The National Stock Exchange (NSE) is set to move closer to its much-awaited initial public offering (IPO) after the Securities and Exchange Board of India (SEBI) gave the green light for the exchange’s public issue.

Ahead of the mega IPO, investors in NSE’s unlisted shares have seen significantly higher gains than those who invested in the benchmark Nifty 50 over the same period.

A comparison between September 2021 and September 2026 shows that NSE’s unlisted shares have gained over 170%, while the Nifty 50 has risen 35%.

Here’s how Nifty 50 performed

The Nifty 50, which tracks the performance of 50 blue-chip listed stocks on the NSE, stood at 17,353.50 on September 8, 2021. The index was last quoted at 23,431.50 on Wednesday, September 9, 2026.
This represents a gain of around 35% over the period. However, the index has declined 10.32% in 2026, based on its level of 26,129.60 on December 31, 2025, and its latest level of 23,431.50.

The benchmark has struggled to reclaim the 24,000 level. According to Anand James, chief market strategist at Geojit Investments, the Nifty’s move below the rising trendline that had supported the index since April raises the risk of a deeper correction towards 23,260.
ALSO READ:Nifty could fall to 23,260 if it fails to reclaim 24,215: Anand JamesAt the same time, Elara Securities remains bullish on the Nifty despite the index’s prolonged stagnation. Its Managing Director and CEO Harendra Kumar said the 30,000 target is achievable over the next 15 months and expects 15%-20% market returns as the rupee stabilises, foreign investor flows turn positive and earnings hold up.

ALSO READ:Nifty 30,000 target still on track; why Elara’s Harendra Kumar prefers IT, power and smallcaps

Here’s how NSE unlisted shares performed

In comparison, investors who held NSE’s unlisted shares have seen much higher gains over the same period. The unlisted shares of NSE were quoted at around ₹740 apiece on September 8, 2021. At current levels of around ₹2,000, the shares have gained 170.27%.

This means NSE’s unlisted shares have delivered significantly higher returns than the Nifty 50 over the five-year period.

At current levels, an investment in NSE’s unlisted shares has more than doubled since September 2021, while the Nifty 50 has gained 35% over the same period.

Manan Doshi, co-founder of Unlisted Arena, said NSE’s unlisted shares have been a long-term outperformer and a wealth-creation opportunity, delivering multi-fold returns over the years.

“Investors who have maintained a long-term perspective have seen substantial value creation from NSE’s unlisted shares.”

That said, while the long-term gains have been significantly higher, NSE’s unlisted shares have remained largely stable over the past year.

According to data from Unlisted Arena, NSE’s unlisted share price was around ₹2,045 last year, compared with ₹2,000 currently, representing a decline of around 2%.

Doshi attributed the range-bound performance of NSE’s unlisted shares to subdued broader market conditions and the overhang arising from expectations of an IPO, which have weighed on near-term performance.

Disclaimer: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.