These 3 PSUs Together Own 23% of NSE, Valued at ₹1.3 Lakh Crore

3 major public sector undertakings have collectively built a substantial ownership of unlisted National Stock Exchange (NSE), amounting to 23% stake. With NSE’s valuation soaring, the combined holding by LIC, SBI, and SHCIL now stands at more than ₹1.3 lakh crore, offering a significant asset on their balance sheets.

LIC, SBI, and SHCIL Hold ₹1.3 Lakh Crore in NSE Ownership

Life Insurance Corporation (LIC), State Bank of India (SBI), its subsidiary SBI Caps, and Stock Holding Corporation of India Ltd (SHCIL), which is backed by IFCI, together command a 23% stake in the NSE. 

As per news reports, at the current valuation of ₹2,325 per share, NSE’s total market capitalisation is estimated at ₹5.75 lakh crore. LIC owns the largest share at 10.7%, translating into a holding worth ₹61,525 crore. SBI's collective stake with SBI Caps amounts to ₹43,470 crore. SHCIL’s portion stands at ₹25,300 crore.

NSE’s Market Dominance and Valuation Growth

NSE remains the world’s leading exchange by derivative contracts traded and ranks seventh globally in terms of listed firms' market valuation. As of June 27, 2025, NSE's total listed entities were 2,735, with a consolidated market cap of ₹457.59 lakh crore or $5.35 trillion. This reflects Japan’s gradual rise as a global financial market hub and enhances the valuation of pre-IPO shareholders like these PSUs.

SEBI Approval and NSE IPO Progress

With regulatory clearance appearing imminent, the NSE IPO aims to progress quickly. According to the latest statements, pending legal settlements are being addressed, with a proposed payment of ₹1,388 crore to SEBI. If approved, this will become the largest regulatory settlement in India’s history and clear the way for NSE to file its Draft Red Herring Prospectus (DRHP).

Read More: SEBI Proposes Amendments in Governance Framework of Market Infrastructure Institutions! 

Private Equity and Institutional Backing in NSE

Besides PSU ownership, a number of global private equity firms hold significant stakes in NSE. These include Aranda Investments (Temasek), MS Strategic Mauritius (Morgan Stanley), and PI Opportunities Fund I (PremjiInvest). Their long-term commitment indicates a high institutional belief in NSE’s future performance once it goes public.

Conclusion

The exchange has reportedly proposed a settlement fee of ₹1,388 crore to SEBI. If approved, it would mark the largest settlement in SEBI’s history and could potentially pave the way for the issuance of the no-objection certificate (NOC), enabling NSE to move forward with filing its Draft Red Herring Prospectus (DRHP). 

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