“Recommended subscribing to the NSE IPO. At ₹1,785 per share, NSE is valued at a post-issue P/E of 35.4x, which is attractive compared to BSE's 54.2x. The call is based on NSE's dominant market position, higher revenue and profitability, strong market share in equity derivatives, and the long-term growth potential of India's capital markets, despite near-term regulatory headwinds for derivatives volumes.”