Soach Global plans to partially exit the National Stock Exchange of India (NSE) by selling 20% of its stake, which was acquired ten years ago. This partial sale could yield approximately 280–295 crore rupees. The fund will retain the remaining 80% of its shareholding, which was initially purchased in 2016 and has significantly appreciated due to corporate actions.
The offering is a sell-side offering, meaning existing shareholders are realizing their assets, and the NSE itself is not raising new capital. As of September 21, the subscription for the issue reached 5.7 times, and the listing is scheduled for September 24.
Soach's investments began in January 2016 when the fund acquired 1.5 lakh shares of NSE from IFCI for 59.25 crore rupees. Subsequent corporate actions increased the ownership volume to 82.5 lakh shares without additional investment, lowering the adjusted acquisition cost to approximately 71.8 rupees per share.
At the IPO price range, the entire stake is valued at approximately 1,403–1,473 crore rupees, representing about 24–25 times the initial outlay. However, only the partial sale is valued at approximately 4.7–5 times the initial investment.
Anubhav Dayal, founder and director of Soach Global Opportunities Fund, explained the sale, partly citing the expansion of the shareholder base. He noted that 'India is a fast-growing economy with a large young population eager for growth, who quickly absorb the risks and rewards of participating in capital markets.'
Dayal stated that the fund wishes more retail investors to own NSE either directly or through mutual funds. It is reported that the registered investor base of NSE exceeded 13 crore by April 2026, compared to 12 crore in September 2025.
Arguments for retaining the remaining stake are also linked to the breadth of NSE's activities and operational model. Dayal emphasized that 'as a multi-active trading platform, NSE will register revenue growth while operating at constant costs, most of which have already been incurred. It is a high-tech platform that executes trades in nanoseconds.'
NSE began electronic stock trading in 1994 and has since expanded its operations beyond stocks and debt to include equity derivatives, currency, interest rates, and commodities, as well as indices, data, and clearing services.
Nevertheless, there are important industry counterarguments. Although derivatives have become central to the exchange's operations in India, trading has recently come under closer regulatory scrutiny. Reuters reported that the average daily turnover for derivatives stocks fell by 27.1% in July 2026 to 1,70,000 crore rupees, the lowest level since November 2023.
SEBI is also reviewing the closed auction session and the settlement methodology for derivatives following volatility related to end-of-day pricing. Competition and product expansion are developing parallel to these regulatory changes. Competitor BSE is attracting increasing attention as a rival in the derivatives space, while commodity exchange MCX has expanded its range, adding Silver 100 futures in June and Rapeseed oil futures in August.
