The Metropolitan Stock Exchange of India (MSEI) is a national-level stock exchange that serves as a trading platform for a variety of financial instruments, including equity and derivatives. The exchange was founded in 2008 as MCX-SX and was recognised as a stock exchange by the Securities and Exchange Board of India on December 21, 2012, under Section 4 of the Securities Contracts Regulation Act (SCRA).
In 2014, it got rebranded as the Metropolitan Stock Exchange of India.
Key Financial Insights 2026
Particulars
(FY2024-25) (₹ crore)
Annual Revenue
₹4.31
Net Profit/Loss
(₹ 34.22)
Total Equity
₹ 396.6
Net Cash Position
₹47.5
Overview of the Metropolitan Stock Exchange of India
Let’s have a brief glimpse of MSEI before we explore more details.
Metropolitan Clearing Corporation of India Ltd. (MCCIL) MSEI Registrar & Administration Ltd. (MRAL)
History & Evolution
Let’s have a look at the history and evolution of MSEI.
Year
Event
August 2008
Incorporated as MCX Stock Exchange
October 2008
Launch of Currency Derivatives segment
December 2012
SEBI recognition as a stock exchange
February 2013
Equity & F&O trading launch
June 2013
Debt segment launch
September 2014
Rebranded to MSEI
January 2026
Equity trading restarted (Jan 27)
2008 – Incorporation & Currency Segment Launch
The exchange was incorporated in 2008 as MCX Stock Exchange (MCX-SX) by the MCX Group led by Jignesh Shah. Initially, it did not have full stock exchange recognition. It launched currency derivatives trading in October 2008.
2012 – Recognition as a Stock Exchange
On December 21, 2012, SEBI granted MCX-SX recognition as a “recognized stock exchange” under the Securities Contracts (Regulation) Act (SCRA). This approval made the exchange a recognised national stock exchange, entering the markets.
2013 – Expansion into Equity, Futures & Options, and Debt
Following its recognition, the exchange expanded its operations by launching equity and equity derivatives (F&O) trading in February 2013, followed by the debt segment in June 2013.
2014 – Rebranding After NSEL Crisis
MCX-SX was renamed as the Metropolitan Stock Exchange of India (MSEI) in 2014. This change was due to the National Spot Exchange Limited crisis, a major financial crisis that involved National Spot Exchange Limited, which was promoted by the same group (Financial Technologies India Limited (FTIL) led by Jignesh Shah, which promoted MCX -SX.
A payment default of over ₹5,600 crore was reported. This claim significantly damaged the credibility of the promoter group(Financial Technologies India Limited (FTIL) led by Jignesh Shah, leading to SEBI’s intervention in MSEI operation and ownership. As a result, the original promoter exited, institutional investors such as banks took control, and the rebranding was undertaken to save the exchange from the controversy and rebuild trust in the market.
2026 – Restart of Equity Trading
MSEI initially launched its Equity trading segment in 2013, but failed due to very low liquidity. Over time, the segment became inactive. After several years, MSEI restarted its equity trading operations on January 27, 2026, supported by fresh capital infusion, technological upgrades, and liquidity enhancement initiatives.
Founders and Ownership
Metropolitan Stock Exchange of India was initially owned by the MCX group led by Jignesh Shah in 2008, but its ownership changed after the NSEL crisis when its founding group (Financial Technologies India Limited) defaulted due to financial crisis.
Board of Directors
The following are the board of directors(MSEI) with their names and roles specified below.
Former Director - Department of Financial Services, Ministry of Finance, Government of India.
Mr. Chittaranjan Kajwadkar
Public Interest Director
Over 42 years of experience in the IT industry
Mr Rakesh Kumar Srivastava
Public Interest Director
Company Secretary & Legal Counsel and Managing Director - Rana Corporate Advisors Private Limited
Mr. Manoj Kunkalienkar
Non-Independent Director
Member of the Board of Directors - e-Mudhra Limited and Member - Technology Committee of ICICI Prudential AMC Ltd
Business & Operations
MSEI is India’s third national stock exchange, offering trading in multiple asset classes. MSEI's business operations include the following: It provides an electronic platform for Equity, Equity Derivatives, Currency Derivatives,s and Debt markets. It has also received in-principle approval from SEBI to operate an SME trading platform.
MSEI Subsidiaries
MSEI has 2 Subsidiaries:
Metropolitan Clearing Corporation of India Ltd. (MCCIL): MCCIL, a subsidiary of MSEI, looks after the clearing and settlement of trade deals that take place on the MSEI platform. MSEI holds an approximately 86.94% stake in MCCIL.
MSEI Registrar & Administration Ltd. (MRAL): This subsidiary works on the KYC registration and database management for the members of the exchange. Its stake is 100% owned by MSEI, and it operates as a wholly-owned subsidiary.
Financial Overview
Let’s have a look at the financial overview of MSEI.
