“Recommended 'Subscribe' to the NSE IPO, stating that its valuation at the upper price band of ₹1,785 translates to a post-issue P/E of 35.4x, which is lower than BSE’s 54.2x, making the issue attractive relative to its key peer. The brokerage cited NSE's dominant market position, strong profitability, leadership in equity derivatives, and long-term growth potential despite near-term regulatory headwinds.”