The upcoming listing of the National Stock Exchange (NSE) has renewed investor interest in smaller, unlisted exchanges, with shares of the Metropolitan Stock Exchange of India (MSEI) and Calcutta Stock Exchange (CSE) witnessing sharp gains in 2026. NSE’s IPO attracted nearly ₹90,000 crore in bids and is scheduled to list on BSE on September 24. According to Unlisted Arena data, MSEI shares have surged around 108% year-to-date, rising from ₹3.25 to ₹6.70–6.75, while CSE shares have climbed to around ₹2,600 from approximately ₹1,500 in early 2026.

Krishna Patwari, Founder and Managing Director of Wealth Wisdom India, attributed the interest to the NSE IPO, CSE’s revival efforts and developments at MSEI. He said CSE’s revival would require SEBI approval and an anchor investor, while MSEI’s progress would depend on meaningful trading volumes and secondary bond-market activity. Patwari also highlighted MSEI’s FY26 revenue growth to ₹59 crore and its tokenised bond initiative. For CSE, he noted a ₹249.28-crore one-time land gain, which significantly boosted its FY26 financials. He cautioned that unlisted shares have thin liquidity and investors should size their positions accordingly.