5-Year detailed Financials
Particulars
FY2020-21 (₹ crore)
FY2021-22 (₹ crore)
FY2022-23 (₹ crore)
FY2023-24 (₹ crore)
FY2024-25(₹ crore)
Revenue from Operations
10.63
10
9
7.36
4.31
EBITDA
-40
-35
-49
-54
-42
Net Loss after Tax (PAT)
-31
-30
-18.7
–48.75
–34.22
EPS
0
–0.06
-0.04
-0.1
-0.06
Key Highlights:
In the year ended March 31, 2025, MSEI’s standalone revenue from operations was ₹4.31 crore, and other income was ₹13.07 cr making its total income of ₹17.38 cr
2017: After the exchange went through regulatory and ownership changes following the NSEL crisis, it raised about $60 million from institutional investors. This funding was mainly to stabilise operations and keep the exchange running.
2024: In December, 2024, after several years without major funding, the exchange raised around ₹240 crore from brokers and strategic investors.
2025: In August, 2025, the exchange raised a much larger amount, ₹1,000 crore, from brokers and fintech-related players in August 2025. This round represents a strong push to scale up operations.
Unique Strengths
The unique strengths of the Metropolitan Stock Exchange of India are:
Multi-asset platform: MSEI is a multi-asset trading platform including Equity, Equity derivatives and in-principal approval for SME segments.
Advanced Technology: MSEI has recently upgraded its infrastructure. It completed a major trading system upgrade on Jan 27, 2026, and is building a more advanced data centre for enhanced performance of the exchange.
Strong Fintech Backing: Funding by Groww- and Zerodha-linked funds brings strong financial assistance and access to large retail broker networks. This strategic backing may help distribution and marketing.
Liquidity Support Measures: To overcome the liquidity problem, MSEI has launched a Liquidity Enhancement Scheme (LES) with 130 highly-traded stocks and market makers to continuously quote buy/sell prices (with waived fees) to ensure tradable liquidity.
Experienced Leadership & Governance: The management has capital markets leaders; Latika Kundu (MD&CEO) has 20+ years’ experience in exchanges. The board includes ex-regulators and industry professionals.
Growth Strategy & Outlook
MSEI’s priority is rebuilding liquidity in cash equities before broader expansion.
Market Makers & LES: MSEI appointed market makers on 24 March 2026. The Liquidity Enhancement Scheme (LES) began on 1 April 2026. It covers about 143 stocks. Market makers must keep giving buy and sell prices continuously. In return, MSEI gives them fee waivers and incentives.
Product Expansion: MSEI is first focusing on growing steady trading volumes in the cash (equity) segment. SEBI wants the exchange to show strong and sustained liquidity in cash trading before allowing new equity derivatives like weekly or monthly F&O contracts. Currency derivatives and debt segments are already active.
SME & Retail: MSEI has in-principle approval from SEBI for an SME platform to list and trade small company shares. It is also working with its investors (linked to Groww and Zerodha) to bring in more retail (individual) traders once liquidity improves.
Infrastructure: MSEI finished a major upgrade of its trading system in January 2026. It is now building a modern data centre to make trading faster, safer, and more reliable, as required by SEBI.
Peer Comparison
MSEI is widely regarded as the third stock exchange in India, alongside the National Stock Exchange and the Bombay Stock Exchange. All three exchanges operate as multi-asset trading platforms, offering a range of instruments including equities, derivatives, currencies, and debt products. Here is a tabular representation of a peer-to-peer comparison between these three stock exchanges.
Improving rapidly (major upgrade Jan 2026 + new data centre in progress)
Advanced, high-speed & highly reliable
Strong & modern (continuous upgrades)
Revenue Visibility
Low (core revenue still weak; depends on volume build-up)
High & very stable
Moderate to High
Profitability
Weak / Evolving (FY25 net loss ₹34.22 cr; losses narrowing with cost control)
Strong & consistently profitable
Stable & profitable
Growth Stage
Turnaround / Comeback phase (LES live from 1 Apr 2026)
Mature & dominant
Growth + innovation phase
Investor Perception
High-risk, high-reward (small base, big upside potential if liquidity succeeds)
Premium & stable
Balanced / value play
Recent Market Trends
As of April 1, 2026, the exchange officially appointed dedicated Market Makers for its equity segment to provide continuous two-way quotes. The effectiveness of the Market Maker (MM) could be seen as an immediate response.
Disclaimer: Investors should view recent developments and funding activity in the Metropolitan Stock Exchange of India with a balanced investment approach. The information presented is based on publicly available sources and is not intended as investment advice. MSEI remains an unlisted entity, and any speculation regarding a potential listing or future capital raises should be treated as unconfirmed. Investors are advised to conduct their own research and consult qualified financial advisors before making any investment decisions.
Author: Komal Bhatt
Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.
She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.
Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.
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