{"id":23333,"date":"2026-09-17T17:35:20","date_gmt":"2026-09-17T12:05:20","guid":{"rendered":"https:\/\/www.moneyworks4me.com\/investmentshastra\/?p=23333"},"modified":"2026-10-13T21:07:21","modified_gmt":"2026-10-13T15:37:21","slug":"nse-ipo-expert-review-and-recommendations","status":"publish","type":"post","link":"https:\/\/www.moneyworks4me.com\/investmentshastra\/nse-ipo-expert-review-and-recommendations\/","title":{"rendered":"NSE IPO: Expert Review and Recommendations\u00a0"},"content":{"rendered":"\r\n

\u00a0<\/p>\r\n\r\n\r\n\r\n

\"\"<\/figure>\r\n\r\n\r\n\r\n
\r\n
\r\n

National Stock Exchange<\/h1>\r\n

India\u2019s market-infrastructure platform for trading, clearing, listings and market data<\/p>\r\n

NSE is the platform where investors and institutions trade securities. It earns a fee when trades are executed, companies list, market participants use data or technology services, and clearing activity is completed. Its scale makes the platform more liquid; that liquidity, in turn, attracts more users.<\/p>\r\n

\r\n
\r\n
Price band<\/div>\r\n
Rs 1,700-1,785<\/div>\r\n<\/div>\r\n
\r\n
Issue size, Rs Cr<\/div>\r\n
21,494-22,569<\/div>\r\n
At the stated price band<\/div>\r\n<\/div>\r\n
\r\n
Issue dates<\/div>\r\n
17-21 Sep 2026<\/div>\r\n
Opens 17 Sep \u00b7 Closes 21 Sep<\/div>\r\n<\/div>\r\n
\r\n
Offer type<\/div>\r\n
100% OFS<\/div>\r\n
No capital raised by NSE<\/div>\r\n<\/div>\r\n
\r\n
Listing P\/E<\/div>\r\n
42.9x<\/div>\r\n
At the cap price, on FY26 EPS<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
Key facts<\/div>\r\n
\r\n
\r\n
Expected market cap<\/div>\r\n
Rs 4.42 lakh Cr<\/div>\r\n
At the cap price<\/div>\r\n<\/div>\r\n
\r\n
FY26 revenue from operations<\/div>\r\n
Rs 16,601 Cr<\/div>\r\n<\/div>\r\n
\r\n
FY26 PAT<\/div>\r\n
Rs 10,302 Cr<\/div>\r\n<\/div>\r\n
\r\n
Shares offered for sale<\/div>\r\n
5.1%<\/div>\r\n
Of pre-offer equity<\/div>\r\n<\/div>\r\n
\r\n
Promoter stake, pre \/ post<\/div>\r\n
N.A. \/ N.A.<\/div>\r\n
No identifiable promoter<\/div>\r\n<\/div>\r\n
\r\n
Cash-market share<\/div>\r\n
93.1%<\/div>\r\n<\/div>\r\n
\r\n
Equity-futures share<\/div>\r\n
99.7%<\/div>\r\n<\/div>\r\n
\r\n
Equity-options share<\/div>\r\n
68.5%<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/section>\r\n
\r\n
\r\n
\r\n
\u00a0<\/div>\r\n
Business model<\/div>\r\n<\/div>\r\n
\r\n
01<\/div>\r\n
\r\n

NSE earns when India trades, invests, lists and settles<\/h2>\r\n

It runs the infrastructure that allows market participants to transact securely and at scale.<\/p>\r\n<\/div>\r\n<\/div>\r\n

