provides a comprehensive view of income tax expenses, including current and deferred tax components.

This section details various financial reconciliations, movements in deferred tax assets and liabilities, revenue recognition, other income, employee benefits, and other expenses for the company. It includes breakdowns of various revenue streams, operating revenues, and the impact of different tax treatments. Furthermore, it provides extensive details on the movement in deferred tax assets and liabilities, including components like property, plant and equipment, financial assets, and various tax provisions. The notes also cover significant changes related to new labour codes impacting employee benefits and various settlement amounts related to regulatory matters.

This section details various financial and actuarial data points, including present values, liability movements, segment performance, and related party transactions for the company. It presents figures for different reporting periods, including year-end and quarterly data, for both consolidated statements and segment breakdowns. The text also includes disclosures regarding actuarial assumptions, expected gratuity benefits, and the nature of transactions with related parties.

This section presents a detailed breakdown of various financial line items, including income, expenses, and payables, across different periods. It covers operational costs such as clearing charges, depreciation, various reimbursements, and asset purchases, alongside provisions for contingent liabilities and transactions with related parties. The data includes figures for both the current and previous periods for comparison.

This section details various contingent liabilities, including those related to disputed tax demands and bank guarantees, which show fluctuations over several fiscal years. It also provides extensive data on the Core Settlement Guarantee Fund (CSGF), detailing contributions, penalties, and income from investments across different reporting periods. The data includes figures for various components like NCL, NSE, BSE, and MSE contributions, as well as details on cash contributions and investments.

This section details various financial components of the company's Core SGF, including contributions from different entities, historical financial data, and transactions during the year. It outlines movements in the Core SGF corpus, income generated from investments, and various adjustments related to penalties and contributions. Furthermore, it provides a breakdown of investment details, including different types of securities, and information on leases, net debt reconciliation, and various interest in other entities.

This section presents detailed breakdowns of the company's financial liabilities and assets across various reporting periods, including June 30, 2026, June 30, 2025, and various March 31 dates. It also provides extensive notes on the Group's risk management framework, which covers liquidity, market (price and interest rate), and credit risks, alongside foreign exchange risk management. The notes detail how the Group monitors and manages these risks, including the impact scenarios for interest rate changes and price fluctuations on reported profits.

This section details various financial data points, including historical figures for different periods, valuation inputs, and the treatment of financial assets and liabilities. It includes information on financial assets measured at amortized cost, significant estimates, and the fair value measurements for various financial instruments. Furthermore, it presents details regarding corporate social responsibility expenditures, the treatment of discontinued operations, and the accounting for assets and liabilities related to assets classified as held for sale.

This section provides detailed breakdowns of the financial information for National Stock Exchange of India Limited and its subsidiaries, showing changes across different reporting periods. The data includes various metrics such as net assets, profit/loss, and other comprehensive income, expressed as percentages of consolidated net assets and profit/loss, and as percentages of total comprehensive income. It also details the performance of various subsidiaries, including their respective net assets and income components over time.

This section details various notes related to the restated consolidated financial information, including disclosures about net assets, profit/loss, and other comprehensive income for different entities. It also covers compliance with various regulations, such as prohibitions on benami property, wilful defaulters, and transactions with struck-off companies. Furthermore, it outlines the utilization of borrowed funds, details regarding loans or advances to specified persons, and compliance with rules concerning investment property and cryptocurrency.

This section details material adjustments and regroupings related to financial statements, including reconciliations between interim and consolidated statements, and various audit qualifications. It also presents several key financial ratios, including Earnings per Equity Share, Return on Net Worth, Net Asset Value per Equity Share, and EBITDA, for different periods. The text also includes disclaimers regarding the use of Non-GAAP financial measures and the reliance on audited financial statements.

Investors should be aware that the company operates in a highly regulated industry, primarily overseen by SEBI, and is subject to periodic inspections and enforcement actions by various authorities. The company's authorization and that of its clearing corporation are subject to review, and adverse changes in regulations could materially affect its operations. Furthermore, certain products require approval from the RBI. The company also faces risks related to the reliance on a concentrated group of key trading members, which makes its financial performance sensitive to their activities.

