About Metropolitan Stock Exchange (MSEI)
Company Overview
Metropolitan Stock Exchange of India (MSEI) is one of India’s recognized stock exchanges, licensed by SEBI. It was incorporated in 2008 to introduce a more investor-centric, technology-driven platform that complements the established exchanges.
Headquartered in Mumbai, MSEI Unlisted Share offers trading in multiple segments, including equity, equity derivatives, debt instruments, and currency derivatives. MSEI aims to build transparent, accessible, and high-performing markets that foster innovation and strengthen India’s financial ecosystem.
Despite being a full-fledged exchange, MSEI Unlisted Share operates at a significantly lower scale compared to NSE and BSE. However, it serves a critical role in broadening the Indian capital market ecosystem, particularly in underserved segments such as SME trading and debt instruments.
Backed by reputed shareholders like State Bank of India, Punjab National Bank, and HDFC Bank, MSEI Unlisted Share aims to revive its growth with strategic reforms and new leadership direction. With the digitalization of financial services in full swing, exchanges like MSEI are finding renewed relevance, particularly among investors looking for value opportunities in the unlisted market.
Its clearing and settlement activities are managed through a dedicated subsidiary — Metropolitan Clearing Corporation of India Limited (MCCIL), further ensuring regulatory compliance and risk mitigation.
As of 2025, MSEI Unlisted Share remains one of the more affordable unlisted stocks in India, attracting investors focused on turnaround opportunities and long-term value creation.
Quick Overview Table
| Key Detail | Description |
|---|---|
| Company Name | Metropolitan Stock Exchange of India (MSEI) |
| Sector | Financial Markets – Stock Exchange |
| Type | Private, Unlisted |
| Founded | 2008 |
| Registered Office | Vibgyor Towers, Bandra Kurla Complex, Mumbai |
| info@msei.in | |
| Website | www.msei.in |
| CIN | U65999MH2008PLC185856 |
| Promoters | Reputed Indian banks and financial institutions |
| Key Executives | Managing Director & CEO – As per the latest official filings |
| Share ISIN | INE312K01010 |
| NSDL/CDSL Eligibility | Shares are eligible to be held in both NSDL and CDSL demat accounts |
| Clearing Corporation | Metropolitan Clearing Corporation of India Ltd (MCCIL) |
| Regulatory Body | Regulated by Securities and Exchange Board of India (SEBI) |
| Operational Focus | Equity, Currency Derivatives, Debt Market, SME platform |
| Corporate Governance | Compliant with SEBI norms; regular disclosures and secretarial audits followed |
| IPO Status | The company has not yet filed for a public listing |
Financial Overview Table (FY 2023–24 & FY 2024–25)
| Financial Metric | FY 2023–24 | FY 2024–25 |
|---|---|---|
| Total Income | ₹21.05 Cr | ₹17.40 Cr |
| Operating Revenue | ₹7.36 Cr | ₹4.30 Cr |
| Other Income | ₹13.69 Cr | ₹13.10 Cr |
| Total Expenses | ₹28.98 Cr | ₹52.23 Cr |
| Net Loss | ₹48.74 Cr | ₹34.22 Cr |
| Expense Reduction (YoY) | — | Reduced by ₹16 Cr |
| Merger with MEL (MCCIL) | Effective April 1, 2023 | Ongoing consolidation post-merger |
| Equity Raised via Private Placement | — | ₹238 Cr |
| Capital & Equity Remained Robust | — | Equity stands at ₹396.7 Cr; assets ₹443.9 Cr |
In FY 2023–24, the Metropolitan Stock Exchange of India (MSEI) reported a total income of ₹21.05 crore, comprising:
- ₹7.36 crore from core operations
- ₹13.69 crore from other income sources
Despite this, MSEI Unlisted Share recorded a net loss of ₹48.74 crore. In FY 2024–25, total income declined to ₹17.40 crore, with:
- ₹4.30 crore from operations
- ₹13.10 crore from other income
However, the net loss narrowed to ₹34.22 crore due to cost optimization. Total expenses fell from ₹68.64 crore to ₹52.23 crore—reflecting a cost reduction of ₹16 crore year-over-year.
