Metropolitan Stock Exchange (MSEI) Share Price

MSEI, formally known as Metropolitan Stock Exchange of India, is a multi-asset stock exchange offering equity, equity derivatives, currency derivatives and debt trading. It was incorporated on August 14, 2008, originally as MCX Stock Exchange Limited (MCX-SX), promoted by 63 moons technologies. The exchange initially started operations with a focus on the currency derivatives market before expanding into equity cash, equity derivatives and debt markets. In 2015, MCX-SX was rebranded as Metropolitan Stock Exchange of India (MSEI) as part of its efforts to build an independent identity.

 Products & Services

• Equity Cash: Equity shares, ETFs and Sovereign Gold Bonds
• Equity Derivatives: Stock futures, stock options, index futures and index options
• Currency Derivatives: Currency futures, currency options, cross-currency futures and options
• Debt Market: Debt securities and related trading services
• Indices: SX40 and SX BANK
• Upcoming Products: SME platform, debt market platform and mutual fund platform, subject to regulatory approvals.

History of MSEI

• 2008: Established as MCX-SX by 63 Moons Technologies. Received SEBI approval for the currency derivatives segment and emerged as the second-largest player in currency futures.
• 2013: Entered equity cash, equity derivatives and debt markets after restructuring its ownership and governance. Also launched the SX40 Index.
• 2013: The NSEL crisis affected confidence in the promoter group, resulting in major governance and ownership changes.
• 2015: MCX-SX was rebranded as Metropolitan Stock Exchange of India (MSEI) as part of efforts to establish an independent identity and rebuild market confidence.
• 2016–17: Raised around ₹304 crore through multiple funding rounds. The capital was largely used to strengthen its clearing subsidiary and meet regulatory capital requirements.
• 2017–24: Entered a prolonged stagnant phase, with limited product development and negligible market share. Low trading volumes and liquidity remained the key challenges.
• 2024: Began its revival by raising around ₹240 crore from strategic investors including Groww, Zerodha and Share India.
• 2025: Raised approximately ₹1,000 crore from investors including Peak XV Partners, Share India and Jainam Broking to support technology upgrades, data centres, broker onboarding, market-making and ecosystem development.
• 2026: MSEI is in its turnaround phase, focused on rebuilding liquidity, increasing broker participation, expanding products and developing its market ecosystem. Its ability to generate sustained trading volumes remains the key factor for future growth.

Revenue – FY25

• Listing Fees: MSEI earned ₹1.58 Cr in FY25, contributing 7% of total revenue, compared with ₹1.68 Cr in FY24, a 5.9% decline.
• Processing Fees: MSEI earned ₹0.75 Cr in FY25, contributing 4% of total revenue, compared with ₹0.81 Cr in FY24, a 7.4% decline.
• Other Connectivity Charges: MSEI earned ₹0.58 Cr in FY25, contributing 13.5% of total revenue, unchanged from ₹0.58 Cr in FY24.
• Transaction Fees: MSEI earned ₹0.56 Cr in FY25, contributing 0% of total revenue, compared with ₹3.74 Cr in FY24, a 85.0% decline.
• Data Feed Charges: MSEI earned ₹0.32 Cr in FY25, contributing 4% of total revenue, compared with ₹0.30 Cr in FY24, an increase of 6.7%.
• Membership Surrender Fee: MSEI earned ₹0.22 Cr in FY25, contributing 1% of total revenue, compared with ₹0.12 Cr in FY24, an increase of 83.3%.
• Membership Admission Fees: MSEI earned ₹0.18 Cr in FY25, contributing 4.2% of total revenue, compared with ₹0.03 Cr in FY24, a 500% increase.
• Other Revenue from Operations: MSEI earned ₹0.12 Cr in FY25, contributing 8% of total revenue, compared with ₹0.10 Cr in FY24, an increase of 20%.

Total Revenue from Operations: ₹4.31 Cr in FY25 vs ₹7.36 Cr in FY24, representing a 41.4% YoY decline.

