NSE Chairman Srinivasa Indjeti emphasized that the exchange's duties as a trading platform and commercial entity have not changed following its listing; however, in case of any conflict, the market function will take priority.
He noted that NSE has made a huge contribution to transforming the Indian capital market from a small market serving a narrow group of people into a modern, vibrant nationwide market. Earlier that same day, the National Stock Exchange (NSE) debuted on the BSE when its shares were listed at ₹1800 per share, which was 0.84 percent higher than the issue price of ₹1785.
The public offering marked an important milestone for NSE, whose listing plans had been delayed for nearly a decade due to regulatory hurdles, including disputes over co-location. During the listing ceremony, Indjeti stated: 'There are often many debates about whether a public utility like an exchange should be listed. There is an inherent tension between public interest and stakeholder interests. Although there may seem some competition on the surface, we believe that if you look deeper, there is complete alignment between them.'
He clarified that NSE performs a dual function: fulfilling a regulatory obligation to maintain market integrity and protect public interests, as well as the responsibility of a business entity to promote its own interests. Srinivasa firmly stated: 'It is important that the structure focuses on its financial activities and generates returns for our shareholders. But it is quite obvious that if two lines intersect, if two duties intersect, the first one will have the predominant advantage.'
Indjeti added that it is impossible to conduct business without protecting public interests, and that there is no competition. He concluded: 'If something is not beneficial to the market, it is not beneficial to you either. Therefore, guided by the philosophy of responsible and sustainable business, I think we are only just beginning our ascent.'
NSE's Initial Public Offering (IPO) of ₹22,569 crore, which became the country's second-largest IPO, attracted nearly a sixfold subscription on the last day of trading on Monday, aided by strong demand from institutional buyers. This offering became the second-largest public issuance in India after Hyundai Motor India's IPO of ₹27,870 crore in 2024 and surpassed LIC's offering of ₹21,000 crore in 2022.
He mentioned that despite being a large offering, it was oversubscribed in all categories, and it was particularly gratifying to see the oversubscription among retail and institutional investors. Indjeti stressed that the final decision was that the market valuation does not matter; what matters is the intrinsic value of the company, and if you believe in this value, there is no good or bad time to launch.
