Metropolitan Stock Exchange (MSEI) Unlisted Shares
₹ 5.15
About Metropolitan Stock Exchange (MSEI) Unlisted Shares
Are you looking for a unique opportunity to own a piece of a national-level stock exchange? The Metropolitan Stock Exchange of India Limited (MSEI) is a full-service stock exchange with a license to operate across multiple segments, including Equity, Equity Derivatives, Currency Derivatives, Debt, and a dedicated SME Platform.
What makes MSEI particularly attractive is its diversified and prestigious shareholder base, which includes India’s largest public and private sector banks, leading corporates, and legendary individual investors like Rakesh Jhunjhunwala and Radhakishan Damani.
Company Overview:
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Full Name: Metropolitan Stock Exchange of India Limited (MSEI).
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Licensed Segments: Equity, Equity Derivatives, Currency Derivatives, Debt, and SME Platform (live in all segments except SME).
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Subsidiaries:
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Metropolitan Clearing Corporation of India Limited (MCCIL): Handles clearing and settlement of multi-asset class deals (86.94% held by MSEI).
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MCX SX KYC Registration Agency Limited (MRAL): Manages KYC database for exchange members (100% held by MSEI).
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Key Investment Highlight: A Stellar Shareholding Pattern
The ownership of MSEI is widely diversified, but it’s the quality of the shareholders that stands out.
Shareholding Composition:
| Category | Holding (%) | Key Names |
|---|---|---|
| Banks / FIIs | 23.64% | State Bank of India, Bank of Baroda, Punjab National Bank, Axis Bank, HDFC Bank, and more. |
| Corporates & Institutions | 29.94% | Edelweiss Commodities, IL&FS Financial Services, Multi Commodity Exchange (MCX), etc. |
| Individual Investors | 40.47% | Rakesh Jhunjhunwala, Radhakishan Damani, Nemish Shah (Enam Holdings), and other renowned investors. |
This is a rare combination where India’s top bankers, corporates, and the country’s most successful individual investors are all shareholders in a single entity.
Why This Matters:
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Trust & Credibility: Having SBI, HDFC Bank, and Axis Bank as shareholders provides immense institutional trust and regulatory comfort.
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Value Recognition: The presence of legendary value investors like Rakesh Jhunjhunwala and Radhakishan Damani (who rarely invest in just anything) signals strong potential for long-term value creation.
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Diversified Ownership: No single entity dominates, ensuring balanced governance.
The Opportunity:
Investing in MSEI is not just about buying shares in a company; it’s about owning a stake in India’s financial market infrastructure. Exchanges are unique businesses with network effects and high barriers to entry. With a full-service license and a shareholder base that reads like a “Who’s Who” of Indian finance, MSEI is positioned to play a significant role in the country’s capital markets growth.
Ready to Own a Stake in a National Stock Exchange?
Buy Unlisted Shares of Metropolitan Stock Exchange of India Ltd (MSEI) exclusively through Unlisted Network.
Join the league of India’s top banks and legendary investors.
Fundamentals
| Metropolitan Stock Exchange (MSEI) | ₹ 5.5 | Market Cap (in cr.) | ₹ 6050 |
| Unlisted Shares Price | Per Equity Share | P/E Ratio | N/A |
| Lot Size | 10000 Shares | P/B Ratio | 15.28 |
| 52 Week High | ₹ 8.9 | Debt to Equity | 0 |
| 52 Week Low | ₹ 2.7507 | ROE (%) | -8.58 |
| Depository | NSDL & CDSL | Book Value | 0.36 |
