National Stock Exchange

National Stock Exchange of India (NSE) is India’s largest securities exchange and a core institution in the country’s financial markets. Founded in 1992, it introduced fully electronic trading in India, significantly improving market transparency, efficiency, and access. NSE operates across equities, equity derivatives, currency derivatives, and debt instruments, and ranks among the largest exchanges globally by derivatives trading volume. Its flagship indices, including the NIFTY 50, are widely used benchmarks for tracking the Indian equity market and broader economic performance. Second Theory first invested in NSE in February 2023 at ₹2,900 per share, which became ₹580 after the 4:1 bonus issue of 2024. Its September 2026 IPO was priced between ₹1,700 and ₹1,785 per share, and it listed on the BSE on 24 September 2026. At ₹1,777 on 28 October 2026 (BSE close), that is 3.1× our entry. We continue to hold.