New Delhi, June 24 -- One of the most-awaited initial public offerings (IPOs) is finally here.

Last week, the National Stock Exchange (NSE), through which an overwhelming majority of India's stock exchange activity flows, filed its issue papers with the market regulator. It was nearly a decade ago that it first filed for an IPO, but an ongoing regulatory enquiry put those plans on hold.

The ensuing decade, rather the second half of it, has been one of the most-exhilarating periods for the Indian stock market. It has fuelled the business growth of NSE and created immense value for its current shareholders.

The question for future NSE shareholders is: can they expect the same going forward?

The Bombay Stock Exchange's (BSE) IPO, which c...