| Market Cap (cr): | ₹ 2088Cr. | Book Value: | ₹ 0.3 |
|---|---|---|---|
| Lot Size: | 10000 | 52 Week High: | ₹ 13.5 |
| 52 Week Low: | ₹ 1.9 | EPS: | -0.08 |
| Demat Account: | PB: | 10.8 | |
| Face Value: | 1 | Debt To Equity: | 0 |
| No Of Shares: | 600.02Cr. | Url: | https://www.msei.in/ |
Overview :
Company Overview
Metropolitan Stock Exchange of India Limited (MSE) is a recognized national stock exchange offering high-tech electronic trading platforms across equity, equity derivatives, currency derivatives, and debt segments. Founded on October 7, 2008, MSE was established with a vision to provide a transparent, efficient, and inclusive marketplace for diverse financial products, actively supporting India’s growing economy.
Licensed and regulated by SEBI under the Securities Contracts (Regulation) Act, 1956, MSE is distinguished by its technology-driven systems that ensure fault tolerance, real-time data replication, and robust cybersecurity. The exchange services a large network including stockbrokers, banks, corporates, depositories, custodians, and institutional & retail investors.
MSE aims to expand market participation by offering innovative products and partnering with ecosystem players to drive financial inclusion. Despite challenges and evolving market landscape, MSE pursues profitability and plans for an IPO to accelerate growth and broaden investor access.
Board of Directors
| Name | Designation |
|---|---|
| Mr. Dinesh C. Patwari | Chairman & Public Interest Director |
| Ms. Latika S. Kundu | Managing Director & CEO |
| Mr. Ashok K. Dogra | Public Interest Director |
| Mr. Ajai Kumar | Public Interest Director |
| Mr. Ketan Vikamsey | Public Interest Director |
| Mr. D. K. Mehrotra | Public Interest Director |
| Prof. Ashima Goya | Public Interest Chairperson |
Company Incorporation Details
| Particular | Details |
|---|---|
| Corporate Identification No. | U65100MH2008PLC185856 |
| Date of Incorporation | October 7, 2008 |
| Registered Office | 7th Floor, Vibgyor Towers, Bandra Kurla Complex, Mumbai – 400098 |
| Company Type | Public Limited Company |
| Sector | Stock Exchange, Financial Market Infrastructure |
Shareholding Pattern
| Shareholder | Approximate % Holding |
|---|---|
| Multi Commodity Exchange of India Ltd (MCX) | 36.45% |
| Union Bank of India | 2.62% |
| State Bank of India | 2.07% |
| Bank of Baroda | 1.19% |
| Punjab National Bank | 1.19% |
| IFCI | 1.19% |
| Indian Bank | 1.19% |
| Trust Investments | 5.48% |
| Promoters & Others | Remaining |
Profit & Loss Summary
(All Amount in ₹ Crores)
| PROFIT & LOSS | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Revenue | 17.4 | 21.0 | 54.7 | 25.1 | 32.5 | 37.0 | 35.2 | 28.3 |
| Expense | 46.9 | 61.6 | 58.3 | 53.0 | 62.3 | 65.6 | 72.5 | 83.0 |
| EBITDA | -29.5 | -40.6 | -3.6 | -28.0 | -29.8 | -28.6 | -37.3 | -54.8 |
| Other Cost | 5.4 | 7.0 | 16.2 | 3.3 | 0.8 | 1.6 | 1.1 | 0.0 |
| Profit Before Taxes | -34.9 | -47.6 | -19.9 | -31.3 | -30.7 | -45.0 | -38.5 | -54.8 |
| Tax Expense | 0.6 | 1.2 | -1.2 | 0.4 | 0.4 | 0.9 | 2.1 | 0.0 |
| Profit after Taxes | -34.2 | -48.8 | -18.7 | -31.7 | -31.1 | -45.9 | -40.6 | -54.8 |
| Other Income | Exp. | 0.1 | 0.1 | 0.4 | 0.0 | 0.1 | -0.3 | -0.1 | 0.2 |