\r\n
How the platform earns money<\/div>\r\n
\r\n
01<\/b>Participants trade and invest<\/strong>Investors and institutions place cash, futures, options and other orders through members.<\/div>\r\n
02<\/b>NSE is a crucial part of the stock market<\/strong>It provides the trading technology, surveillance and market rules that match these orders.<\/div>\r\n
03<\/b>Clearing completes the trade<\/strong>NSE Clearing manages settlement and risk backstops for the ecosystem.<\/div>\r\n
04<\/b>Fees are collected<\/strong>Transaction, listing, connectivity, data, licensing and clearing services generate revenue.<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
\r\n
\r\n
FY26 revenue from operations by major stream<\/div>\r\n
Rs 16,601 Cr total revenue from operations; % of total<\/div>\r\n
\r\n
Options transaction charges<\/b>\r\n
\u00a0<\/div>\r\n60.2%<\/i><\/div>\r\n
Futures & other transaction charges<\/b>\r\n
\u00a0<\/div>\r\n18.3%<\/i><\/div>\r\n
Connectivity charges<\/b>\r\n
\u00a0<\/div>\r\n6.8%<\/i><\/div>\r\n
Investment income in operations<\/b>\r\n
\u00a0<\/div>\r\n5.1%<\/i><\/div>\r\n
Other operating services<\/b>\r\n
\u00a0<\/div>\r\n9.6%<\/i><\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
\r\n
3,005<\/div>\r\n
LISTED ENTITIES<\/b>As of June 2026. The listings ecosystem supports a broader set of transaction, data and issuer-service revenues.<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
Key takeaway<\/div>\r\n

NSE\u2019s economics are largely volume-led: a liquid market creates recurring transaction income, while adjacent data, connectivity and listing services broaden the revenue base.<\/p>\r\n<\/div>\r\n<\/div>\r\n<\/section>\r\n

\r\n
\r\n
\r\n
\u00a0<\/div>\r\n
Competitive position<\/div>\r\n<\/div>\r\n
\r\n
02<\/div>\r\n
\r\n

Liquidity is the core competitive advantage<\/h2>\r\n

A market with more orders, buyers and sellers tends to deliver better execution. That reinforces its lead over time.<\/p>\r\n<\/div>\r\n<\/div>\r\n

\r\n
\r\n
\r\n
NSE market share by trading segment<\/div>\r\n
Three months ended June 2026, %<\/div>\r\n
\r\n
Cash market turnover<\/b>\r\n
\u00a0<\/div>\r\n93.1%<\/i><\/div>\r\n
Equity futures turnover<\/b>\r\n
\u00a0<\/div>\r\n99.7%<\/i><\/div>\r\n
Equity options premium turnover<\/b>\r\n
\u00a0<\/div>\r\n68.5%<\/i><\/div>\r\n
Currency options premium turnover<\/b>\r\n
\u00a0<\/div>\r\n100.0%<\/i><\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
\r\n
13.24 Cr<\/div>\r\n
UNIQUE REGISTERED INVESTORS<\/b>June 2026. This counts distinct investors; one investor can hold more than one market account.<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
RHP market-growth context, FY26-FY30P:<\/b> cash-market turnover 14-16% CAGR; equity futures 16-18%; equity-options premium turnover 9-11%; connectivity \/ colocation 20-25%. These are relevant-market projections, not NSE revenue forecasts.<\/div>\r\n
\r\n
\r\n
Why this matters<\/div>\r\n
The exchange has been India\u2019s largest in cash and equity-derivatives turnover for decades, according to the RHP\u2019s Redseer data.<\/div>\r\n<\/div>\r\n
\r\n
What can weaken it<\/div>\r\n
Regulatory changes, lower trading activity or competing products can reduce volumes and narrow the network advantage.<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
Key takeaway<\/div>\r\n

NSE\u2019s market-share lead is the main reason it commands premium economics. The important monitorable is not merely share, but whether trading liquidity stays durable after regulatory changes.<\/p>\r\n<\/div>\r\n<\/div>\r\n<\/section>\r\n

\r\n
\r\n
\r\n
\u00a0<\/div>\r\n
Growth opportunity<\/div>\r\n<\/div>\r\n
\r\n
03<\/div>\r\n
\r\n

India\u2019s market participation is the structural growth driver<\/h2>\r\n

More investors, listed companies and market products can increase activity on the platform over time.<\/p>\r\n<\/div>\r\n<\/div>\r\n