The company faces significant regulatory risks stemming from past and ongoing enforcement actions by SEBI, including monetary penalties and various adjudication proceedings. Furthermore, inspections by SEBI and IFSCA have raised observations regarding deficiencies in financial monitoring, policy updates, and system maintenance. There are also concerns about the reliability of the company's IT infrastructure, which has experienced numerous technical glitches, software bugs, and connectivity failures. These operational and compliance issues pose a material risk to the company's business, reputation, and financial condition.

The company faces risks related to market integrity, where system issues can impact trading volumes and investor preference. There is also a significant concern regarding the effectiveness of backup and disaster recovery plans to mitigate contingencies. The ability to attract new listings and capital formation activities is critical to the business's growth and revenue, as revenues are heavily dependent on listing fees and book-building fees. Furthermore, the company is exposed to various cybersecurity threats due to the digital nature of its business, with the risk of disruptions, data breaches, and reputational harm. The reliance on third-party vendors for data security and the evolving regulatory landscape for data privacy pose compliance challenges. Finally, the reliance on clearing corporations introduces counterparty and systemic risks, and the potential for future regulatory changes to increase compliance costs.

The company faces risks related to the successful development and integration of new technologies, as there is no guarantee that such investments will yield expected returns or that new technologies will perform as anticipated. There is also uncertainty regarding the reliability, security, scalability, and regulatory treatment of emerging technologies. Furthermore, continuous investment in upgrading surveillance, cybersecurity, and risk management systems is required, and if costs are not offset by revenue growth, profitability could suffer. The company is subject to extensive regulatory requirements from bodies like SEBI concerning technology systems, and the pace of regulatory evolution may not match technological advancements. Reliance on third-party vendors for critical services exposes the company to operational risks, including failures, disruptions, or fraud from these intermediaries. Finally, there are outstanding legal proceedings that could negatively impact the company's business and cash flows.

The section outlines various legal and regulatory proceedings involving the Company, its Subsidiaries, and Directors, categorized into criminal litigation, actions by statutory or regulatory authorities, and civil/arbitration proceedings. It establishes a policy for determining materiality for certain litigation based on the value or expected impact relative to the company's turnover, net worth, or profit/loss. It also details criteria for identifying material dues owed to creditors. Numerous pending matters are listed, detailing the parties involved, the nature of the dispute, and the current status of the proceedings.

The section details numerous legal and regulatory proceedings involving the Company, including writ petitions challenging securities categorization, disputes over compensation limits for investors, and various show cause notices and adjudication proceedings by SEBI and the Registrar of Companies. These disputes cover issues such as the transfer of equity shares, the handling of investor claims, violations of various SEBI and Companies Act regulations, and issues related to the conduct of business in the securities market.

The section details various legal proceedings initiated against the Company, including criminal complaints and writ petitions across different courts and tribunals. These include disputes related to dishonest misappropriation, breach of trust, and various securities and trading activities. There are also ongoing matters concerning regulatory compliance, such as disputes with the CCPD Court regarding penalties, and numerous pending civil suits and various first information reports filed against individuals or entities concerning issues like dabba trading, fraudulent transactions, and cyber-related offenses.

The section details various legal and regulatory proceedings involving the Company, its subsidiaries, and directors. Material civil litigation includes writ petitions filed against NCL and the Company by others, and challenges related to the failure of NCL to take timely action against trading members or the rejection of claims by the Company. Several criminal proceedings were initiated by NCL against certain entities concerning the freezing of shares, which involved a margin shortfall of approximately ₹92.00 Crore. Furthermore, there is an ongoing dispute regarding the disposal of these frozen shares, with the Supreme Court having issued orders allowing for their disposal. Additionally, NSE Investments filed a company petition against MSIL alleging oppression and mismanagement concerning the dilution of its shareholding. Finally, several past enforcement actions by SEBI against the Company, including penalties and non-monetary directions, are detailed, some of which have been resolved or are pending before the SAT.

The section details several past and ongoing regulatory and legal proceedings involving the Company and its employees. These include show cause notices from SEBI concerning governance issues, technical glitches, and delays in appointments, which resulted in various settlements and penalties. Furthermore, the section lists numerous material approvals obtained by the Company and its Material Subsidiary from various governmental and regulatory authorities, including SEBI, RBI, and various tax and labour bodies. Finally, it notes that applications for approvals for introducing new products are pending with SEBI.

