Metropolitan Stock Exchange of India (MSEI)
India's third national exchange, recapitalised with ₹1,240 Cr in 2025 and relaunching equity trading against the NSE–BSE duopoly.
Market cap
₹8,114 Cr
1,099.52 Cr shares
P/E ratio
Loss making
Sector average 42
Book value
₹0.66
P/B 11.18
1-year return
+57.36%
52w ₹3 – ₹13
Currently 45% of the way through its 52-week range.
Indicative price history
1Y change
+49.70% ₹5 → ₹7
52-week band in this window: ₹3.00 – ₹7.38. Weekly indicative marks, not exchange-traded prices.
Key highlights
- ₹1,240 Cr raised in 2025 at ₹2 a share from Groww, the Zerodha founders, Share India, Peak XV, Trust Group and broking houses.
- Trading relaunched on 27 January 2026 in 130 stocks with a market-maker Liquidity Enhancement Scheme running to June 2026.
- FY25 operating revenue ₹4.31 Cr, net loss ₹34.22 Cr; H1 FY26 loss narrowed to ₹11.5 Cr on treasury income.
About MSEI
Metropolitan Stock Exchange of India Ltd (MSE, formerly MCX Stock Exchange) is a SEBI-recognised national exchange with licences for equity cash, equity derivatives, currency derivatives, debt and an SME platform. Clearing runs through its subsidiary Metropolitan Clearing Corporation of India (MCCIL), the first Indian clearing corporation recognised as a third-country CCP by the Bank of England.
Set up in 2008 by MCX and Financial Technologies, the exchange was renamed in 2014 after the erstwhile promoters exited. Core operating revenue has since shrunk to a few crore a year — ₹4.31 Cr in FY25 against ₹7.36 Cr in FY24 — with losses cushioned by treasury income on its cash pile.
2025 changed the story: ₹238 Cr came in February from entities linked to Groww, Zerodha, Securocorp and Share India, followed by ₹1,000 Cr in August from Peak XV, Trust Group, Pharma Ventures and a clutch of broking houses, all at ₹2 per share. The money funds a technology rebuild, a market-maker-led Liquidity Enhancement Scheme and a January 2026 relaunch of trading in 130 stocks.
Figures on this page are compiled from the exchange's published results, allotment notices and press coverage; FY23 line items are reconstructed from provider summaries and should be treated as approximate.
Where the revenue comes from
- Treasury & other income75%
Interest on the capital raised; ₹13.07 Cr of ₹17.38 Cr total income in FY25
- Transaction & data-feed charges12%
Currency derivatives, equity segments and data subscriptions
- Membership & listing fees8%
Admission, surrender and annual fees from members
- Clearing (MCCIL) & other5%
Clearing and settlement charges
Products & services
Equity cash & derivatives
Cash market in ~130 liquid stocks plus index and stock F&O on the SX40 flagship index of 40 large-caps.
Currency derivatives
Futures and options on USD-INR, EUR-INR, GBP-INR and JPY-INR — historically the exchange's most active segment.
Debt & SME platform
Corporate bond reporting and trading, and a listing platform for small and medium enterprises.
MCCIL clearing
Central counterparty clearing and settlement through Metropolitan Clearing Corporation of India.
What works
- • ₹1,240 Cr of fresh equity in 2025 gives the exchange a multi-year runway and a net worth above ₹1,300 Cr with no debt.
- • Full licence set (equity, F&O, currency, debt, SME) and an operating clearing corporation — assets that take years to obtain.
- • Backing from the largest retail brokers (Groww, Zerodha founders, Share India) creates a route to order flow that earlier revivals lacked.
What to watch
- • Operating revenue is tiny (₹4.31 Cr in FY25) and still falling; the exchange has never been profitable in its history.
- • SEBI's 2025 rule limiting equity-derivative weekly expiries to Tuesday and Thursday left the SX40 without a distinct weekly slot, blunting the main revival plan.
- • Liquidity depends on paid market makers under a scheme that runs to June 2026; volumes may not persist once incentives stop.
- • The unlisted price has swung between ₹2.80 and ₹13 in a year; at ~1,100 Cr shares the market value is far ahead of any revenue.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| MSEIThis page | ₹7.38 | ₹8,114 Cr | — | 11.18 | -31.59% |
| NSE | ₹2,020.00 | ₹5 Lakh Cr | 50.20 | 15.50 | +14.63% |
| Orbis Financial | ₹338.00 | ₹4,597 Cr | 20.61 | 4.62 | +28.12% |
Latest reported year: FY25 ending 31 Mar 2025.