NSE handles about 93% of India's cash equity turnover and 99.79% of equity futures. It's the world's largest derivatives exchange by contract volume. When it lists later this month, it will list on BSE, as India forbids an exchange from being the venue for its own shares.
An exchange is not an ordinary company. But investors are about to be sold an 'ordinary company' story: monopoly margins, structural growth, India's rise, etc. So, before taking the plunge, it's worth knowing what 30 yrs of global evidence reveals.