The section primarily covers various applications and approvals related to interest rate derivatives and cross-currency derivatives from SEBI and RBI. It also details the status of material approvals, noting that none have expired or are pending renewal. Furthermore, the text outlines the group companies identified for disclosure purposes, lists details of the top five group companies, and confirms that there is no outstanding litigation involving group companies. Finally, it details various regulatory and statutory approvals, including resolutions from the Governing Board and IPO Committee, and confirmations regarding the ability of the company and its directors to access the capital market.

The section primarily details the company's compliance with various regulatory rules, eligibility criteria for an offer, and stipulations regarding the allocation of the net offer to different bidder categories. It outlines financial metrics such as net tangible assets, operating profit, net worth, and monetary assets over the preceding three financial years. Furthermore, the text includes extensive disclaimers and confirmations regarding the accuracy of the prospectus, the responsibilities of various parties, and restrictions on where and to whom the equity shares can be offered and sold.

The provided section primarily outlines various restrictions and acknowledgments related to the transfer and offer of Equity Shares, particularly concerning transactions involving the U.S. Securities Act. It details conditions under which Equity Shares can be transferred, including restrictions on who can acquire them and the nature of the transactions. Furthermore, the text includes disclaimers from the BSE regarding the scrutiny of the Draft Red Herring Prospectus and stipulations for listing applications. It also lists various consents obtained from directors, legal counsel, and auditors, and provides details on past capital issues handled by Book Running Lead Managers.

This section details the summary of price information for past issues handled by various financial institutions during the current and preceding financial years. It provides data on the number of IPOs, total funds raised, and performance metrics categorized by trading at discount or premium over different timeframes. Specific details on past issues handled by JM Financial, Morgan Stanley, and Citigroup Global Markets India Private Limited are also provided.

This section details the price information for past issues handled by three different financial institutions: Citi, HSBC Securities and Capital Markets (India) Private Limited, and J.P. Morgan India Private Limited. The data is presented across three financial years, showing the total number of IPOs, the total funds raised, and the distribution of trading performance (discount/premium) at 30 and 180 calendar days from the listing date.

This section details the price information for past issues handled by various financial intermediaries, including SBI Capital Markets Limited and Anand Rathi Advisors Limited, across different financial years. It lists specific details such as issue names, sizes, prices, and percentage changes in closing prices relative to a benchmark index over various timeframes. The data is categorized by the number of IPOs trading at discount or premium over different periods, spanning from 2024-25 to 2026-27.

This section details the historical price information for past issues handled by Axis Capital, DAM Capital Advisors, and Equirus Capital. It provides various metrics such as issue size, price, listing dates, and percentage changes in closing prices relative to a benchmark index over different timeframes (30, 90, and 180 calendar days). The data is categorized by financial year, showing the total number of IPOs, the total funds raised, and the distribution of IPO performance across different discount/premium categories.

This section provides historical price information for past issues handled by HDFC and ICICI Securities Limited, categorized by financial year. The data includes details on the number of IPOs, total funds raised, and performance metrics based on trading at discount or premium over various timeframes. Specific details regarding the listing dates, opening prices, and percentage changes in closing prices relative to the benchmark index are provided for several listed entities.

This section details various price information for past issues handled by IDBI Capital Markets & Securities Limited and IIFL Capital Services Limited. The data includes details on the issue size, issue price, listing dates, and percentage changes in closing prices relative to a benchmark index over different timeframes. The information is provided for issues handled during the current financial year and the two preceding financial years.

This section details the summary of price information for past issues handled by Motilal Oswal and Pantomath Capital Advisors Private Limited across the current and preceding financial years. The data includes metrics such as the total number of IPOs, the total funds raised, and the distribution of IPOs trading at discount or premium over various timeframes post-listing. The data is sourced from NSE and BSE websites, with specific notes regarding the calculation periods and handling of holidays.

This section primarily details historical price information for past issues handled by 360 ONE WAM Limited, including data for three different issues: Horizon Industrial Parks Limited, Dhoot Transmission Limited, and WeWork India Management Limited. It also provides a summary statement of this price information across different financial years, showing the number of IPOs, total funds raised, and the distribution of IPOs trading at a discount or premium. Furthermore, the text outlines various legal and procedural aspects related to the offer, such as the governing laws, the nature of the offer (Offer for Sale by Selling Shareholders), the ranking of equity shares, the mode of dividend payment, and various provisions concerning investor grievances and compliance with SEBI regulations.

