Access Metropolitan Stock Exchange Before It Lists

How it works

Four steps, all on paper.

Enquire and get a quote

We explain MSE, the risks and the price, then send a written quote.

Share CML

Upload CML in just one click. Share PAN and cancelled cheque to expedite the process.

Sign and pay

Sign the sale confirmation and pay from your own bank account to ours.

Shares in your demat

MSE shares (ISIN INE312K01010) are credited within [X] working days.

Market cap

MSE is valued at 1/55th of NSE.

At ₹7.35 a share, MSE's market cap is about ₹8,085 crore: 17 times smaller than BSE and 55 times smaller than NSE.

NSE · listed 24 Sep 2026₹4,41,788 Cr

BSE · listed₹1,41,000 Cr

MSE · unlisted, at ₹7.35₹8,085 Cr

1.8% of NSE

Sources: NSE at IPO price ₹1,785 (24 Sep 2026); BSE market cap as of 4 Sep 2026 (stockanalysis.com); MSE = 1,100.02 Cr shares × ₹7.35. [Update before publishing.] Bars drawn to scale.

NSE, BSE and MSE side by side

	NSE	BSE	MSE
Status	Listed, 24 Sep 2026	Listed	Unlisted
Market cap	₹4,41,788 Cr	₹1,41,000 Cr	₹8,085 Cr
Flagship index	Nifty 50	Sensex	SX40
Weekly index options	Nifty, expiring Tuesday	Sensex, expiring Thursday	SX40 weekly options planned, on a day that doesn't clash [confirm status]
Transaction charge, equity cash	About ₹297 per ₹1 Cr traded	About ₹325 per ₹1 Cr traded	Waived on 130 liquid stocks under its Liquidity Enhancement Scheme [confirm current period]
Broker connectivity	Paid by trading members	Paid by trading members	Subsidised technology connectivity for all trading members [add MSE circular link]

Sources: exchange websites and circulars, [links]. Figures as of [DD MMM YYYY].

Who has invested

₹1,238 crore raised from India's largest brokers.

Zerodhavia Rainmatter Investments Growwvia Billionbrains Garage Ventures Peak XV PartnersVenture capital Trust Investment AdvisorsInvestment firm

Rounds: ₹238 Cr (Jan 2025) and ₹1,000 Cr (Aug 2025), both at ₹2 per share. Names as reported by Business Standard and Finshots. [Add full shareholder list from MSE's annual return.]

What MSE is building

Low-cost trading

Transaction fees waived on liquid stocks to pull volume away from NSE and BSE.

SX40 derivatives

Weekly index options planned on its own expiry day.

More brokers, faster

Subsidised technology connectivity so every trading member can plug in.

Own data centre

A dedicated data centre to strengthen market infrastructure.

These are MSE's stated plans, not guarantees. Timelines depend on SEBI approvals.

Paperwork

What we need from you

Before we transfer, we check that the name on your CML, PAN and bank account is the same person, and that the payment came from that account.

CML, self-attested

Your client master list from your broker, so shares go to the right demat (BO ID and DP details).

PAN copy

Confirms your identity. The name must match your CML.

Cancelled cheque or bank statement

Shows the payment comes from your own account.

Signed sale confirmation

Signed by both of us: company, ISIN, quantity, price per share, total and date.

Before you invest

What you should know

MSE is loss-makingIt reported a net loss of about ₹26 Cr in FY26 [verify with annual report]. Its value rests on future growth.

Price vs last round₹7.35 is about 3.7 times the ₹2 per share that investors paid in 2025.

No guaranteed IPOMSE may list later than expected, or never. Pre-IPO holders usually face a 6-month lock-in after listing.

Hard to sell earlyThere is no exchange for unlisted shares. Selling before listing depends on finding a buyer.

TaxUnlisted shares count as long-term only after 24 months. Please check with your tax adviser.

FAQs

Questions investors ask us

Is buying unlisted shares legal?

[Answer reviewed by your compliance officer.]

Why ₹7.35 when investors paid ₹2?

[Explain your pricing basis: recent secondary trades, demand after NSE's listing, your margin.]

How do I know the shares are really mine?

They appear in your own demat account under ISIN INE312K01010, on your CDSL/NSDL statement.

What if MSE never lists?

You stay a shareholder. You can hold the shares, or sell them privately if a buyer is found.

Can I sell back to you?

[State your buy-back policy honestly, or say you don't offer one.]

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