| Income (Net Of Taxes) | -34.1 | -48.7 | -18.3 | -31.7 | -31.0 | -46.1 | -40.7 | -54.6 |
| Outstanding Share | 599.5 | 480.5 | 480.5 | 481.5 | 481.0 | 481.0 | 479.6 | 367.4 |
| Earning per Share (Rs | Share) | -0.06 | -0.1 | -0.04 | -0.07 | -0.06 | -0.1 | -0.08 | -0.08 |
| Revenue Growth % | -17.1% | -61.6% | 117.9% | -22.8% | -12.2% | 5.1% | 24.4% | - |
| EBITDA Margin % | -169.5% | -193.3% | -6.6% | -111.6% | -91.7% | -77.3% | -106% | -193.6% |
| Net Margin % | -196% | -231.9% | -33.5% | -126.3% | -95.4% | -124.6% | -115.6% | -192.9% |
| Earning per Share Growth % | -40% | 150% | -42.9% | 16.7% | -40% | 25% | 0% | - |
Balance Sheet
(All Amount in ₹ Crores)
| Balance Sheet | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Cash & Cash Equivalent | 47.5 | 13.7 | 7.2 | 14.8 | 1.9 | 13.0 | 1.5 | 1.5 |
| Non Current Asset | 185.3 | 87.7 | 83.3 | 130.7 | 106.9 | 279.5 | 152.1 | 365.4 |
| Current Asset | 211.0 | 147.9 | 209.0 | 306.2 | 382.8 | 225.7 | 441.7 | 199.7 |
| Total Asset | 443.9 | 249.3 | 299.5 | 451.8 | 491.6 | 518.2 | 595.3 | 566.7 |
| Equity Share Capital | 599.5 | 480.5 | 480.5 | 480.5 | 480.5 | 480.5 | 480.5 | 477.7 |
| Reserves | -202.8 | -287.7 | -233.9 | -219.8 | -174.6 | -141.9 | -86.1 | -48.0 |
| Total Equity | 396.7 | 192.8 | 246.6 | 260.7 | 305.9 | 338.7 | 394.4 | 429.8 |
| Non Current Liability | 30.1 | 19.1 | 22.4 | 140.0 | 124.6 | 113.1 | 108.1 | 70.0 |
| Current Liability | 17.1 | 37.4 | 30.5 | 51.1 | 61.0 | 66.4 | 92.8 | 66.9 |
| Total Liabilities | 47.2 | 56.5 | 52.9 | 191.1 | 185.6 | 179.5 | 200.9 | 136.9 |
| Total Equity & Liability | 443.9 | 249.3 | 299.5 | 451.8 | 491.6 | 518.2 | 595.3 | 566.7 |
Cash Flow Summary
(All Amount in ₹ Crores)
| CASH FLOW SUMMARY | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
| Operating Activity | -68.4 | -56.4 | -172.1 | -44.6 | -37.9 | -41.5 | -10.2 | -75.4 |
| Investing Activity | -133.5 | 9.0 | 167.8 | 60.5 | 31.2 | 89.6 | -18.1 | -200.3 |
| Financing Activity | 235.7 | -2.3 | -3.3 | -3.0 | -4.4 | -36.6 | 28.3 | 272.7 |
| Net Cash Flow | 33.8 | -49.7 | -7.6 | 12.9 | -11.1 | 11.5 | 0.0 | -3.1 |
Share Holding
| SL | Top Share Holders | % |
| 1 | Multi Commodity Exchange Of India Ltd | 6.9% |
| 2 | Union Bank of India | 3.3% |
| 3 | State Bank of India | 2.0% |
| 4 | Bank of Baroda | 1.9% |
| 5 | Punjab National Bank | 1.8% |
| 6 | Radhakrishnan S Damani | 1.7% |
| 7 | Indian Bank | 1.6% |
| 8 | VVA Hotels Pvt Ltd | 0.0% |
| 9 | Narendra Dedhia | 0.0% |
| 10 | All Others | 80.8% |
| Total | 100.0% |
Net Sales (in cr.)
Total Income (in cr.)
Operating Profit (in cr.)
Net Profit (in cr.)
Shareholder Funds (in cr.)
Total Assets (in cr.)
News
October 8, 2025
MSEI Unlisted Share
Everyone knows NSE and BSE — India’s stock market giants. But what if we told you there’s a third stock exchange that most people have never even heard of?
An exchange that launched with promise back in 2008… then quietly disappeared from the spotlight.
Now, it's planning a bold comeback with fresh funding, new products, and the lowest trading costs in the country.
Meet Metropolitan Stock Exchange of India — the exchange that never took off... but isn’t giving up yet.
Ever Wondered Why MSEI Failed to Take Off?