This section details various regulatory and procedural aspects related to the offer of Equity Shares, including restrictions on shareholding in recognized stock exchanges, rights of equity shareholders, allotment procedures, and timelines for the bid/offer process. It specifies that equity shares will be allotted only in dematerialized form and outlines agreements with Depositories and Registrars for the offer. Furthermore, it covers provisions regarding employee discounts, the nature of trading lots, joint holding, jurisdiction for the offer, and various timelines for processing bids, including compensation for delays, and requirements for compliance with SEBI ICDR Regulations.

This section details the structure and rules governing the Offer for Sale of Equity Shares, including the total size of the offer and various allocation procedures under different investor categories. The offer involved a total of 12,64,36,650 Equity Shares, with a portion reserved for Eligible Employees at a discount. The rules specify how the Net Offer is divided among Qualified Institutional Buyers (QIBs), Non-Institutional Buyers (NIBs), and Retail Investors (RIBs), including various reservation and allocation mechanisms based on bid amounts and categories.

This section details various procedural aspects related to the offer process, including how under-subscription in different categories could be handled, the rules for investor documentation, and the phased implementation of the Unified Payments Interface (UPI) mechanism. It outlines specific requirements for investors regarding their PAN linking, the trading segment for equity shares, and the various ways in which different bidder categories could submit their applications. Furthermore, it specifies the requirements for the processing and release of application fees, as well as the various phases of the UPI mechanism and the associated timelines for listing.

This section details various procedural and compliance requirements related to the bid and allotment process, including different categories of investors such as Non-Residents, Eligible Employees, Mutual Funds, Hindu Undivided Families (HUFs), and Foreign Portfolio Investors (FPIs). It outlines rules regarding the use of various bid forms, the handling of funds through different banking mechanisms, and restrictions on investment by certain investor groups. Specific rules govern the fit and proper criteria for acquiring securities and the limits on investment by FPIs under various regulations.

This section details various requirements and restrictions concerning who can bid for equity shares in the offering, including different investor categories and the documentation they must provide. It outlines specific rules for bids made by various entities such as FPIs, limited liability partnerships, banking companies, insurance companies, and various mutual funds. Furthermore, it specifies investment limits for different investor types based on regulations like SEBI and RBI guidelines, and mandates for documentation and fund availability for all bidders.

This section details various procedural requirements and prohibitions related to bidding, including rules for FPIs, NRIs, UPI bidders, and various bid submission formats. It outlines strict guidelines on bid amounts, submission methods (like using cash or post), and the need for proper documentation, such as confirming bids under a specific structure or ensuring proper authorization for fund blocking. Furthermore, it specifies various technical grounds for rejecting bids and outlines compensation mechanisms for delays in unblocking funds.

This section details various aspects related to the allotment of equity shares, including rules for different investor categories (RIBs, NIBs, Anchor Investors), procedures for payment into escrow accounts, pre-offer advertisements, and the filing of the prospectus. It outlines specific undertakings by the company and the selling shareholders regarding the collection of applications, handling of complaints, timelines for listing, and the transfer of shares.

This section details various legal and regulatory provisions concerning foreign investment and share transfers in India, governed by the Industrial Policy, 1991, FEMA, and various government circulars. It outlines limits on foreign investment, such as the 49% limit under the automatic route, and restrictions on combined foreign holdings. Furthermore, it discusses requirements for prior government approval for certain investments, especially involving entities from countries sharing land borders with India, and clarifies rules regarding the transfer of ownership of foreign direct investment.

The management section details various risks and dependencies faced by the company, including litigation, regulatory scrutiny, and operational vulnerabilities. The company faces potential financial impacts from ongoing civil litigation and penalties imposed by the Competition Commission of India (CCI). Furthermore, the business relies on statutory approvals which are subject to periodic renewal and regulatory conditions, which could restrict operational flexibility. Risks also exist concerning data feed services, where errors could lead to customer claims, and the company's intellectual property rights are not fully protected, exposing it to infringement risks.

