NSE IPO: Top 10 Stakeholders Revealed as 12.64 Crore Shares Go on Sale

Mumbai,  Sept 15: The National Stock Exchange of India Limited’s shareholding pattern for the quarter ended 30 June, 2026 shows a widely distributed ownership structure, with 2,17,633 shareholders holding 247.50 crore equity shares. The exchange has no promoter or promoter group, while public shareholders hold 64.44% and non-promoter, non-public shareholders hold 35.56%. Among individual disclosed shareholders, LIC is the largest stakeholder with 10.72%, followed by Aranda Investments with 4.54%. 

LIC Leads NSE Ownership with 10.72% Stake 

The largest disclosed shareholder in NSE is the Life Insurance Corporation of India (LIC), which holds 26.5275 crore shares, representing 10.72% of the company. LIC falls under the non-promoter, non-public category and is classified as an insurance company in the shareholding pattern. 

The second-largest disclosed stakeholder is Aranda Investments (Mauritius) Pte Ltd, holding 11.2463356 crore shares, equivalent to 4.54%. Aranda is classified as a Foreign Portfolio Investor Category I under the public shareholder category. 

The third-largest stakeholder is Stock Holding Corporation of India Limited, with 11 crore shares, or 4.44%. It is classified under trading members and associates of trading members within the non-promoter, non-public category. 

SBI Capital Markets and Mahagony Cross 4% Mark 

SBI Capital Markets Limited is the fourth-largest disclosed stakeholder, holding 10.725 crore shares, equivalent to 4.33% of NSE. It is also classified under trading members and associates of trading members. 

Mahagony Limited ranks fifth, with 9.2295 crore shares, representing 3.73%. The shareholder is classified under foreign direct investment within the public shareholder category. 

The sixth-largest stakeholder is State Bank of India (SBI), which holds 7.984705 crore shares, equivalent to 3.23%. SBI is classified as a financial institution or bank under the non-promoter, non-public category. 

Together, these six disclosed shareholders account for substantial stakes across different ownership classifications, while the exchange continues to have zero promoter shareholding. 

Five More Stakeholders Hold Over 1% Each 

The seventh-largest stakeholder is PI Opportunities Fund I, which holds 5.82 crore shares, or 2.35% of NSE. It is classified as an alternative investment fund under domestic institutional public shareholders. 

Crown Capital Limited ranks eighth with 5.1355465 crore shares, representing 2.07%. It is classified under foreign direct investment. 

The ninth-largest disclosed shareholder is DVI Fund (Mauritius) Ltd, holding 4.5216215 crore shares, or 1.83%. TIMF Holdings ranks tenth with 4.3230357 crore shares, representing 1.75%. 

The shareholding pattern also identifies other shareholders with stakes above 1%, including General Insurance Corporation of India, Canada Pension Plan Investment Board, TA Asia Pacific Acquisitions Limited, The New India Assurance Company Limited and MS Strategic (Mauritius) Limited. 

247.50 Crore Shares Show a No-Promoter Structure 

NSE’s total issued share capital stood at 247.50 crore shares as of 30 June 2026. The promoter and promoter group category held zero shares, while public shareholders held 159.4777836 crore shares, representing 64.44%. 

The non-promoter, non-public category held 88.0222164 crore shares, or 35.56%. This entire category is classified as trading members and associates of trading members. 

The filing records no partly paid-up shares, convertible securities, warrants, depository receipts or locked-in shares. It also reports no significant beneficial owners. There were no shares pledged or otherwise encumbered under the disclosed categories. 

35.56% Non-Public Holding Includes Major Institutions 

The non-promoter, non-public ownership category contains several large institutional holdings. Apart from Stock Holding Corporation and SBI Capital Markets, SBI holds 7.984705 crore shares, while insurance companies collectively hold 47.540875 crore shares, or 19.21%. 

