India, Sept. 17 -- The competitive landscape of the Indian exchange market is poised for significant transformation. With the National Stock Exchange (NSE) finally opening its IPO for subscription on September 17, investors will soon be able to choose between all three of the country's listed bourses NSE, BSE, and the Multi Commodity Exchange (MCX). That naturally raises a question for anyone building a portfolio around India's market infrastructure story: which of these three has actually created the most wealth so far, and which one is best placed to keep doing it?

The IPO Backdrop Before comparing the three, it helps to understand the shape of NSE's upcoming listing. NSE is looking to raise roughly Rs. 22,562 crore through its maiden...