The management section discusses several significant risks related to operations, regulatory compliance, and market competition. Key risks include the potential for fraud and misconduct, the adverse impact of Artificial Intelligence (AI) and machine learning technologies, and the vulnerability of reliance on third-party AI tools and platforms. Furthermore, the company faces risks concerning its leased office property, the unsecured nature of some investments, and the evolving regulatory landscape concerning AI, which may introduce new compliance burdens. The text also details the company's obligations to contribute to investor protection funds and settlement guarantee funds, and the potential conflicts between its public responsibilities as a stock exchange and the commercial interests of its shareholders.

The company has faced certain lapses in compliance with various regulations, including SEBI Listing Regulations, Securities Contracts Regulations, and the Companies Act, 2013. These lapses include delays in disclosing senior management changes, issues with the composition of the Governing Board, and non-compliance with rules regarding the Nomination and Remuneration Committee (NRC). Furthermore, the company has paid late submission fees to the RBI for certain allotments, and there is a lack of assurance that future regulatory actions will not be initiated against the company. The company also faces contingent liabilities arising from past issues related to its colocation facility and dark fibre operations with NSE.

The management section details various legal and regulatory matters concerning the company's operations, including penalties and disputes related to stock exchanges like NSE. These include pending appeals against SEBI orders and compensation claims filed by MSEI against NSE. Furthermore, the text discusses contingent liabilities, including various tax matters, and risks associated with evolving ESG regulations, which may increase compliance costs. The company also highlights risks related to ownership norms in depositories and reliance on other financial intermediaries, as well as risks from foreign exchange fluctuations and potential delays in statutory payments.

The company faces various risks related to international regulations, such as potential penalties from foreign regulators if necessary approvals are not secured. Furthermore, the ability of subsidiaries to distribute dividends is subject to various legal and contractual restrictions, including compliance with SEBI and IFSCA norms. There are also challenges in executing business combinations due to strict regulatory oversight, and potential disputes with associates, such as a litigation involving a stake in another company. The company also faces risks from changing laws and regulations, including new tax reforms, labour codes, and changes to the securities market framework. Finally, the business is exposed to macroeconomic and geopolitical uncertainties in India, which can negatively impact profitability and market liquidity.

The section discusses various external factors that could affect the business, including concerns over inflation, interest rate volatility, and macroeconomic stress, which might lead to a reversion towards physical assets. It also highlights risks associated with potential downgrades in India's sovereign debt rating, which could impact investor confidence and market volatility. Furthermore, the text details risks stemming from global financial instability, geopolitical tensions, and trade relations with countries like China, which could negatively affect the Indian economy and market conditions. The section also covers risks related to competition law enforcement and the potential for penalties related to agreements made by the company.

This section discusses various legal and market risks relevant to the offering and investment, including issues related to foreign judgments, pre-emptive rights for equity shareholders, currency fluctuations, and the potential dilution of ownership due to future equity issuances or sales by large shareholders. It also outlines risks associated with natural disasters, pandemics, cyberattacks, geopolitical conflicts, and the potential for government restrictions on business operations. Furthermore, it details risks concerning the listing and trading of equity shares, as well as potential adverse tax consequences for U.S. investors if the company is classified as a Passive Foreign Investment Company (PFIC).

The section discusses the framework for related party transactions, referencing applicable Accounting Standards and SEBI ICDR Regulations. It also details various regulatory actions and changes introduced by SEBI and RBI that have impacted the market, such as restrictions on foreign exchange derivatives, rationalization of index options expiries, and increased margin requirements for index derivatives, which have moderated speculative trading. Furthermore, it outlines changes to the charge structure for members and the introduction of new taxes on equity derivatives, which were intended to curb excessive speculation and align trading with cash market liquidity.

The provided section details various regulatory changes, technological investments, and financial aspects related to the company's operations. It mentions amendments to Reserve Bank of India directions concerning credit facilities for Capital Market Intermediaries (CMIs), which mandate collateral for certain credit facilities. The text also discusses the impact of government policies on market activity and the establishment of a dedicated national coal trading exchange. Furthermore, it outlines significant investment in technology infrastructure, including operating expenses and capital expenditure, and details the sources of funds for investment, such as margin funds and surplus funds. Finally, it covers various components of revenue from operations, including transaction charges, listing services, and data connectivity charges, alongside information on the Core Settlement Guarantee Fund.

