Metropolitan Stock Exchange (MSEI) Unlisted Shares
About The Company
Strong
Market Position
Consistent
YoY Growth
Experienced
Management
Key Indicators
A snapshot of Metropolitan Stock Exchange (MSEI) Unlisted Shares's financial health, valuation multiples and capital efficiency at a glance.
Pricing Trends
Financial Performance
| Indicators | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 59.1 | 17.4 | 21.0 | 54.7 | 25.1 | 32.5 | 37.0 | 35.2 |
| Expense | 71.7 | 46.9 | 61.6 | 58.3 | 53.0 | 62.3 | 65.6 | 72.5 |
| EBITDA | -12.6 | -29.5 | -40.6 | -3.6 | -28.0 | -29.8 | -28.6 | -37.3 |
| Other Cost | 13.2 | 5.4 | 7.0 | 16.2 | 3.3 | 0.8 | 1.6 | 1.1 |
| PBT | -25.8 | -34.9 | -47.6 | -19.9 | -31.3 | -30.7 | -45.0 | -38.5 |
| Tax Expense | 0.0 | 0.6 | 1.2 | -1.2 | 0.4 | 0.4 | 0.9 | 2.1 |
| PAT | -25.8 | -34.2 | -48.8 | -18.7 | -31.7 | -31.1 | -45.9 | -40.6 |
| Other Inc./Exp. | 0.5 | 0.1 | 0.1 | 0.4 | 0.0 | 0.1 | -0.3 | -0.1 |
| Net Income | -25.4 | -34.1 | -48.7 | -18.3 | -31.7 | -31.0 | -46.1 | -40.7 |
| Shares O/S | 1,099.52 | 599.52 | 480.50 | 480.50 | 481.50 | 481.00 | 481.00 | 479.60 |
| EPS (₹) | -0.02 | -0.06 | -0.10 | -0.04 | -0.07 | -0.06 | -0.10 | -0.08 |
| Rev. Growth % | 239.7% | -17.1% | -61.6% | 117.9% | -22.8% | -12.2% | 5.1% | — |
| EBITDA Mgn % | -21.3% | -169.5% | -193.3% | -6.6% | -111.6% | -91.7% | -77.3% | -106.0% |
| Net Mgn % | -43.0% | -196.0% | -231.9% | -33.5% | -126.3% | -95.4% | -124.6% | -115.6% |
| EPS Growth | -66.7% | -40.0% | 150.0% | -42.9% | 16.7% | -40.0% | 25.0% | — |
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About Metropolitan Stock Exchange unlisted shares (Imagine Marketing Services Pvt. Ltd.)
Metropolitan Stock Exchange Background & History
The Metropolitan Stock Exchange of India (MSEI) is a national-level stock exchange recognised by SEBI. Established in 2008, MSEI began its operations in the currency derivatives (CD) market on 7th October 2008 with SEBI and RBI oversight. In 2013, the National Spot Exchange Limited (NSEL) scam came to light. This led to serious tarnishing of the reputation of MSEI, as both had NSEL, and MSEI had a common parent, Financial Technologies India Ltd. (FTIL), led by Jignesh Shah.
Only after this scam was the MCX-SX officially rebranded to what we know of MSEI today. This also led to ownership shifting to a consortium of institutional investors and public sector banks like SBI, PNB, and HDFC Bank. Then, in 2012, MSEI was officially recognised as a stock exchange under the Companies Act, 1956. The company has its registered office in Mumbai, Maharashtra.
MSEI Business Model
MSEI serves as an electronic platform for trading in different financial products, such as:
Equities,
Equity derivatives,
Currency derivatives, and
Debt securities
SEBI has also given MSEI preliminary approval to operate an SME (Small & Medium Enterprises) trading platform.
MSEI has a wide range of participants, including stockbrokers, banks, corporates, depositories, custodians, and retail and institutional investors. The exchange focuses on fast, safe, and transparent trade execution, with infrastructure. This preoccupation with technology ensures participants can trade easily and without any fear.
Besides enabling trading, the exchange is also involved in promoting financial literacy and investor education in India, which is part of the heightened role of SEBI and financial inclusion.
Read more here: What Does MSEI Do? Business Model Explained
Msei board of directors list
S. No. | Name | Director Position |
1 | Ms. Upma Dada Chawdhry | Public Interest Director & Chairperson |
2 | Ms. Latika S. Kundu | Managing Director(MD) & Chief Executive Officer (CEO) |
3 | Mr. Ashok Kumar Dogra | Public Interest Director |
4 | Mr. Chittaranjan Kajwadkar | Public Interest Director |
5 | Mr. Rakesh Kumar Srivastava | Public Interest Director |
MSEI Subsidiaries
The MSEI has two subsidiaries:
Subsidiary 1 - MCX-SX KYC Registration Agency Limited :
It is a wholly-owned subsidiary company undertaking the business of a KYC (Know Your Customer) registration agency and other SEBI-regulated allied activities.
