Last Updated on February 21, 2026 by Krishna Bagra
MSEI Unlisted Share Price Description – The Metropolitan Stock Exchange of India (MSEI), established in 2008 and headquartered in Mumbai, is a key player among India’s recognized stock exchanges. Despite being smaller than its counterparts, NSE and BSE, MSEI has carved a niche by focusing on regional outreach and specialized asset classes like currency derivatives. The unlisted shares of MSEI have drawn growing interest due to ongoing strategic initiatives and fundraising efforts.
This article offers you the daily MSEI unlisted share price, business structure, and financials.
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Business Model of the Metropolitan Stock Exchange of India
MSEI operates as a securities exchange platform facilitating trading in equities, derivatives, currencies, ETFs, and debt instruments. Its operational focus revolves around:
- Equity and Derivatives Trading: Providing a regulated marketplace for equity and currency derivatives trading with an emphasis on small and regional investors.
- Technology-Driven Trading Platform: Leveraging robust technology infrastructure to offer fast, secure, and reliable trade execution.
- Specialized Segments: Including interest rate derivatives and commodity derivatives, expanding beyond traditional exchange offerings.
- Member-Focused Services: Offering tailored services to trading members, including clearing, settlement, risk management, and compliance support.
The company aims to increase market participation and promote an inclusive investment ecosystem, distinguishing itself through innovation and regional market access.
Services of the Metropolitan Stock Exchange (MSEI)
- Equity Trading Platform
- Currency Derivatives Trading
- Interest Rate Derivatives
- Exchange-Traded Funds (ETFs) Trading
- Debt Instruments Trading
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Key Events Shaping MSEI’s Valuation
1. Strategic Capital Infusion
- January 2025: The exchange raised ₹238 crore through a private placement of 119 crore equity shares at ₹2 per share. This bolstered the regulatory net worth and provided immediate growth capital.
- August 2025: Completed a major capital raise of INR 1,000 crore by issuing 500 crore new equity shares. This massive liquidity injection is designated for large-scale technology overhauls and supporting market-making incentives.
2. Product Diversification & Ecosystem Growth
- New Trading Platforms: Advanced stages of operationalising the SME Platform, Mutual Fund Platform, and Debt Segment. These initiatives aim to position the exchange as a viable third alternative to the NSE and BSE.
- MSE Indices Private Limited: Following its incorporation in June 2025, this subsidiary is focused on developing proprietary indices. This is a critical step toward launching differentiated index-linked derivatives (F&O) in the future.
3. Regulatory & Structural Milestones
- Permanent License Application: The exchange has applied for a Permanent License from SEBI. Moving away from annual renewals is expected to provide long-term stability and improve investor sentiment.
- Merger Synergies: The integration with MSE Enterprises Limited (MEL) is complete, resulting in a consolidated asset base and reduced administrative overheads, which improve the overall operational margin.
4. Legal Catalysts (NSE Predatory Pricing Case)
- The legal battle against NSE concerning an INR 55.5 crore penalty (plus significant accrued interest) is in its final stages. A successful outcome represents a major potential “Value Unlocking” event that could substantially increase the exchange’s book value.
5. Technological & Security Infrastructure
- Post-fundraising, the exchange has prioritized upgrading its core trading engine to support High-Frequency Trading (HFT) and modernizing its cybersecurity framework to meet global institutional standards.
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MSEI Board of Directors
- Mr. Dinesh C. Patwari, Chairman and Public Interest Director
- Ms. Latika S. Kundu, Managing Director & CEO
- Mr. Ashok K. Dogra, Public Interest Director
- Mr. Rakesh Kumar Srivastava, Public Interest Director
- Mr. Manoj Kunkalienkar, Non-Independent Director
MSEI Share Price Details
| Name | MSEI Share Price Details |
| Face Value | INR 1 per share |
| ISIN Code | INE312K01010 |
| Lot Size | 10,000 shares |
| Demat Status | NSDL, CDSL |
| Share Price of MSEI | INR 6.35 per share |
| Market Cap | INR 3,810 crores |
| Total number of shares | 6,00,02,17,033 shares |
| Website | www.msei.in |
MSEI Share Price Correction in 2025: By February 2025, the price peaked at INR 13; after that, it slumped to INR 2.80 in December 2025, representing more than a 78% correction from its highs. The abrupt decline was triggered by widespread market caution.
Metropolitan Stock Exchange Unlisted Share – Shareholding Pattern
The details of shareholders’ holding of equity shares:
| Shareholder Name | % to Holding | No. of shares |
| Public Shareholdings | 47.94 | 2,87,68,11,786 |
| Private Corporate Bodies | 30.57 | 1,83,45,18,479 |
| Others [Non-resident Indians (NRIs)] | 19.99 | 1,19,95,10,500 |
| Institutional Investors | 1.49 | 8,93,76,268 |
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MSEI Unlisted Share Price – Financial Performance
| FY 2023 | FY 2024 | FY 2025 | |
| Revenue | 9.21 | 7.36 | 4.31 |
| Revenue Growth (%) | (8.45) | (20.09) | (41.44) |
| Net Income | (18.67) | (48.62) | (34.22) |
| Margin (%) | (202.71) | (660.60) | (793.97) |
| EBITDA | (49.0) | (54.0) | (41.7) |
| ROCE (%) | (8.25) | (24.69) | (8.79) |
| EPS | (0.04) | (0.10) | (0.06) |
MSEI Annual Reports
MSEI Annual Report FY 2024 – 25
MSEI Annual Report FY 2023 – 24
MSEI Annual Report FY 2022 – 23
MSEI Unlisted Share – Peer Comparison
| Company | 3-yr Sales CAGR (%) | ROCE (%) | Net Margin (%) | MCap (Cr.) |
| MSEI | (20.79) | 14.37 | 17.50 | 3,810 |
| BSE | 56.3 | 46.6 | 50.54 | 1,16,520 |
| NSE | 32.13 | 44.0 | 63.56 | 5,37,075 |
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MSEI Unlisted Share Price FAQs
Is it safe to purchase unlisted shares in India?
While there are risks associated with unlisted shares, purchases made from credible brokers and after conducting due diligence considerably lower these risks.
What is the MSEI IPO share price?
MSEI IPO hasn’t launched yet. However, in the grey market, MSEI share price today is INR 6.35 per share. Shares are purchased in lots of 10,000 shares.
Who determines the MSEI unlisted share price in grey market?
MSEI share price is determined by various factors, including recent transaction price, supply and demand, valuation in the latest funding round, profitability, and return ratios.
When is the MSEI IPO planned?
Metropolitan Stock Exchange of India (MSEI) is preparing for an IPO but has not set an official timeline, as it continues securing regulatory approvals and assessing market conditions.
What is the expected target price for MSEI unlisted shares?
Share price of MSEI trades between INR 2.80 and INR 13.0 each in the last year. No official or widely accepted target price exists, as values fluctuate with market demand, supply, fundraising activity, and speculation.