The company has undergone several divestments, including the sale of non-core businesses like the education and technology segments, resulting in significant gains. Specifically, the technology business was disposed of on a slump sale basis during Fiscal 2025, and the education business divested its equity stake in TalentSprint Private Limited and its wholly owned subsidiary, TalentSprint Inc., during Fiscal 2026. Furthermore, a KYC Registration Agency business was sold to Computer Age Management Services Limited in July 2025. The financial results show fluctuations in revenue streams, with transaction charges decreasing but being partially offset by growth in data feed and terminal services revenue.

The section details various financial movements between Fiscal 2025 and Fiscal 2026, covering changes in revenue, expenses, and income. Revenue from transaction charges saw an increase, while income from investments decreased due to mark-to-market adjustments and interest rate volatility. Employee benefits expenses rose due to increased headcount and annual increments, and regulatory fees decreased due to reduced turnover in certain equity markets. Several other expenses showed significant increases, particularly in SEBI settlement fees, and technology expenses rose due to maintenance costs and changes in accounting treatment for fees paid to a subsidiary. Profit for the year from continuing operations decreased, although there were some offsetting positive trends in certain areas.

The provided text details various financial liability movements, contract liabilities, provisions, trade payables, and income tax liabilities over different fiscal periods. Financial liabilities showed fluctuations, with some decreasing due to reductions in margin money from members, while others increased due to increases in margin money and settlement obligations. Contract liabilities increased primarily due to higher unamortised processing fees received from listed companies. Provisions saw decreases related to new labour codes and employee benefits, alongside increases related to gratuity provisions. Trade payables showed increases linked to provisions for services availed. Income tax liabilities increased significantly due to provisions for tax, and liabilities associated with assets held for sale showed decreases due to the sale of subsidiaries.

This section details various financial metrics and reconciliations for the company, including profitability, capital employed, and net worth. It presents figures for different periods, such as the three months ended June 30 and the fiscal year ended March 31, across several years. Key financial components such as profit before tax, equity, and various liabilities are reconciled to derive metrics like Return on Capital Employed and Return on Equity. Furthermore, the data includes breakdowns of investment income, other income, and various financial assets and liabilities.

The provided text details various financial and operational aspects, including cash flow summaries, contractual obligations, and risk management policies. It outlines liquidity management strategies, market and credit risk management, and concentration risks related to trading members. The text also discusses capital management policies and the potential for future business diversification.

This section primarily outlines the accounting policies for revenue recognition, business combinations, leases, trade receivables, financial assets, property, plant, and equipment, and intangible assets. It details how revenue is recognized based on the nature of the service provided, such as transaction charges, listing fees, and various technology services. The text also covers accounting for business combinations, the treatment of trade receivables, and various accounting treatments for leases and financial assets. Furthermore, it describes the contribution to the Settlement Guarantee Fund and the handling of trades executed on the Exchange platform.

This section presents the capitalization statement as of June 30, 2026, derived from Restated Consolidated Financial Information, and provides details on the company's financial indebtedness as of July 31, 2026. The capitalization details include various components like borrowings, equity, and total capitalization figures. The financial indebtedness summary details secured and unsecured borrowings, including amounts outstanding as of July 31, 2026, and notes on specific credit facilities for a subsidiary.

This section details the main provisions of the Articles of Association, which have been adopted by the shareholders in a special resolution. It establishes precedence rules regarding these Articles versus various laws and regulations, stating that certain laws prevail over the Articles where inconsistency exists. The provisions cover definitions, including terms for various legal instruments and parties, and rules for share capital and the register of members. Furthermore, it outlines restrictions on share allotment, the control of shares by the Governing Board, and provisions related to deposits, calls, and the recognition of interests in shares.

This section details various provisions concerning the payment of calls, interest accrual, and the consequences of non-payment, including the right of the Directors to extend payment times. It outlines that joint-holders are jointly and severally liable for calls, and specifies that payments made in anticipation of calls may carry interest, with limitations on voting rights for such payments. Furthermore, the provisions cover the forfeiture of shares upon non-payment, the process for serving notices for payment, and the subsequent rights of the Company to dispose of forfeited shares. The section also addresses the transfer and transmission of shares, including requirements for instruments of transfer and the Company's power to refuse such transfers.

