MSEI Revival Story: From Deep Losses to Liquidity Push

19 January 2026

The Metropolitan Stock Exchange of India (MSEI), once a dormant stock exchange overshadowed by NSE and BSE, is quietly rebuilding itself in 2025–26 through strategic capital raises, liquidity initiatives and renewed investor interest. This rekindled momentum has translated into unlisted share price action and broader market conversation, though with clear performance caveats.

In FY25, MSEI reported a net loss of ₹34.2 crore, despite some cost rationalisation, after operating revenue fell sharply and total income declined year-on-year. Yet the company took structural steps, including the amalgamation of its clearing subsidiary and a fresh ₹238 crore capital infusion from marquee investors such as Rainmatter (Zerodha), Groww’s parent, Share India Securities and others scaling up its equity base and strengthening its balance sheet for future growth efforts.

MSEI’s unlisted share price has seen volatility reflecting investor sentiment swings. 

• Historically trading in the ₹0.80–₹2 range for years, optimism around strategic fundraises and product expansion lifted prices towards the ₹10-plus zone in early 2025 before regulatory headwinds and operational uncertainty triggered corrections. 

• Currently, unlisted quotes sit below ₹5, down from prior highs, a drop of nearly 65% from peak levels, underscoring how sentiment can swing sharply in privately traded assets.​

• Adding to the structural push, MSEI’s Liquidity Enhancement Scheme (LES) incentivises market makers with up to ₹40 lakh/month plus zero exchange transaction charges to provide continuous buy-sell quotes, a bid to deepen liquidity and improve trading quality, especially for less-active stocks. This scheme runs until June 30, 2026, with bids due by January 23, 2026.