\r\n
Operating scale and market activity<\/div>\r\n
As stated in the RHP<\/div>\r\n
\r\n
26.14 Cr<\/b>Registered investor accounts<\/strong>June 2026. Accounts can exceed unique investors because one person may hold multiple accounts.<\/div>\r\n
1,328<\/b>Trading members<\/strong>Members connect investors and institutions to the exchange infrastructure.<\/div>\r\n
Rs 20.3 lakh Cr<\/b>Total fund mobilisation<\/strong>FY26, across equity and debt fund-raising on the platform.<\/div>\r\n
51.2%<\/b>Global derivatives contracts share<\/strong>FY26 share by contracts traded, as cited from World Federation of Exchanges.<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
Growth opportunities<\/div>\r\n
India\u2019s financialisation, new listings, passive investing, data products, GIFT City activity and a broader institutional investor base can extend the platform\u2019s addressable opportunity.<\/div>\r\n<\/div>\r\n
\r\n
Key takeaway<\/div>\r\n

NSE will benefit from a deeper Indian capital market without needing to deploy large incremental capital for each new trade; this operating leverage is a central advantage.<\/p>\r\n<\/div>\r\n<\/div>\r\n<\/section>\r\n

\r\n
\r\n
\r\n
\u00a0<\/div>\r\n
Financial track record<\/div>\r\n<\/div>\r\n
\r\n
04<\/div>\r\n
\r\n

FY26 earnings softened after a very strong prior year<\/h2>\r\n

The franchise remains highly profitable, but recent regulatory measures and lower derivatives activity affected transaction income.<\/p>\r\n<\/div>\r\n<\/div>\r\n

\r\n
\r\n
\r\n
Revenue from operations<\/div>\r\n
Rs Cr<\/div>\r\n
\r\n
14,780<\/b>FY24<\/i><\/div>\r\n
17,141<\/b>FY25<\/i><\/div>\r\n
16,601<\/b>FY26<\/i><\/div>\r\n<\/div>\r\n
FY26 was 3.1% lower year on year, after regulatory changes to the equity-derivatives framework.<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
\r\n
66.9%<\/div>\r\n
FY26 OPERATING EBITDA MARGIN<\/b>The underlying platform still carries a very high operating margin.<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
\r\n
\r\n
Profit after tax<\/div>\r\n
Rs Cr<\/div>\r\n
\r\n
8,306<\/b>FY24<\/i><\/div>\r\n
12,188<\/b>FY25<\/i><\/div>\r\n
10,302<\/b>FY26<\/i><\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
\r\n
51.0%<\/div>\r\n
FY26 PAT MARGIN<\/b>Profitability remains exceptional, even after a 15.6% year-on-year PAT decline.<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
Key takeaway<\/div>\r\n

FY26 demonstrates the sensitivity of earnings to derivatives activity and regulation. A recovery depends on the franchise returning to growth without assuming that the prior profit peak is the new base.<\/p>\r\n<\/div>\r\n<\/div>\r\n<\/section>\r\n

\r\n
\r\n
\r\n
\u00a0<\/div>\r\n
Offer structure<\/div>\r\n<\/div>\r\n
\r\n
05<\/div>\r\n
\r\n

The IPO changes ownership, not NSE\u2019s balance sheet<\/h2>\r\n

This is a sale by existing shareholders. No fresh proceeds will be received by NSE for expansion, technology or debt repayment.<\/p>\r\n<\/div>\r\n<\/div>\r\n