This section details various provisions concerning the issuance of securities, the government's power to intervene, and the company's ability to buy back shares. It outlines conditions for issuing debentures or loans, including requirements for special resolutions for certain actions. Furthermore, it covers the process for altering the authorized share capital following certain government directives and establishes rules for the division and consolidation of share capital. The articles also specify procedures for bonus issues and the handling of joint holders of shares.

This section details various procedural and voting rights provisions within the Articles of Association, primarily concerning general meetings and resolutions. It outlines rules for conducting business, the role of the Chairperson, and methods for voting, including show of hands, polls, and electronic voting. It also specifies procedures for handling proxy votes, the scrutiny of votes, and the validity of votes given by members, including restrictions related to share payments. Furthermore, the section covers the appointment, tenure, and composition of the Governing Board, including provisions for SEBI Nominee Directors and Public Interest Directors.

This section details various provisions concerning the appointment, tenure, and removal of different types of directors, including Non-Independent Directors, Public Interest Directors, the Managing Director, and Executive Directors. It outlines specific requirements for prior approval from SEBI for certain appointments and re-appointments, particularly for Non-Independent Directors and the Managing Director. Furthermore, it establishes conditions under which directors may be disqualified from holding office, such as unsound mind, criminal convictions, or failure to comply with certain statutory provisions. The rules also cover the rotation of directors and the disclosure of interests in contracts with the company.

This section details various provisions concerning the appointment, removal, and functioning of the Board of Directors and other governing bodies. It outlines procedures for filling vacancies left by retiring directors, restrictions on the appointment of multiple directors in a single resolution, and requirements for seeking support from other members to stand for directorship. Furthermore, it specifies strict requirements for the removal of directors, including special notices and the right of the removed director to be heard. The text also covers quorum requirements for Board meetings, procedures for handling meetings adjourned due to lack of quorum, and the delegation of powers to committees. Finally, it lists specific powers vested in the Board, such as the ability to acquire property, insure assets, open bank accounts, and institute legal proceedings.

This section details various powers granted to the Board and Directors concerning the company's operations, financial dealings, and employee welfare. Provisions cover the receipt of various documents, the investment of company monies, and the establishment of reserve funds for contingencies or to repay debt. The articles also grant powers to appoint officers, establish local Boards, and delegate powers, including the ability to remove such appointees. Furthermore, the section outlines rules for entering into contracts, the conduct of business on an exchange, and the power to enforce rules regarding trading members. It also specifies procedures for declaring and paying dividends, including provisions for retention, apportionment, and handling of unclaimed dividends.

This section details various provisions concerning the capitalization of profits, the powers of the Board regarding bonus issues, accounting procedures, and the inspection rights of members. It outlines how profits can be capitalized for distribution among members, the Board's authority to effect such resolutions, and the proper maintenance and inspection of company accounts. Furthermore, the text covers the requirements for financial statements, the authentication of such statements, and the rights of auditors to access company records.

This section details various material contracts and documents that have been entered into or are planned for entry by the Company, which were made available for inspection. These include several agreements related to an Offer, such as Offer Agreements, Registrar Agreements, Cash Escrow agreements, Syndicate Agreements, and Underwriting Agreements, some of which involve Selling Shareholders. The section also lists various certified documents, resolutions from the Governing Board and IPO Committee, and various consent letters from different parties, including auditors and legal counsel, to be included in the Prospectus. Furthermore, it references annual reports and in-principle listing approvals.

The provided section primarily consists of declarations certifying compliance with various provisions of the Companies Act and regulations issued by the Government of India or SEBI. These declarations are signed by different Directors, including Non-Independent Directors and Public Interest Directors, affirming that the prospectus statements are true and correct and comply with the relevant legal frameworks.

The provided section primarily consists of declarations signed by various Directors certifying compliance with relevant laws and regulations. These declarations affirm that all statements made in the Prospectus adhere to the provisions of the Companies Act and various rules, regulations, and guidelines issued by the Government of India or SEBI. The declarations are signed by individuals holding various directorial positions, including Public Interest Directors and Non-Independent Directors.