Within this insurance category, LIC alone accounts for 26.5275 crore shares, or 10.72%. General Insurance Corporation of India holds 4.07 crore shares, while The New India Assurance Company Limited, National Insurance Company Limited and The Oriental Insurance Company Limited each hold 3.52 crore shares, representing 1.42% apiece. 

This structure explains why several of NSE’s largest shareholders appear outside the public category despite having sizeable individual holdings. 

Foreign Investors Hold 26.41% of Public Shares 

Foreign institutional and investment holdings form another significant part of NSE’s public ownership. Foreign institutions collectively hold 65.3626168 crore shares, equivalent to 26.41% of the total share capital. 

Foreign direct investment accounts for 50.4132922 crore shares, or 20.37%. Among the disclosed FDI holders, Mahagony holds 3.73%, Crown Capital 2.07%, DVI Fund 1.83%, TIMF Holdings 1.75%, Canada Pension Plan Investment Board 1.60%, TA Asia Pacific Acquisitions 1.38%, MS Strategic 1.20%, 2726247 Ontario Inc. 1.09% and Rimco (Mauritius) Limited 1.00%. 

Foreign Portfolio Investors Category I hold another 6.04%, with Aranda Investments alone accounting for 4.54%. 

Retail Shareholders Hold 22.29% Through Two Categories 

Resident individual shareholders also represent a substantial portion of NSE’s public ownership. Investors holding nominal share capital of up to ₹2 lakh collectively own 31.4562657 crore shares, or 12.71%. 

Resident individuals holding nominal share capital above ₹2 lakh own 23.6996657 crore shares, representing 9.58%. Within this category, Radhakishan Shivkishan Damani holds 3.90844 crore shares, or 1.58%. 

Non-resident Indians hold 3.5927342 crore shares, equivalent to 1.45%, while bodies corporate hold 17.2455053 crore shares, or 6.97%. 

49% Foreign Limit Has 27.88% Utilisation 

NSE’s foreign ownership limit stands at 49%, while utilisation was 27.88% as of 30 June 2026. This compares with 28.08% at 31 March 2026, 28.20% at 31 December 2025, 28.19% at 30 September 2025 and 28.37% at 30 June 2025. 

The filing also states that 52.2777717 crore shares, or 21.12%, were available for acquisition by persons resident outside India, subject to applicable foreign direct investment policy and Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI) regulations. 

NSE IPO Share Sale Adds Another Ownership Shift 

The shareholding pattern is relevant ahead of NSE’s proposed ₹22,561.57 crore IPO, which is structured entirely as an offer for sale (OFS). The issue comprises 12.643665 crore shares, with the price band fixed at ₹1,700–₹1,785 per share. 

The OFS means existing shareholders are offering shares, rather than NSE issuing fresh equity. The filing states that selling shareholders have deposited 1.37285 crore shares into the NSE IPO escrow demat account, with those shares disclosed within the respective shareholders’ holdings. 

The IPO is scheduled to open on September 17, 2026 and close on September 21, 2026, with allotment scheduled for 22 September and the shares proposed to list on the BSE on 24 September 2026. 

Ownership Records Show a Broad Shareholder Base 

The June 2026 filing shows that NSE’s ownership is spread across public institutions, foreign investors, individuals, banks, insurance companies and trading-member associates. With no promoter holding, the exchange’s shareholding structure is defined by institutional and public ownership, while the forthcoming OFS provides for the sale of existing shares by identified shareholders rather than fresh capital being raised by NSE. 

NSE’s June 2026 shareholding pattern places LIC at 10.72%, followed by Aranda Investments at 4.54% and Stock Holding Corporation at 4.44%. NSE has no promoter holding, while public shareholders own 64.44%. The upcoming IPO is an OFS of existing shares, with no fresh equity issuance. 

Source 

• https://nsearchives.nseindia.com//web/mediaattachment/2026-07/SHP-30.06.2026_20260721115035.pdf