New Delhi, June 18 -- The National Stock Exchange (NSE) has flagged revenue concentration as a key business risk, highlighting that nearly half of its revenue is derived from its top 10 trading members.

The country's largest stock exchange and the world's most active derivatives exchange warned that any disruption involving these members could materially affect its financial performance and operations.

In its draft red herring prospectus (DRHP) filed late on Wednesday, NSE said that 46.78%, 44.48%, and 45.26% of its revenue from operations came from its top 10 trading members in fiscal years 2026, 2025, and 2024, respectively.

In absolute terms, revenue generated from these top 10 trading members stood at Rs.77,655.80 million in FY26, ...