Metropolitan Stock Exchange of India - Unlisted Investments
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Metropolitan Stock Exchange of India

Pre-IPO opportunity in Metropolitan Stock Exchange of India (MSEI)

India has had several stock exchanges but many regional stock exchanges are closing down as they are not viable and do not get enough participation. The market share in this segment is highly concentrated between two players, namely NSE (National Stock Exchange) and BSE (Bombay Stock Exchange). While most other exchanges are regional, MSEI is the only other stock exchange which has a pan India reach.

Company Background:  Metropolitan Stock Exchange of India is a professionally managed company with diversified shareholding and a supervised board. The company deals in various segments like Currency Futures, Interest Rate Futures, Equity, Gold Bonds, Currency Options, ETFs, and Debt. The company has been an active member in currency trading but not succeeded in major segments like Equity. Additionally, there is negative perception surrounding the erstwhile promoter.

Company’s growth road map: Metropolitan Stock Exchange of India plans to expand its business in a phased manner as indicated below:

Phase 1: FY18 onwards Phase 2: FY19 onwards Phase 3: FY21 onwards
  • Currency Derivatives
  • Equity (Block/Bulk Deals)
  • Equity Index Futures
  • Bonds/Interest rate futures
  • Startups/SME Trading
  • Currency Indices
  • Muni Bonds/Savings Bonds
  • Structured Products
  • Exchange Traded Funds

Company’s Financial Performance:  Metropolitan Stock Exchange of India (MSEI), has been running into losses since FY14. As of FY16 it incurred a loss after taxes of Rs. 40.47 crores. As per the company’s projections, it should start reducing loses from FY17, where it is projected to post a loss of Rs. 33.6 crores and this will further reduce to Rs. 23.65 crores in FY18 and then the company will turn profitable from FY19.

Potential near-term positives:  Metropolitan Stock Exchange of India (MSEI) is planning to launch a corporate bond trading platform. This is an important segment which has the potential for huge volumes and can become a significant source of revenue in the near term.


Metropolitan Stock Exchange of India Limited recently agreed to collaborate with London based GMEX Group. GMEX brings proven global expertise and is known for offering sustainable and innovative solutions for capital markets. The collaboration increases focus on development of market infrastructure for new products and technological innovations.