70% NSE revenue under Sebi shadow: Is F&O risk a key overhang for IPO investors?

NSE’s IPO comes with a strong market position but also a key regulatory overhang, with options contributing nearly 60% of operating revenue in FY26.

While Sebi’s tightening of derivatives rules could pressure speculative volumes and transaction income, NSE says its dependence on weekly options has declined.

Experts expect activity to shift towards cash equities rather than disappear altogether over time.