With reference to the National Stock Exchange (NSE) and India's cash market, consider the following statements: 1. The operating Ebitda margin of NSE is reported at 66.9%. 2. NSE has achieved a market capitalization of $47 billion. 3. The projected cash market turnover by FY30 is expected to reach ₹280 lakh crore. Which of the statements given above is/are correct?

NSE becomes world's sixth largest bourse with $47 billion m-cap

GS3Economy · S&T · Environment · Security· Capital markets & SEBI· Prelims· 25 September 2026

Capital market growth and financialization: a key GS3 economic development topic.

Why in news

The National Stock Exchange (NSE) achieved a $47 billion market capitalization, positioning it as the world's sixth-largest bourse.

Background

NSE reported an operating Ebitda margin of 66.9%, placing it at the upper end of the 53-80% range of the five largest listed exchange operators. India's cash market turnover is projected to reach ₹473-507 lakh crore by FY30 from ₹280 lakh crore in FY26.

Facts for Prelims

FactNSE market capitalization reached $47 billion.
FactNSE operating Ebitda margin is 66.9%.
FactProjected cash market turnover by FY30 is ₹473-507 lakh crore.
FactProjected annual growth rate for India's cash market turnover is 14-16%.

Prelims practice question

With reference to the National Stock Exchange (NSE) and India's cash market, consider the following statements:

The operating Ebitda margin of NSE is reported at 66.9%.
NSE has achieved a market capitalization of $47 billion.
The projected cash market turnover by FY30 is expected to reach ₹280 lakh crore.

Which of the statements given above is/are correct?

(a)1 only
(b)2 only
(c)1 and 2 only
(d)1, 2 and 3

Show answer

Answer: (c) 1 and 2 only — Statements 1 and 2 are correct. Statement 3 is incorrect: The projected turnover by FY30 is ₹473-507 lakh crore.

For Mains

Q. Discuss the structural factors driving the rapid expansion of India's capital markets and its implications for the financialization of household savings.

Dimensions to cover in your answer

Financialization of savings: Shift from physical assets to equity markets driven by rising disposable incomes.
Retail participation: Impact of increased retail investor entry on market liquidity and volatility.
Market valuation: Analysis of high P/E multiples in Indian exchanges relative to global peers.

Keywords: Capital Markets · Market Capitalization · Ebitda Margin · Financialization · Retail Participation · Market Turnover

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