Subsidiary 2 - Metropolitan Clearing Corporation of India Limited (MCCIL):
It has an agreement with Indian Commodity Exchange Limited (ICEX) to offer clearance and settlement services for trade on the stock exchange.
The current msei share price consolidates the performance of these two subsidiaries. Let's explore some details about the Metropolitan Stock Exchange (MSEI) Unlisted Shares.
MSEI
Who are the top shareholders of MSEI?
MSEI is owned by a diversified group of shareholders with a mix of domestic banks, private equity firms, and individual investors.
Here are the top shareholders and investors in MSEI:
A) Banks and Financial Institutions
Shareholder Name | Percentage (%) |
Union Bank of India | 3.3% |
State Bank of India | 2% |
Bank of Baroda | 1.9% |
Punjab National Bank | 1.8% |
Indian Bank | 1.6% |
B) Institutes and corporates
The Multi-Commodity Exchange of India (MCX) owns 6.9% of MSEI. Other corporates like Billionbrains Garage Ventures (Groww's parent company) and Rainmatter Investments (funding arm of Zerodha) have invested in MSEI.
C) Prominent Individual Investors
Many well-known investors like R.K. Damani, Narendra Dedhia and Nemish Shah give a signal of hope for growth in msei unlisted shares.
Msei unlisted share price overview
Metropolitan Stock Exchange is not listed in major stock exchanges like BSE (Bombay Stock Exchange) or NSE (National Stock Exchange). However, Metropolitan Stock Exchange unlisted shares are traded in the grey market via an off-market mode or over-the-counter.
For the last few years, the msei share price has fluctuated between Rs. 1 and Rs. 2 per equity share. But things changed from Nov 24.
Till Nov 24, msei unlisted share price was trading around Rs 2 per share. In December 24, MSEI raised Rs 238 crore from investors like Billionbrains Garage Ventures, the promoter entity of Groww; Rainmatter Investments of Kamath brothers of Zerodha, Securicorp Securities India, and Share India Securities. This led to the metropolitan stock exchange share price peaking at Rs 13 per share on December 24.
Even after the funding, investors looked doubtful of the long-term growth and revival of MSEI, making the msei unlisted share price reduced to trading between a range of Rs 7-8 per share. The board of directors are trying to revive MSEI and has raised a fresh funding round of Rs 1,000 crore. However, investors don't see the revival plans being implemented, which reduced the metropolitan share price to Rs 6 per share.
By end of Jan 25 and beginning of Jan 26, the mse share price jumped to by almost 2 times in 1 week, from 3.6 per share to 7.5 per share. This happened due to the restart of trading operations, along with SEBI approving the Liquidity Enhancement Scheme. Traded value activity grew from Rs 1.8 crore on 2nd March to Rs 17.3 crore on April 7th, 2026.
MSEI Revival Plans
MSEI has recently raised Rs 1,000 crore. With that funding, MSEI has different possibilities to revive its business.
This can be done in the following ways:
Rebuild identity around niche dominance, not mass replication – MSEI should not compete directly with NSE/BSE, it will bleed a lot of cash. Instead, go for niche dominance in sectors like fintech integrations and building an SME + Start-up IPO exchange.
Product-led differentiation – MSEI can launch innovative retail-first products, such as micro F&O contracts and ESG + Women-led Company indices, and win a niche investor mindset.
Build trust with SEBI- MSEI can appoint a SEBI-backed independent board with retired regulators and fintech leaders. Plus it can introduce mandatory liquidity guarantees or SLAs to avoid the “dead market” tag.
Liquidity enhancement scheme (LES) and market makers appoinment- MSEI has introduced LES to increase trading activity on the stock exchange. This includes appointing market makers who constantly place buy and sell orders in increase participation.
Why buy msei unlisted share unlisted shares?
The Metropolitan Stock Exchange of India wаnts tо launch its initial publiс оffеring in thе nеxt twо уеаrs, fоllоwng thе fооtstерs оf lаrgеr рееrs, the exchange expects to become profitable in the next two years and to go public. So, it's an opportunity for retail investors to seek good returns on their investment in the Metropolitan Stock Exchange's unlisted shares.
How to buy Metropolitan Stock Exchange shares?
If you have decided to invest in the MSEI unlisted shares based on the information and insights presented above, you can rely on Stockify. Our specialists focus on providing users with a thorough review of pre-IPO companies' financial statements. Furthermore, we will provide you with access to EPS reports, KPIs (Key Performance Indicators), EBITDA margin reports, and much more.
At Stockify, we make buying MSEI Unlisted Shares simple and convenient. Analyse the information and data made available above to evaluate your needs, and our specialists will help you extensively with unlisted share trading.
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