A significant change during the year was the merger with MSE Financial Services Ltd (formerly MEL), effective April 2023, which was consolidated into the FY25 results. The company also strengthened its financials through a ₹238 crore private placement, which led to:
- Equity capital increasing to ₹396.7 crore
- Total assets reaching ₹443.9 crore
Though the exchange remains loss-making, the improved capital structure, reduced losses, and regulatory consolidation indicate financial progress. These steps suggest that MSEI is working toward long-term operational sustainability and market repositioning.
Why Invest in MSEI Unlisted Share?
1. SEBI Recognition
- A SEBI-approved exchange, ensuring high regulatory compliance, market transparency, and investor trust in every listed and traded instrument.
2. Institutional Backing
- Backed by major financial institutions like SBI, HDFC, and PNB, enhancing governance standards and long-term stability.
3. Attractive Entry Price
- Shares are available at a relatively low entry point, offering room for capital appreciation as market share grows.
4. Clearinghouse Support
- Trades are cleared by MCCIL, a SEBI-approved clearing corporation ensuring risk management, transparency, and timely settlement.
5. Niche Market Focus
- Active focus on SME, debt, and newer market segments creates unique growth avenues beyond traditional equities.
6. Rising Alternate Market Demand
- Growing interest in alternative stock exchanges gives MSEI Unlisted Share space to expand amid increasing investor diversification.
7. Established Infrastructure
- Operational since 2008, MSEI Unlisted Share is part of India’s core financial architecture with necessary exchange infrastructure in place.
8. Digital Strategy Expansion
- Ongoing investments in digital platforms and tech upgrades signal long-term scalability and efficiency improvements.
9. Pre-IPO Investment Edge
- Unlisted shares offer early-entry opportunities before potential IPO unlocks wider investor participation.
10. Demat Eligibility
- Shares are supported by both NSDL and CDSL, ensuring secure and regulated electronic holding.
11. Diversification Option
- Exposure to MSEI Unlisted shares adds non-NSE/BSE market diversification to an investor’s equity portfolio.
12. Reform-Driven Potential
- Ongoing regulatory reforms and internal restructuring may help revive operations and build long-term profitability.
Business Segments
MSEI operates across four major business verticals aimed at creating a multi-asset class exchange ecosystem.
1. Equity Segment:
- MSEI Unlisted Share facilitates equity trading across listed securities, although trading volume remains comparatively low. It offers a platform for emerging companies and small investors.
2. Equity Derivatives:
- The exchange provides futures and options contracts in equity indexes, although this segment too sees minimal liquidity as of now.
3. Currency Derivatives:
- This is one of MSEI Unlisted Share most active segments. It enables futures trading in multiple currency pairs, providing hedging tools to institutions and exporters.
4. Debt Market:
- MSEI promotes trading in corporate and government bonds. It’s focusing on innovation in this segment, where growth potential remains high.
The exchange is gradually adopting digital enhancements and exploring API-based integrations with brokers and financial institutions to revive participation and increase product diversity.
Subsidiaries and Group Companies
The primary subsidiary of MSEI is Metropolitan Clearing Corporation of India Limited (MCCIL), which handles all trade clearing and settlement activities. MCCIL ensures trade integrity and follows SEBI-mandated risk management and capital adequacy guidelines.
MCCIL operates independently yet under the umbrella of MSEI Unlisted Share, playing a vital role in trade execution confidence. It is recognized by SEBI and holds all necessary regulatory approvals to function as a clearing corporation.
While MSEI itself doesn’t have a sprawling list of subsidiaries like NSE, it does have significant backing and involvement from reputed shareholder institutions including State Bank of India, HDFC Bank, Axis Bank, and IL&FS.
MSEI Unlisted Share operational ecosystem also includes associations with technology vendors, registrar & transfer agents, and data providers, although these are not formal subsidiaries.
