India's NSE $3bn September IPO faces Dolat Capital 'sell' warning
Business
NSE, India's top stock exchange, is set to launch the country's biggest IPO this September, worth about $3 billion.
But just ahead of the event, Dolat Capital has issued a rare "sell" rating, warning that new regulations could lower trading volumes and shrink NSE's market share.
Dolat Capital warns 4% options decline
Dolat points out that stricter rules like bigger contract sizes and fewer weekly options might slow down trading and cut into profits.
They predict NSE's options turnover will drop by 4% each year from 2026 to 2029.
Even though NSE remains valuable (₹5.2 trillion), its share price has slipped 3% in private markets over the past year.
Despite these concerns, the IPO is described as "the country's biggest initial public offering."