Mumbai, July 23: The National Stock Exchange (NSE), led by Ashish Chauhan, is witnessing a gradual decline in its dominance in the equity options market. This trend is evident as the NSE’s market share in this segment has dropped by over 22% in the last three financial years.
According to annual reports and data from the Red Herring Prospectus (RHP) released by the NSE, its market share in the equity options segment (premium value) was 96.9% in the financial year 2023-24. This figure fell to 87.4% in 2024-25 and further decreased to 74.71% in 2025-26.
This decline indicates a significant 22.2% reduction in the NSE’s market share in this segment over the past three years. However, the NSE continues to maintain a stronghold in other segments.
In the equity cash segment, the NSE’s market share was 92.7% in 2023-24, 93.6% in 2024-25, and 92.99% in 2025-26. Meanwhile, in equity futures, the NSE’s market share remained nearly unchanged at 99.9% for both 2023-24 and 2024-25, dropping slightly to 99.79% in 2025-26.
The operational performance of the NSE, which is preparing for an IPO, also remains weak. Data from the RHP indicates that the total operational income of the country’s largest exchange was ₹16,601.30 crore in the financial year 2026. This represents a decline from ₹17,140.67 crore in 2025, marking an annual decrease of over 3%.
Notably, the primary source of the company’s income, transaction charges, has also seen a decline, dropping from ₹13,635.76 crore to ₹13,057.01 crore during the review period. This reflects a 4% annual decrease.
Additionally, the income from NSE’s clearing and settlement services fell by 21.8% to ₹251.45 crore in 2026, compared to ₹321.34 crore in the same period of 2025.
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