MSEI Trading Volume & Turnover

MSEI’s trading activity increased from ₹90,270 crore in FY22 to ₹2,47,738 crore in FY24, with contract volumes reaching nearly 3 crore. However, FY25 saw a sharp contraction, with annual turnover falling 78.2% to ₹54,103 crore and contract volume declining 78.7% to 63.49 lakh. Average daily volume (ADV) also fell sharply from 1,23,910 contracts in FY24 to 26,235 contracts in FY25, highlighting the significant decline in trading activity.

The broader currency derivatives market also faced pressure. Total premium turnover across exchanges declined 39.6% to ₹8.9 lakh crore in FY26, from ₹14.7 lakh crore in FY25, following an 84.8% decline in the previous year. The decline was largely driven by regulatory restrictions limiting exchange-traded currency derivatives to participants with underlying foreign-exchange exposure for hedging, reducing overall market participation.

Membership & Presence

As of March 31, 2025, MSEI had the highest number of registered members in Currency Derivatives at 460, followed by Equity Cash at 291 and Equity Futures & Options at 269. The exchange had 825 participating centres across India in FY25, compared with 840 in FY24, indicating a marginal decline in its physical/participating network.

BROKER :

As of March 2026, MSEI had 332 brokers in the Cash segment, 309 in Equity Derivatives, 470 in Currency Derivatives and 27 in the Debt segment. In terms of broker market share, MSEI held 11.8% in Cash, 12.6% in Equity Derivatives, 27.8% in Currency Derivatives and 4.3% in Debt. More importantly, MSEI accounted for a significant share of new broker additions, at 37.4% in Cash, 35.1% in Equity Derivatives, 53.7% in Currency Derivatives and 30% in Debt, indicating strong momentum in broker onboarding.

INDUSTRY

India’s capital markets are growing significantly, driven by rising retail participation and increasing trading activity. With MSEI receiving approval to launch its equity cash and derivatives segments, the exchange has an opportunity to capture a meaningful share of this industry growth and expand its market presence.

• Demat Accounts: Increased from 13 Mn in Mar-21 to 224.51 Mn in Mar-26, highlighting the rapid expansion of India’s retail investor base.
• SIP Contributions: Rose from ₹8 Bn in FY21 to ₹3,495.89 Bn in FY26, reflecting increasing participation in mutual funds.
• Equity Cash Market: Expected to grow from ₹280.26 Tn in FY26 to ₹473–507 Tn by FY30E, creating a larger opportunity for exchanges.
• Equity Futures: Projected to increase from ₹394.67 Tn in FY26 to ₹715–765 Tn by FY30E, indicating strong growth potential in derivatives.
• Equity Options: Expected to rise from ₹190.65 Tn in FY26 to ₹269–289 Tn by FY30E, supported by growing derivatives participation.

Industry Opportunity: Overall growth in retail participation, SIPs and equity & derivatives markets provides MSEI with a significant opportunity to expand its trading volumes and market share.

Cash Segment

• Average Daily Turnover: Declined from ₹1,20,730 crore in FY25 to ₹1,13,467 crore in FY26, a 0% decline.
• All-India Market Capitalisation: Decreased from ₹4,13,75,586 crore in FY25 to ₹4,11,55,003 crore in FY26, a 5% decline.
• NSE: Turnover decreased from ₹281.28 lakh crore in FY25 to ₹260.63 lakh crore in FY26, a 3% decline.
• BSE: Turnover increased from ₹19.34 lakh crore in FY25 to ₹19.64 lakh crore in FY26, a 5% increase.
• MSEI: Turnover increased from ₹26 crore in FY25 to ₹98 crore in FY26, a 274% increase.
• Total Cash Market: Turnover decreased from ₹300.62 lakh crore in FY25 to ₹280.26 lakh crore in FY26, a 8% decline.
• MSEI’s Position: Despite a 274% increase in turnover, MSEI’s absolute cash-market turnover remains small compared with NSE and BSE, indicating significant scope to gain market share.

