Investor interest has shifted towards smaller, unlisted exchanges as the National Stock Exchange (NSE) prepares for its upcoming listing on September 24, 2026, following a remarkable IPO that attracted around Rs 90,000 crore in demand, setting a record in India’s IPO history.
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Shares of the Metropolitan Stock Exchange of India (MSEI) and Calcutta Stock Exchange (CSE) have experienced significant gains this year. According to Unlisted Arena data, MSEI shares have surged approximately 108% year-to-date, rising from around Rs 3.25 at the beginning of 2026 to Rs 6.70-6.75 currently. In comparison, the share price was about Rs 1.20 in September 2021 and around Rs 3.80 at the same time last year.
Similarly, CSE shares have jumped sharply, with current prices estimated at around Rs 2,600, up from approximately Rs 1,500 in January-February 2026 and around Rs 850 in 2021.
MSEI has garnered attention due to investments from significant brokers, including Zerodha and Groww. Manan Doshi, co-founder of Unlisted Arena, noted that the stock's trading activity has been volatile, influenced by sentiments regarding developments at the exchange. Recent reports of leading brokers considering integrations with MSEI to allow trading have further invigorated investor interest.
Patwari from Wealth Wisdom India identified three key factors driving investment interest in MSEI and CSE: the NSE IPO, CSE's revival efforts, and overall developments at MSEI. CSE's recent revival plans were highlighted by West Bengal’s finance minister on June 22, 2026, leading to a price increase from about Rs 900 in early June to around Rs 2,700.
CSE’s August 19 annual report revealed plans to request SEBI to hold its voluntary-exit application from February 2025. The board also proposed a 1:2 bonus issue. Moreover, Patwari disclosed that CSE recorded a one-time gain of Rs 249.28 crore from leasing land, bringing its net worth to roughly Rs 406 crore against a market cap of around Rs 167 crore. However, he noted that the trading platform has been inactive since April 2013.
In contrast, MSEI reported significant operational growth, with FY26 revenue increasing to Rs 59 crore from Rs 17 crore the previous year, while its loss before tax narrowed to Rs 26 crore from Rs 35 crore. The exchange's net worth climbed from Rs 397 crore to Rs 1,369 crore, following additional equity investments and innovations like a tokenized corporate bond issuance, facilitating IIFL Finance’s Rs 25 crore issue.
Both exchanges face hurdles for revival plans, with CSE requiring SEBI approval and an anchor investor, while MSEI must demonstrate stable trading volumes. Investor caution is advised due to the illiquid nature of unlisted shares.