This section primarily consists of declarations from various selling shareholders confirming the accuracy of statements made in the Draft Red Herring Prospectus. The declarations confirm that the statements made in relation to their respective portions of the offered shares are true and correct. Furthermore, these selling shareholders explicitly assume no responsibility for any other statements, disclosures, or undertakings made by or relating to the Company or any other party within the Prospectus.

This section primarily contains declarations from various selling shareholders confirming the accuracy of statements made in the Prospectus concerning their respective portions of the offered shares. The declarations are signed by entities such as The New India Assurance Company Ltd., SBI Capital Markets Limited, Bank of Baroda, Stock Holding Corporation of India Limited, and General Insurance Corporation of India. These confirmations establish that the selling shareholders assume no responsibility for other statements made in the document.

This section primarily contains declarations from various selling shareholders confirming the accuracy of statements made in the Prospectus regarding their portion of the offered shares. Each declaration explicitly states that they assume no responsibility for other statements made by or relating to the Company or any other selling shareholder. The declarations are signed by entities such as United India Insurance Company Limited, Crown Capital Limited, 2726247 Ontario Inc., National Insurance Company Limited, and Mahagony Limited.

This section primarily details the confirmation of statements and undertakings by various entities concerning the offered shares, signed by representatives of several companies. It includes an annexure listing details of shareholders participating in the Offer for Sale, including the number of equity shares offered, the date of corporate approval/authorization, the date of the consent letter, and the weighted average cost of acquisition per equity share. Furthermore, the text provides a list of secondary transactions by the selling shareholders, detailing the acquisition or transfer of equity shares from various entities.

This section primarily details various transactions involving the acquisition or transfer of equity shares between different entities over a period spanning from 2007 to 2025. The data records details such as the date of the transaction, the number of shares involved, the parties involved (transferor and transferee), the nature of the transaction, and the consideration price per share. The transactions involve a diverse range of counterparties and consideration amounts.

This section details various transactions involving the acquisition or transfer of equity shares, including the parties involved, the nature of the transaction, and the consideration paid. The provided data lists numerous instances where shares were transferred to different entities, with varying face values and transaction prices. The transactions span various dates and involve different amounts of shares, indicating a history of share movements.

This section details various transactions involving the acquisition or transfer of equity shares, primarily involving different entities and consideration amounts. The provided data lists numerous instances where shares were transferred, including cash transactions, and also mentions bonus issues in various ratios. The transactions span a period from 2016 to 2025 and involve a diverse range of parties.

The provided text details various transactions involving the acquisition of equity shares from different entities, including some involving bonus issues. It lists numerous selling shareholders and their holdings, along with the weighted average cost of acquisition (WACA) for shares held in the last year. Furthermore, it outlines a list of major shareholders whose aggregated holdings reached at least 80.00% of the total share capital.

The provided section details the list of shareholders whose shareholding aggregated to at least 80.00% of the total shareholding of the Company as of ten days prior to the date of the Prospectus. This list includes various institutional investors, insurance companies, and other entities, with their respective holdings and percentage stakes. The list is crucial as it identifies the major shareholders according to the specified threshold.

This section details the distribution of equity shares among various shareholders, listing the name of the shareholder, the number of equity shares held, and their corresponding percentage of the pre-Offer equity share capital. The data shows a diverse group of investors with varying stakes, ranging from 0.03% to 0.13%. The list includes numerous entities, including private equity trusts, investment funds, and various companies, with shareholding amounts distributed across different percentage brackets.

The provided text details the list of shareholders whose shareholding aggregated to at least 80.00% of the total shareholding of the Company as of one year prior to the prospectus date. This list includes various entities and individuals, with their respective shareholding percentages specified. Furthermore, the text mentions certain entities holding shares in the capacity of a trustee for private family trusts.

This section details the list of shareholders whose shareholding aggregated to at least 80.00% of the total shareholding of the company as of two years prior to the prospectus date. It also lists various other shareholders and includes disclosures regarding the participation of SBI Capital Markets Limited as a selling shareholder.

The text indicates that the shares held by Kotak Mahindra Trusteeship Services Limited are in its capacity as a trustee for private family trusts. It also references conditions disclosed under 'Other Regulatory and Statutory Disclosures – Disclosure in respect of M-BRLM' found on page 472.