Delhi Stock Exchange Ltd
The former Delhi bourse: derecognised by SEBI, litigating its exit, and valued for the DSE House property and treasury rather than any trading business.
Market cap
₹87 Cr
3.00 Cr shares
P/E ratio
43.28
Sector average 42
Book value
₹40.60
P/B 0.71
1-year return
+18.95%
52w ₹20 – ₹36
Currently 56% of the way through its 52-week range.
Indicative price history
1Y change
+18.95% ₹24 → ₹29
52-week band in this window: ₹24.38 – ₹29.31. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Owns DSE House on Asaf Ali Road, central Delhi.
- SEBI exit order of 2017 under litigation; no trading platform.
- Shares quoted at ₹20-30 in 500-share lots.
About DSE
Delhi Stock Exchange Ltd (formerly the Delhi Stock Exchange Association) was set up in 1947 and was once north India's main regional bourse. Trading dried up after the rise of NSE and BSE, and the exchange was demutualised in the 2000s with brokers, corporates and later individual investors holding its shares. SEBI ordered its exit from the exchange business in 2017 after it failed to meet the regulator's net-worth and turnover norms, an order the company has contested.
Today DSE has no trading platform. Its value lies in DSE House on Asaf Ali Road in central Delhi, rental income from the building, and a treasury of deposits accumulated from listing fees and member deposits. The shares trade on unlisted-share dealer boards at ₹20-30 in lots of 500, making it one of the lowest-priced exchange stocks available off-market.
Shareholders are effectively betting on an orderly exit in which the property and surplus are distributed, or on a revival similar to the one being attempted at the Calcutta Stock Exchange. Litigation with SEBI over the exit terms and disputes among shareholder groups have dragged on for years.
No registry snapshot was available in the sources used; the share count, capital and all financial lines are estimates for a dormant exchange of this size. Line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Rental income (DSE House)55%
Leasing of office space in the exchange building
- Interest & treasury40%
Interest on fixed deposits
- Other5%
Miscellaneous receipts
Products & services
Property leasing
Rental of office space in DSE House.
Treasury
Interest on fixed deposits.
What works
- • Ownership of DSE House, a central Delhi commercial property, gives a hard asset behind the shares.
- • No operating losses of significance: rental and interest income cover the small staff and legal costs.
- • Very low absolute price means small tickets; any resolution of the SEBI exit could unlock value.
What to watch
- • The exchange has no business and SEBI has already ordered its exit; shareholders may receive only a liquidation value after costs.
- • Long-running litigation and governance disputes make timing unpredictable.
- • Disclosure is minimal; dealer quotes are indicative and liquidity is very thin.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| DSEThis page | ₹29.00 | ₹87 Cr | 43.28 | 0.71 | +8.01% |
| CSE | ₹2,074.00 | ₹128.38 Cr | — | 0.68 | -7.01% |
| MSEI | ₹7.38 | ₹8,114 Cr | — | 11.18 | -31.59% |
Latest reported year: FY25 ending 31 Mar 2025.