\r\n
Offer structure<\/b>100% offer for sale<\/div>\r\n
Shares offered<\/b>Up to 12.64 Cr shares<\/div>\r\n
Price band<\/b>Rs 1,700-1,785<\/div>\r\n
Listing<\/b>BSE<\/div>\r\n<\/div>\r\n
\r\n
\r\n
\r\n
Selected selling shareholders<\/div>\r\n
Equity stake, % of share capital<\/div>\r\n
\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Shareholder<\/th>\r\nPre-offer<\/th>\r\nPost-offer<\/th>\r\n<\/tr>\r\n<\/thead>\r\n
State Bank of India<\/td>\r\n3.23%<\/td>\r\n2.58%<\/td>\r\n<\/tr>\r\n
Canada Pension Plan Investment Board<\/td>\r\n1.60%<\/td>\r\n1.12%<\/td>\r\n<\/tr>\r\n
Aranda Investments (Mauritius)<\/td>\r\n4.54%<\/td>\r\n4.09%<\/td>\r\n<\/tr>\r\n
MS Strategic (Mauritius)<\/td>\r\n1.20%<\/td>\r\n0.76%<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table><\/div>\r\n
Post-offer stake assumes each seller offers its full stated allocation. Share capital is unchanged because the IPO is entirely an offer for sale.<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
\r\n
0<\/div>\r\n
FRESH-ISSUE PROCEEDS<\/b>Investors are buying existing shares. The offer does not itself add capital to NSE.<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
\r\n
Balance-sheet comfort<\/div>\r\n
NSE holds substantial treasury investments and cash. Its investment case does not depend on IPO proceeds funding a turnaround or a large expansion plan.<\/div>\r\n<\/div>\r\n
\r\n
Governance context<\/div>\r\n
NSE has no identifiable promoter, and operates as a regulated market-infrastructure institution with extensive SEBI oversight.<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
Key takeaway<\/div>\r\n

The OFS structure is neutral to operating value creation. The investment decision rests on the durability of NSE\u2019s franchise and cash generation, not on a use-of-proceeds story.<\/p>\r\n<\/div>\r\n<\/div>\r\n<\/section>\r\n

\r\n
\r\n
\r\n
\u00a0<\/div>\r\n
Risk assessment<\/div>\r\n<\/div>\r\n
\r\n
06<\/div>\r\n
\r\n

The earnings engine is concentrated in options activity<\/h2>\r\n

NSE benefits from derivatives leadership, but that same exposure makes regulation and market activity the most important risks.<\/p>\r\n<\/div>\r\n<\/div>\r\n

\r\n
\r\n
\r\n
Transaction charge mix<\/div>\r\n
FY26, % of revenue from operations<\/div>\r\n
\r\n
Options<\/b>\r\n
\u00a0<\/div>\r\n60.2%<\/i><\/div>\r\n
Futures<\/b>\r\n
\u00a0<\/div>\r\n8.9%<\/i><\/div>\r\n
Other transaction charges<\/b>\r\n
\u00a0<\/div>\r\n9.4%<\/i><\/div>\r\n<\/div>\r\n
Transaction charges were 78.7% of FY26 revenue from operations.<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
\r\n
47.0%<\/div>\r\n
TOP TEN TRADING MEMBERS<\/b>June 2026. The members account for a material portion of operating revenue.<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
\r\n
Regulatory risk<\/div>\r\n
SEBI\u2019s derivative-market measures affected FY26 activity. Further changes to products, expiry structures, participation or risk rules can impact volumes and fees.<\/div>\r\n<\/div>\r\n
\r\n
Technology and cyber risk<\/div>\r\n
As critical market infrastructure, system interruption or a cyber incident can damage trading activity, reputation and regulatory standing.<\/div>\r\n<\/div>\r\n
\r\n
Competitive risk<\/div>\r\n
BSE and new products can challenge share in segments where market liquidity is less entrenched.<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
Key takeaway<\/div>\r\n

The report treats options regulation as the central risk, not a minor footnote. Investors should be comfortable with periodic earnings volatility around an otherwise strong franchise.<\/p>\r\n<\/div>\r\n<\/div>\r\n<\/section>\r\n

\r\n
\r\n
\r\n
\u00a0<\/div>\r\n
Valuation<\/div>\r\n<\/div>\r\n
\r\n
07<\/div>\r\n
\r\n

