The NSE IPO has put a spotlight on a wide group of prominent investors, business families and market institutions that have built substantial stakes in the exchange. Among them are Premji Invest, Radhakishan Damani, 360 ONE, Kris Gopalakrishnan, Sunil Kant Munjal, Tiger Global and Catamaran, alongside a group of individual investors whose holdings run into thousands of crores.
A detailed look at the key shareholding details as per the NSE Red Herring Prospectus (RHP).
Premji Invest holds NSE shares worth Rs 10,389 crore
PI Opportunities Fund I, associated with Premji Invest, holds 5.82 crore NSE shares, representing a 2.35% stake in the exchange.
At the IPO price of Rs 1,785 per share, the holding is valued at Rs 10,388.70 crore. PI Opportunities Fund I is not selling its shares in the IPO.
Damani’s direct NSE stake is worth nearly Rs 7,000 crore
Radhakishan Shivkishan Damani, founder of DMart, operated by Avenue Supermarts holds 3.90844 crore NSE shares, representing a 1.58% stake.
At Rs 1,785 per share, his direct holding is valued at Rs 6,976.57 crore. Damani is not selling his direct holding in the IPO.
Damani Estates and Finance separately holds 17.86 lakh shares, or 0.07%, valued at Rs 318.75 crore. Kalpana Ramesh Damani holds another 5 lakh shares, representing 0.02%, valued at Rs 89.25 crore.
Damani’s direct holding and Damani Estates and Finance together amount to 4.087 crore shares, or 1.65%, valued at Rs 7,295.32 crore.
360 ONE’s 23 entities hold Rs 7,520 crore NSE stake
360 ONE has exposure to NSE through 23 investment vehicles, which together hold 4.2129825 crore shares, representing a 1.70% stake.
The combined holding is valued at Rs 7,520.17 crore at the IPO price. None of these holdings is being sold in the IPO.
The largest holding within the group is 360 ONE India Private Equity Fund – Series 1A, with 1.5545 crore shares, or 0.63%, valued at Rs 2,774.78 crore.
360 ONE Special Opportunities Fund – Series 12 holds 46.08 lakh shares, valued at Rs 822.53 crore. Series 9 holds 36.58 lakh shares worth Rs 653.02 crore, while Series 8 holds 35.22 lakh shares valued at Rs 628.73 crore. Series 11 holds 31.58 lakh shares worth Rs 563.78 crore.
Kris Gopalakrishnan, Munjal, Tiger Global among other marquee holders
Infosys co-founder S Gopalakrishnan holds 94.28595 lakh shares, representing a 0.38% stake valued at Rs 1,683 crore. He is not selling his NSE shares in the IPO.
Sunil Kant Munjal holds 1.02025 crore shares, equivalent to a 0.41% stake valued at Rs 1,821.15 crore. He is also not selling.
Tiger Global Five Holdings holds 1.5866 crore shares, representing a 0.64% stake valued at Rs 2,832.08 crore.
Catamaran Ventures LLP holds 38.46 lakh shares, or 0.16%, valued at Rs 686.56 crore.
Both Tiger Global Five Holdings and Catamaran Ventures LLP are not selling their NSE shares in the IPO.
Six individual investors hold Rs 4,801 crore
Six individual investors disclosed in Annexure C-1 together hold 2,68,93,855 NSE shares, representing a 1.09% stake. Their combined holding is valued at Rs 4,800.55 crore at Rs 1,785 per share.
| Shareholder | Shares held | Stake | Value at Rs 1,785 |
| Siddharth Balachandran | 93.15 lakh | 0.38% | Rs 1,662.73 crore |
| Vanaja Sundar Iyer | 44 lakh | 0.18% | Rs 785.40 crore |
| Siddharth Iyer | 36.53 lakh | 0.15% | Rs 652.01 crore |
| Lata Bhanshali | 34.82 lakh | 0.14% | Rs 621.45 crore |
| Bharat Taparia | 30.45 lakh | 0.12% | Rs 543.47 crore |
| Ignatius Navil Noronha | 30 lakh | 0.12% | Rs 535.50 crore |
| Total | 2.689 crore | 1.09% | Rs 4,800.55 crore |
None of these six investors is participating as a selling shareholder in the IPO.
Siddharth Balachandran holds Rs 1,663 crore stake
Siddharth Balachandran is the largest among the six individual shareholders, with 93.15 lakh shares, equivalent to a 0.38% stake.
His NSE holding is valued at Rs 1,662.73 crore at the IPO price of Rs 1,785 per share.
Iyer family’s combined NSE holding is worth Rs 1,683 crore
Vanaja Sundar Iyer holds 44 lakh shares, or 0.18%, worth Rs 785.40 crore. Siddharth Iyer holds 36.53 lakh shares, or 0.15%, valued at Rs 652.01 crore.
Sundar Iyer, separately listed in Annexure C-1, holds another 13.75 lakh shares, representing 0.06% and valued at Rs 245.44 crore.
Together, the three Iyer family holdings total 94.28 lakh shares, or about 0.38%, valued at Rs 1,682.84 crore.
