New Delhi, June 20 -- The National Stock Exchange's proposed initial public offering (IPO), expected to raise nearly Rs 30,000 crore through an offer-for-sale, could become India's largest-ever public issue, while also highlighting the exchange's dominant position in the country's capital markets and its heavy reliance on derivatives trading revenues, according to an analysis by Zerodha's Daily Brief.

Calling the NSE "the beating heart" of India's financial market infrastructure, the analysis noted that the exchange sits at the centre of a rapidly expanding investor ecosystem, with nearly 13 crore registered investors as of March 2026, up from just over 9 crore two years ago.

"India is now the fourth-largest equity market in the world b...