The listing P\/E is below BSE\u2019s current TTM P\/E<\/h2>\r\n

NSE\u2019s listing P\/E is 42.9x at the cap price, compared with BSE\u2019s current TTM P\/E of 46.7x.<\/p>\r\n<\/div>\r\n<\/div>\r\n

\r\n
\r\n
\r\n
TTM P\/E comparison<\/div>\r\n
PeerBSE Limited<\/strong><\/div>\r\n
Times<\/div>\r\n
\r\n
BSE TTM P\/E<\/b>\r\n
\u00a0<\/div>\r\n46.7x<\/i><\/div>\r\n
NSE listing P\/E<\/b>\r\n
\u00a0<\/div>\r\n42.9x<\/i><\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
\r\n
TTM peer context<\/div>\r\n
NSE\u2019s 42.9x listing P\/E is 3.8x below BSE\u2019s 46.7x TTM P\/E. This is a market-price comparison, not a recommendation on BSE.<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
\r\n
\r\n
FY26 operating comparison<\/div>\r\n
% unless stated<\/div>\r\n
\r\n
NSE operating EBITDA margin<\/b>\r\n
\u00a0<\/div>\r\n66.9%<\/i><\/div>\r\n
BSE operating EBITDA margin<\/b>\r\n
\u00a0<\/div>\r\n64.0%<\/i><\/div>\r\n
NSE RoNW<\/b>\r\n
\u00a0<\/div>\r\n33.2%<\/i><\/div>\r\n
BSE RoNW<\/b>\r\n
\u00a0<\/div>\r\n45.0%<\/i><\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
\r\n
Valuation discipline<\/div>\r\n
The TTM peer comparison provides context, but it should not be read as a guarantee. The valuation needs to absorb potential normalisation in derivatives activity.<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n

BSE Limited is presented solely for comparative reference and should not be construed as a recommendation, solicitation or offer to buy, sell or subscribe to any security.<\/p>\r\n

\r\n
Key takeaway<\/div>\r\n

The cap price is reasonable for a dominant exchange franchise, especially relative to the disclosed peer. The valuation is most attractive if NSE can resume compounding once regulatory effects settle.<\/p>\r\n<\/div>\r\n<\/div>\r\n<\/section>\r\n

\r\n
\r\n
\r\n
\u00a0<\/div>\r\n
Anchor book<\/div>\r\n<\/div>\r\n
\r\n
08<\/div>\r\n
\r\n

Institutional interest in the anchor book<\/h2>\r\n

At Rs 6,746 Cr, the anchor book equals 29.9% of the Rs 22,569 Cr issue size at the cap price.<\/p>\r\n<\/div>\r\n<\/div>\r\n

\r\n
\r\n
\r\n
Largest anchor allocations<\/div>\r\n
% of total anchor shares<\/div>\r\n
\r\n
Life Insurance Corporation of India<\/b>\r\n
\u00a0<\/div>\r\n6.93%<\/i><\/div>\r\n
Government Pension Fund<\/b>\r\n
\u00a0<\/div>\r\n3.71%<\/i><\/div>\r\n
Monetary Authority of Singapore<\/b>\r\n
\u00a0<\/div>\r\n2.96%<\/i><\/div>\r\n
Abu Dhabi Investment Authority<\/b>\r\n
\u00a0<\/div>\r\n2.96%<\/i><\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
\r\n
29.9%<\/div>\r\n
ANCHOR BOOK AS % OF ISSUE<\/b>Rs 6,746 Cr anchor book versus Rs 22,569 Cr total issue size, both at the cap price.<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
Anchor composition<\/div>\r\n
% of total anchor allocation<\/div>\r\n
\r\n
47.0<\/b>Other anchor investors<\/i><\/div>\r\n
37.0<\/b>Mutual funds<\/i><\/div>\r\n
16.0<\/b>Life insurers & pension funds<\/i><\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
Key takeaway<\/div>\r\n

The anchor book includes sovereign and foreign institutions alongside domestic mutual funds and insurer-pension capital. LIC and Government Pension Fund received the largest individual allocations.<\/p>\r\n<\/div>\r\n<\/div>\r\n<\/section>\r\n