In recent years, the company has focused on forming partnerships and seeking strategic investments to drive growth and re-enter market relevance. Any future group expansion will likely be centered around fintech innovations, debt platform partnerships, or regulatory tech ventures.
Expert Opinion on MSEI Unlisted Shares
1. Nithin Kamath (Co-founder, Zerodha)
- Warns retail investors about speculative bets in the unlisted space. He advises caution and long-term thinking, especially for companies like MSEI that are still struggling to scale meaningfully.
2. Tech Venture Spot (Analyst Team)
Highlights both the upside and downside:
- Positive side: MSEI Unlisted Share has secured new capital, enjoys institutional backing, and could benefit from increased financial innovation.
- Risks: Low trading volumes, legal liabilities, and lack of consistent growth continue to weigh down investor sentiment.
3. StartupLanes (Market Research Team)
- Describes MSEI Unlisted Share as a “strategic digital asset” with the potential to become valuable through acquisition, relisting, or revival of the SME and debt platforms.
4. Sharescart (Unlisted Share Broker)
- Points out that MSEI is undergoing a strategic comeback. Improved transparency, new leadership vision, and investor interest could signal a new phase of revival if executed well.
5. Kulfiy Analyst (Independent Finance Writer)
- Believes MSEI Unlisted Share suits value-focused investors. With a low entry point, strong regulatory status, and clean balance sheet, the stock offers deep-value positioning for the patient.
6. Retail Investor Sentiment (Forums & Analyst Blogs)
- Views are mixed—some investors see MSEI Unlisted Share as a dormant opportunity that could revive with broker-led participation, while others feel it remains speculative with uncertain timelines.
Key Takeaways
- MSEI Unlisted Share has regulatory credibility but lacks operational scale.
- Experts see potential in strategic turnaround if execution improves.
- Still a high-risk, long-horizon investment, best suited for seasoned or patient investors.
- Institutional support and new capital improve its odds of revival, but market traction is still weak.
- Cautious optimism is the most common sentiment among experts and investors.
Management
Mr. Dinesh Kumar Mehrotra
Mr. Saket BhansalI
Ms. Manisha Thakur
Metropolitan Stock Exchange (MSEI)
Metropolitan Stock Exchange (MSEI)
Registered Address
- ISIN: INE312K01010
- PAN: AAFCM6942F
- Vibgyor Towers, 4th Floor, Plot no. C-62, G BlockBandra Kurla Complex, Bandra (East), Mumbai- 400098.
Faqs
Frequently Asked Questions
MSEI is one of India’s renowned stock exchanges, which offers trade in equity, currency compounds, date instruments and more. It works under SEBI rules and promotes economic inclusion in the capital markets.
MSEI shares are currently unlisted and purchased on public stock exchanges. You can buy them through verified unlisted stock brokers or platforms specialized in investment before IPO.
The current price of MSEI -different shares usually takes place between 1.50, 2.50 per share (according to private trades), but it may vary. Always contact a registered broker for the last price.
So far, MSEI has not provided any official announcement of stock exchange listing. However, market participants estimate that the exchange may consider listing in the near future to raise capital and improve the presence of the market.
You can invest in MSEI-unlisted shares, where the SEBI-regulated brokers can be worked in unlisted shares. Ensure proper labor, confirm prices and look for the transfer of DP (deposit participant) before payment.
MSEI has struggled with steady profitability, however has shown development in lowering losses and expanding marketplace shares. It is considered a long-term speculative investment based on India’s growth in the financial market.
Recent reports include regulatory amendments to SEBI, attempts to promote liquidity and an increase in the business volume. Investors are looking carefully for restructuring or stock movement signals.
Risk includes low liquidity, lack of transparent pricing, potential delay in stock exchange listing, and long-term profitability of MSEI. Always make investments with caution and consult a economic advisor.
MSEI is much smaller than MSEI BSE and NSE in terms of trade volume, marketing, and investment participation. However, it acts as an alternative platform with future growth capacity in niche sections.
If MSEI expands the proportion in the market and becomes public, the evaluation can increase significantly. Experts look potentially the reverse in the long term, especially if authority support and investor interest are increasing.