At its core, MSEI offered everything a stock exchange should — equity, derivatives, currency trading, even SME and debt products. It was backed by SEBI, had modern infrastructure, and was positioned as a full-fledged stock exchange like NSE and BSE.
But despite all this, it couldn’t attract the one thing that every exchange needs: The Traders.
The Real Problem: Liquidity
In markets, liquidity is everything. If you want to buy or sell a stock or derivative, there needs to be someone on the other side of that trade. NSE and BSE (especially NSE) are flooded with market participants — buyers, sellers, institutions, and algo traders. Trades happen instantly, with minimal slippage.
MSEI, on the other hand, never had enough volume.
Traders placed orders that didn’t get filled. Prices slipped. Trust was lost.
And once a trader loses money or confidence on a platform, they rarely come back.
A Failed Exchange or a Comeback in the Making?
After being quiet for years, MSEI is trying to relaunch itself with a smarter strategy and stronger backing.
1️) Fresh Capital Inflow
A new ₹240 crore rights issue has been rolled out, with reports of ₹1,000 crore in commitments from big brokerage houses. This capital could power infrastructure upgrades, marketing, and liquidity support.
2️) Introducing India’s Lowest Transaction Charges
Segment per 1cr
MSEI Charges
NSE Charges
BSE Charges
Equity Intraday
₹100
₹325
₹275
Currency Futures
₹30
₹110
₹115
Options (on premium)
₹2,500
₹5,600
₹3,500–₹5,000
Example: A trader doing ₹1 crore/day in USD/INR currency futures would save ₹24,000 per year using MSEI over NSE — just in exchange fees.
3) The Big Bet: Carbon Credit Trading
Here’s where it gets interesting.MSEI is gearing up to launch Carbon Credit Trading under India’s CCTS (Carbon Credit Trading Scheme). This could be a game-changer.
In this system:
Companies that emit carbon must buy credits.
Companies doing eco-friendly work (planting trees, using renewables) can sell credits.
This will be a regulated, mandatory market and could become one of the biggest ESG-driven segments in India.
While NSE and BSE are also expected to enter this space, MSEI is acting early, hoping to take the first-mover advantage.
The Only Challenge
The only real challenge for MSEI is simple yet critical: gaining the trust of investors and traders.
Because in the exchange business, there’s just one rule — without volume, nothing works. Traders need liquidity. If their orders don’t get filled or result in losses due to low participation, they won’t come back. And once that trust is broken, low transaction costs mean nothing.
But here’s where things get interesting.
Backed by India’s Top Brokers
MSEI is now backed by a ₹1,000 crore funding round and Rights issue of 240cr, with investments from some of India’s most trusted and established market participants including:
Peak XV Partners
Jainam Broking
Marwadi Chandarana
Monarch Networth
Share India Securities
Straits Holdings
KKM Enterprises, and many others.
These firms have done more than just investment — they’ve paid ₹1 above the face value(premium), signaling strong belief in MSEI’s turnaround story.
This level of institutional backing not only strengthens MSEI’s financials, but also gives it a real shot at earning market trust. And if MSEI succeeds in building volume, everything else will follow from beating NSE’s cost monopoly to possibly becoming India’s leading carbon credit trading platform.
So yes, the challenge is big. But for the first time in years, so is the opportunity.
Final Thoughts & Talk of Analyst
You should look at MSEI not just as an exchange, but it’s a bet against monopoly.
In a country where NSE controls over 95% of market volume, it’s easy to forget that healthy markets thrive on competition, choice, and unbiasedness. And that’s exactly what MSEI aims to bring back into the picture.
Let’s be honest — MSEI has a tough road ahead. It lacks liquidity, and without volume, even the lowest transaction charges won’t attract traders. But things are changing. The exchange has raised ₹240 crore, secured ₹1,000 crore in funding from top brokers, and is preparing to enter the carbon credit trading market that’s expected to boom in the coming years.
And here’s the key idea:
If you believe monopolies don’t last forever and shouldn’t, then MSEI might be the right kind of long-term opportunity. Because when one platform holds too much power, the risk of unfair advantages, market bias, and lack of innovation becomes very common.MSEI still needs to prove itself. It needs to build volume, regain trust, and offer traders a reliable alternative.
So as an analyst, the advice is simple:
Stay cautious. Keep an eye on the volume.
But if it picks up - it won’t just be another exchange ,MSEI could rewrite the future of India’s exchange ecosystem.
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