\r\n
\r\n
\r\n
\u00a0<\/div>\r\n
Final assessment<\/div>\r\n<\/div>\r\n
\r\n
09<\/div>\r\n
\r\n

Final assessment<\/h2>\r\n

The appropriate action is to apply for long-term investment, with a clear understanding of the derivatives-regulation risk.<\/p>\r\n<\/div>\r\n<\/div>\r\n

\r\n
IPO decision<\/div>\r\n

Apply for long-term investment<\/h2>\r\n

NSE combines a dominant network-effect business with high profitability, a strong balance sheet and a valuation below its disclosed listed peer. Regulatory action on derivatives remains the key uncertainty.<\/p>\r\n<\/div>\r\n

\r\n
\r\n
\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Question<\/th>\r\nView<\/th>\r\nWhy<\/th>\r\n<\/tr>\r\n<\/thead>\r\n
Business quality<\/span><\/td>\r\nVery strong<\/td>\r\nDominant liquidity platform across cash and derivatives with significant network effects<\/td>\r\n<\/tr>\r\n
Financial quality<\/span><\/td>\r\nStrong<\/td>\r\nHigh margins and cash generation; FY26 shows sensitivity to regulatory and volume changes<\/td>\r\n<\/tr>\r\n
Valuation<\/span><\/td>\r\nReasonable<\/td>\r\nListing P\/E of 42.9x at the cap price, compared with BSE\u2019s TTM P\/E of 46.7x<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table><\/div>\r\n<\/div>\r\n
\r\n
\r\n
Key risk<\/div>\r\n
DERIVATIVES REGULATION<\/b>Changes to product design, participation or risk rules can affect activity and transaction income.<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n

Reason 1:<\/strong> NSE\u2019s trading liquidity and broad market-share leadership create a hard-to-replicate market-infrastructure franchise.<\/p>\r\n

Reason 2:<\/strong> The platform\u2019s high-margin, low incremental-capital model can compound with deeper Indian capital-market participation.<\/p>\r\n

Reason 3:<\/strong> The 42.9x listing P\/E is below BSE\u2019s 46.7x TTM P\/E, providing valuation context.<\/p>\r\n

\r\n
\r\n
What supports the view<\/div>\r\n
Resilient market shares, sustained investor participation and a return to growth in transaction income after the regulatory reset.<\/div>\r\n<\/div>\r\n
\r\n
What would change the view<\/div>\r\n
A further material contraction in options activity, loss of liquidity to competitors, or regulatory measures that structurally weaken monetisation.<\/div>\r\n<\/div>\r\n<\/div>\r\n
\r\n
Key takeaway<\/div>\r\n

Apply with a long-term horizon. The quality of the franchise outweighs the current earnings moderation, but the position should be sized with the possibility of regulatory-led volatility in mind.<\/p>\r\n<\/div>\r\n<\/div>\r\n<\/section>\r\n\r\n\r\n\r\n

\u00a0<\/p>\r\n\r\n\r\n\r\n

\u00a0<\/p>\r\n\r\n\r\n\r\n

\u00a0<\/p>\r\n\r\n\r\n\r\n

\u00a0<\/p>\r\n\r\n\r\n\r\n

\u00a0<\/p>\r\n","protected":false},"excerpt":{"rendered":"

NSE is the platform where investors and institutions trade securities.<\/p>\n","protected":false},"author":715,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_is2025_no_summary":false,"footnotes":""},"categories":[822],"tags":[141],"class_list":["post-23333","post","type-post","status-publish","format-standard","hentry","category-ipo-fpo-analysis","tag-ipo"],"_links":{"self":[{"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/posts\/23333","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/users\/715"}],"replies":[{"embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/comments?post=23333"}],"version-history":[{"count":2,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/posts\/23333\/revisions"}],"predecessor-version":[{"id":23375,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/posts\/23333\/revisions\/23375"}],"wp:attachment":[{"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/media?parent=23333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/categories?post=23333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/tags?post=23333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}