National Stock Exchange was founded in 1992 to modernize India’s trading ecosystem by introducing electronic trading, transparent price discovery, and nationwide access to capital markets. Over the years it has grown into the largest stock exchange in India by trading volumes, particularly dominating the derivatives segment which contributes significantly to its revenue. NSE operates a highly scalable business model where incremental trading activity directly improves profitability because infrastructure costs remain relatively stable. The company earns revenue from transaction fees, clearing services, listing income, data services, and index licensing, all of which benefit from the structural growth of India’s financial markets. With the rapid rise in demat accounts, systematic investment plans, and retail participation, NSE continues to strengthen its long term earnings outlook. The stock has become one of the most demanded unlisted opportunities due to recurring IPO discussions and gradual regulatory progress. Exchange businesses globally tend to command premium valuations after listing due to strong cash flows and high margins, which is why investors see current unlisted pricing as an early entry opportunity. Key risks include regulatory approvals and dependence on market cycles, but the long term financialization of savings in India makes this a structurally strong investment theme.