Equity Derivatives

• Options Contracts: Volume declined 51.5%, from 13,321 crore in FY25 to 6,460 crore in FY26.
• Premium Settlement: Declined 20.7%, from ₹1,97,639 crore to ₹1,56,664 crore.
• Exercise Settlement: Declined 40.5%, from ₹45,424 crore to ₹27,013 crore.
• Total Options Settlement: Declined from approximately ₹2.43 lakh crore in FY25 to ₹1.84 lakh crore in FY26, reflecting a sharp fall in options settlement activity.
• Futures Settlement: Increased from ₹5,25,162 crore in FY25 to ₹5,45,940 crore in FY26, a 4.0% increase.
• Total Equity F&O Settlement: Declined from ₹7,68,225 crore in FY25 to ₹7,29,617 crore in FY26, a 5.0% decline.
• Index Futures: NSE maintained a dominant 98.9% market share in FY26.
• Index Options Premium: NSE’s market share declined from 85.9% to 72.1%, while BSE’s share increased from 14.1% to 27.9%.

Currency Derivatives

• Market Turnover: Total currency derivatives turnover decreased from ₹14.68 lakh crore in FY25 to ₹8.86 lakh crore in FY26, a 39.6% decline.
• Futures MTM Settlement: Currency futures MTM settlement decreased from ₹9,574 crore in FY25 to ₹7,566 crore in FY26, a 21.0% decline.
• Options Premium Settlement: Options premium settlement decreased from ₹310 crore in FY25 to ₹15 crore in FY26, a 95.2% decline.
• Total Settlement: Total currency derivatives settlement decreased from ₹10,426 crore in FY25 to ₹7,742 crore in FY26, a 25.7% decline.

MSEI’s currency derivatives activity weakened significantly, with contracts traded decreasing from 63 lakh in FY25 to 5 lakh in FY26, while turnover fell from ₹54,103 crore to ₹4,600 crore. NSE’s turnover also decreased from ₹13,75,014 crore to ₹8,81,862 crore. Despite the overall decline, NSE strengthened its dominance, with its market share increasing from 94.3% to 99.5%. The share of futures in total notional turnover also increased from 89.3% to 98.8%. The decline in currency derivatives activity was largely attributed to regulatory restrictions limiting exchange-traded currency derivatives to participants with underlying foreign-exchange exposure for hedging purposes.

MSEI Market share

Cash Market

MSEI’s cash-market turnover share increased from approximately 0.0009% in FY25 to 0.0035% in FY26, an improvement of around 0.0026 percentage points. While the percentage growth looks significant, MSEI’s overall share remains very small compared with NSE and BSE.

Currency Derivatives

MSEI’s currency-derivatives turnover share decreased from approximately 3.68% in FY25 to 0.52% in FY26, a decline of around 3.16 percentage points. The decline was mainly due to MSEI’s turnover falling sharply from ₹54,103 crore to ₹4,600 crore during FY26.

FINANCIAL RESULTS OF MSEI

Q1 FY27 Performance

MSEI reported strong growth in Q1 FY27, with revenue from operations increasing 215% YoY to ₹20.30 crore, compared with ₹6.45 crore in Q1 FY26. However, profitability remained under pressure, with EBITDA loss widening to ₹9.48 crore from ₹7.42 crore, while net loss increased to ₹24.71 crore from ₹7.43 crore. The results show improving business activity, but MSEI continues to face challenges in achieving profitability as it scales its exchange operations

Fundraise

₹238 Cr Fundraise — December 2024

MSEI raised ₹238 crore in December 2024 through the issuance of 119 crore equity shares at ₹2 per share, comprising a face value of ₹1 and a premium of ₹1 per share. The round saw participation from Billionbrains Garage Ventures (Groww), Rainmatter Investments (Zerodha), Share India Securities and Securocorp Securities. The fundraise marked the beginning of MSEI’s revival strategy, with the capital aimed at strengthening operations and rebuilding its exchange ecosystem.

₹1,000 Cr Fundraise — August 2025

MSEI successfully raised ₹1,000 crore through the issuance of 500 crore equity shares at ₹2 per share, comprising a face value of ₹1 and a premium of ₹1 per share. The second round was backed by Peak XV Partners, Jainam Broking, Marwadi Chandarana Intermediaries Brokers, KIFS International, Monarch Networth Capital, Share India Securities, Trust Investment Advisors and other strategic investors. The funds are being used to strengthen MSEI’s market position, enhance operational capabilities, improve liquidity in the Equity Cash segment followed by Derivatives, and support technology, product innovation and ecosystem development.