| PAN Number | AAFCM6942F | Face Value | 1 |
| ISIN Number | INE312K01010 | Total Shares | 11000217033 |
| CIN | U65999MH2008PLC185856 | ||
| RTA | KFin Technology |
Financial
| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 10 | 9 | 7 | 4.3 |
| Cost of Material Consumed | 17 | 23 | 29 | 21 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Gross Margins | -70 | -155.56 | -314.29 | -388.37 |
| Employee Benefit Expenses | 20 | 19 | 16 | 15 |
| Other Expenses | 8 | 16 | 16 | 10 |
| EBITDA | -35 | -49 | -54 | -41.7 |
| OPM | -350 | -544.44 | -771.43 | -969.77 |
| Other Income | 15 | 40 | 14 | 13 |
| Finance Cost | 0.6 | 0.4 | 1 | 0.26 |
| D&A | 10 | 11 | 6 | 5.1 |
| EBIT | -45 | -60 | -60 | -46.8 |
| EBIT Margins | -450 | -666.67 | -857.14 | -1088.37 |
| PBT | -31 | -20 | -48 | -35 |
| PBT Margins | -310 | -222.22 | -685.71 | -813.95 |
| Tax | -1 | -1.3 | 1 | -1 |
| PAT | -30 | -18.7 | -49 | -34 |
| NPM | -300 | -207.78 | -700 | -790.7 |
| EPS | -0.06 | -0.04 | -0.1 | -0.06 |
Financial Ratios |
2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | -350 | -544.44 | -771.43 | -969.77 |
| Net Profit Margin | -300 | -207.78 | -700 | -790.7 |
| Earning Per Share (Diluted) | -0.06 | -0.04 | -0.1 | -0.06 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 24 | 14 | 11.5 | 8.7 |
| CWIP | 2 | 0.4 | 0 | 30 |
| Investments | 81 | 73 | 49 | 172 |
| Trade Receivables | 4 | 1 | 3 | 0.8 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Assets | 340 | 210.6 | 185.5 | 232.5 |
| Total Assets | 451 | 299 | 249 | 444 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 480.5 | 480.5 | 480.5 | 599.5 |
| FV | 1 | 1 | 1 | 1 |
| Reserves | -220 | -239 | -288 | -203 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 0.58 | 1 | 3 | 0.8 |
| Other Liabilities | 189.92 | 56.5 | 53.5 | 46.7 |
| Total Liabilities | 451 | 299 | 249 | 444 |
| Cash-Flow Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| PBT | -31 | -18 | -49 | -35 |
| OPBWC | -35 | -44 | -55 | -42 |
| Change in Receivables | -2 | 3.4 | -1 | 2.16 |
| Change in Inventories | 0 | 0 | 0 | 0 |
| Change in Payables | -0.8 | 0.3 | -2 | -1.76 |
| Other Changes | -7.7 | -129 | -1 | -26.4 |
| Working Capital Change | -10.5 | -125.3 | -4 | -26 |
| Cash Generated From Operations | -45.5 | -169.3 | -59 | -68 |
| Tax | 0.8 | -3 | 2 | 0 |
| Cash Flow From Operations | -44.7 | -172.3 | -57 | -68 |
| Purchase of PPE | -4.5 | -3 | -2 | -30.6 |
| Sale of PPE | 0 | 0 | 0 | 0 |
| Cash Flow From Investment | 60.5 | 168 | 9 | -133 |
| Borrowing | 0 | 0 | 0 | 0 |
| Dividend | 0 | 0 | 0 | 0 |
| Equity | 0 | 0 | 0 | 238 |
| Others From Financing | -3 | -3.3 | -2 | -3 |
| Cash Flow from Financing | -3 | -3.3 | -2 | 235 |
| Net Cash Generated | 12.8 | -7.6 | -50 | 34 |
| Cash at the Start | 1.9 | 15 | 63 | 14 |
| Cash at the End | 14.7 | 7.4 | 13 | 48 |
Events
| Name | Date | Details |
|---|---|---|
| 9MFY26 Results of MSEI The consolidated financial results for the quarter ending Dec 31, 2025 (Q3) |
12/02/2026 | Download |
| MSE Liquidity Enhancement Scheme for Equity MSE has launched a Liquidity Enhancement Scheme to improve liquidity in equity stocks through designated market makers |
08/01/2026 | |
| 6MFY2026 Results of MSEI The consolidated financial results for the quarter ending Sep 30, 2025 (Q2) |
07/11/2025 | Download |
| EGM Notice of MSEI EGM to approve a ₹1,000 crore private placement by issuing 500 crore equity shares at ₹2 each |
07/08/2025 | Download Download |
| MSEI Private Placement MSEI approves ₹500 Cr fundraise via private placement at ₹1 premium, pending EGM nod |
08/07/2025 | Download |
Promoters or Management
| Name | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Dinesh C Patwar | Chairman | 36 yrs |  |
| Ms. Latika S. Kundu | MD & CEO | 25 yrs | |
| Ms. Trishna Guha | Public Interest Director | 20+ | |
| Mr. Rakesh Kumar Srivastava | Public Interest Director | 20+ | |