Bhansali family has additional NSE holding
Lata Bhanshali holds 34.815 lakh shares, representing a 0.14% stake valued at Rs 621.45 crore.
Anmol Rashesh Bhansali is separately listed with 5 lakh shares, representing 0.02% and valued at Rs 89.25 crore.
Taparia family holds Rs 721 crore NSE stake
Bharat Taparia holds 30.4465 lakh shares, equivalent to a 0.12% stake valued at Rs 543.47 crore.
Ashutosh Taparia and Aruna Taparia each hold 4.975 lakh shares, representing 0.02% each.
Together, the three Taparia family holdings amount to 40.3965 lakh shares, representing 0.16% and valued at Rs 721.08 crore.
Former DMart chief Ignatius Noronha holds Rs 536 crore stake
Ignatius Navil Noronha, former CEO and MD of Avenue Supermarts, holds 30 lakh NSE shares, equivalent to a 0.12% stake.
His holding is valued at Rs 535.50 crore at the IPO price of Rs 1,785 per share. He is not selling the shares in the IPO.
LIC is NSE’s largest disclosed shareholder
The RHP also shows large institutional holdings in NSE.
Life Insurance Corporation of India holds 26.5275 crore shares, representing a 10.72% stake. At Rs 1,785 per share, the holding is valued at Rs 47,351.59 crore. LIC is not selling its shares in the IPO.
Aranda Investments (Mauritius) Pte Ltd, identified in the supplied data with Temasek, holds 11.2463 crore shares, or 4.54%, valued at Rs 20,074.71 crore. It is selling up to 1.1246 crore shares in the IPO.
Stock Holding Corporation of India holds 11 crore shares, or 4.44%, valued at Rs 19,635 crore, and is selling up to 61.875 lakh shares.
SBI Capital Markets holds 10.725 crore shares, or 4.33%, valued at Rs 19,144.13 crore, and is selling up to 87.8059 lakh shares.
SBI, Mahagony and other large shareholders
Mahagony Ltd holds 9.2295 crore shares, representing 3.73%, valued at Rs 16,474.66 crore and is not selling.
State Bank of India holds 7.984705 crore shares, or 3.23%, valued at Rs 14,252.70 crore. It is selling up to 1.596941 crore shares.
Crown Capital Ltd holds 5.1355 crore shares, representing 2.07%, valued at Rs 9,166.95 crore.
DVI Fund (Mauritius) Ltd holds 4.5216 crore shares, or 1.83%, valued at Rs 8,071.09 crore, while TIMF Holdings holds 4.323 crore shares, or 1.75%, valued at Rs 7,716.62 crore.
General Insurance Corporation of India holds 4.07 crore shares, or 1.64%, valued at Rs 7,264.95 crore and is selling up to 61.875 lakh shares.
Canada Pension Plan Investment Board holds 3.95802 crore shares, or 1.60%, valued at Rs 7,065.07 crore and is selling up to 1.187406 crore shares.
The New India Assurance Company holds 3.52 crore shares, representing 1.42%, valued at Rs 6,283.20 crore and is selling up to 1.05 crore shares.
TA Asia Pacific Acquisitions Ltd holds 3.4266085 crore shares, or 1.38%, valued at Rs 6,116.49 crore and is not selling.
MS Strategic (Mauritius) Ltd, identified in the supplied data with Morgan Stanley, holds 2.976 crore shares, representing 1.20%, valued at Rs 5,312.16 crore and is selling up to 1.10 crore shares.
Marquee private holdings alone cross Rs 26,500 crore
PI Opportunities Fund I, Radhakishan Damani’s direct holding, all 23 entities of 360 ONE investment vehicles and Kris Gopalakrishnan together hold 14,88,42,820 shares, valued at Rs 26,568.44 crore at Rs 1,785 per share.
Including Damani Estates and Finance Pvt Ltd, the combined holding rises to 15,06,28,535 shares, valued at Rs 26,887.19 crore.
Conclusion
The NSE shares will be listed on the BSE on September 24. The stake value of the marquee investors who are not selling stake would be interesting to follow after the share market debut of India’s largest stock exchange. The figures are based on the beneficiary position statement as of September 8, 2026, and the official shareholding tables in the NSE RHP.
Disclaimer: The information provided in this article is based on the beneficiary position statement as of September 8, 2026, and shareholding details disclosed in the Red Herring Prospectus (RHP) of the National Stock Exchange of India Limited (NSE). The value of the shareholdings has been calculated using the NSE IPO price of Rs 1,785 per share and represents the notional value of the shares at that price, not the actual amount invested, cost of acquisition, or proceeds that may be realised on sale. The identification of entities associated with investment groups, family members or institutions is based on disclosures and information available in the cited documents and supplied data. The article does not imply any recommendation to buy, sell or hold NSE shares or any other security. Investors should independently verify all information, review the NSE RHP and other statutory disclosures, and consult a SEBI-registered investment adviser before making any investment decision. Past or indicative valuations and shareholdings should not be construed as a guarantee of future market value or returns.