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Metropolitan Stock Exchange Of India Limited

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Company Name

Metropolitan Stock Exchange Of India Limited

Scrip Name

MSEI

ISIN No

INE312K01010

No. of Outstanding Shares

6,000,217,033

PAN No.

AAFCM6942F

Face Value

₹1

EPS

₹-0.06

PE ratio

-

P/S ratio

181.25

Market Capitalization

₹3,150.11 Crore

Book value

₹0.66

P/BV

7.95

DRHP Filed?

No

Available on

NSDL

ROFR Require

No

Sector

Financial Service

CIN

U65999MH2008PLC185856

Registration Date

14/08/2008

METROPOLITAN STOCK EXCHANGE OF INDIA LIMITED UNLISTED SHARE

METROPOLITAN STOCK EXCHANGE OF INDIA LIMITED is a national-level stock exchange operating in Equity, Equity Derivatives, Currency Derivatives, debt, and SME segments. The Exchange ecosystem supports various intermediaries including stockbrokers, authorized persons, corporates, banks, depositories, depository participants, custodians and investors. The exchange offers an electronic, hi-tech, and transparent platform for trading in capital markets, futures and options, debt markets, and currency derivatives segments. However, the Exchange has temporarily suspended trading in its debt segment from September 2020.

Metropolitan Stock Exchange of India Limited comprises 2 indices. SX40 and SXBANK. SX 40 consists of 40 large-cap liquid stocks representing different sectors. SXBANK measures the performance of the banking sector. The index consists of 10 stocks from the banking sector.

MSE offers a variety of products and services across multiple asset classes in India which enables it to be responsive to market demands. Its state-of-the-art technology and robust network is a pioneer in technology and ensures the reliability and performance of its systems. MSE’s products and services foster digital transformation in technology, cyber security, innovation, and intelligence solutions. Products offered by the exchange across various segments to Proprietary, Retail Participants, and Institutional Participants (Domestic and Foreign) include Current Future and Options, Cross currency futures & options, interest rate futures, equity shares, sovereign gold bonds, ETFs, offer for sale, stock futures & options, Index futures & options.

As of 31st March 2020, the exchange has 558 members for its currency derivatives segment, 346 members for the equity cash segment, and 334 equity futures & options segment.

METROPOLITAN STOCK EXCHANGE OF INDIA LIMITED UNLISTED SHARE DETAILS

Total Available Shares:6,00,02,17,033
Face Value:Rs. 1/- Per Equity Share
ISIN:INE312K01010
Pan No.AAFCM6942F
Current Market Price:Best in Industry
Lot Size:10000 Shares
GST Number:27AAFCM6942F1ZC

INCORPORATION DETAILS

CINU65999MH2008PLC185856
Registration Date14 August 2008
Category/Sub-category of the CompanyCompany Limited by Shares
Address of the Registered office and contact details Vibgyor Towers, 4th Floor, Plot no. C-62, G Block
BandraKurla Complex, Bandra (East),
Mumbai- 400098.
Tel No: 022 61129000
Email Id: secretarial@msei.in
Name, Address and Contact Details of Registrar and Transfer Agent, if any KFin Technologies Private Limited
Selenium Tower B, Plot numbers 31 & 32
Nanakramguda, Financial District, Gachibowli
Hyderabad – 500 032
Email: einward.ris@kfintech.com
Tel.No.: +91-040-6716 2222

PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Name and Description of main products/services NIC Code of the product/service % to total turnover of the Company
Exchange Operation 66110 100%

BOARD OF DIRECTORS

Mr. Dinesh Kumar Mehrotra (Chairman & Public Interest Director)

Mr. Ajai Kumar (Public Interest Director)

Mr. Sudhir Bassi (Shareholder Director)

Ms. Latika S. Kundu (Managing Director & CEO)

Ms. Trishna Guha (Public Interest Director)

Mr. S.V.D Nageswara Rao (Public Interest Director)

Mr. Vijay Sardana (Public Interest Director)

PARTICULARS OF SUBSIDIARY COMPANIES

Name of the Company% of shares held
Metropolitan Clearing Corporation of India Limited95.85%
MCX SX KYC Registration Agency Limited100.00%

SHAREHOLDING PATTERN

(As of 31-03-2025)

S. No. Shareholders’ Name Number of shares % of total Shares of the company
Non-Promoters Holdings
1Institutional Investors8,93,76,2681.49%
3Private Corporate Bodies1,83,45,18,47930.57%
4Public Shareholdings2,87,68,11,78647.94%
5Others1,19,95,10,50019.99%
Total6,00,02,17,033100.00%

INDUSTRY OUTLOOK

The Indian stock market exchanges are important market infrastructure intermediaries and they are guided by the Securities and Exchange Board of India (SEBI). They work as a tool for nation building and a major job creator. The Exchanges comprise of many asset classes – equities, equity derivatives, currency derivatives, government and corporate bonds, interest rate derivatives, commodity derivatives, etc. Stock exchanges in India are primarily regulated by SEBI. SEBI has introduced the interoperability between Clearing Corporations, the framework is applicable to all the recognized CCPs excluding those operating in the IFSC zone, and all the products available for trading on the stock exchanges (except commodity derivatives), interoperability norms benefit market participants to rationalize margins across exchanges and products by optimizing the use of capital but also reduce post-trade costs of trading firms.

With a favorable regulatory environment, Indian capital markets are expected to remain attractive to both domestic and foreign investors. Initiatives by the government towards ease of doing business, enhanced sectoral caps, and simpler mechanism to obtain approval for investment coupled with tax exemptions is expected to further boost the robust business environment for foreign investors leading to a larger inflow of capital in the coming years as well. This will not only augment the depth, maturity, and robustness of the Indian capital markets but also build investor confidence.

In a population of about 1.37 billion people, only around 2.5% invest in the capital markets in India. India has nearly 4 crore demat accounts, out of which only 0.95 crore is active. Traditionally, metropolitan cities have played an important role in contributing to the markets but it has been mostly restricted up to that point. There is still a significant dearth of participation from Tier II and Tier-III cities, which would be the main contributor to the booming markets across all socioeconomic strata. The entry of young investors from this small town would be pivotal for driving the next level of growth in Indian Capital Markets. Metropolitan Stock Exchange of India Limited aims at catering to this need of the hour through easily accessible customized products across multiple investment avenues.

Metropolitan Stock Exchange Of India Limited Consolidated Balance Sheet (Rs in Lakhs)

Particulars 31-03-2025 31-03-2024
Non-Current Assets
Property, Plant and Equipment277445
Right of use assets844110
Intangible Assets593708
Intangible assets under development3,02132
Investments4,09884
Non current bank balance1,490506
Other Financial Assets87104
Income tax assets (net)426338
Other non-current assets7,6966,434
Current Assets
Investments13,1424,867
Trade receivables85261
Cash and cash equivalents4,7501,371
Bank balance other than above4,825105
Other financial assets2,5649,045
Income tax assets (net)101124
Other current assets386384
Total Assets44,38524,918
Equity
Equity Share Capital59,95248,052
Other Equity-20,283-28,773
Non-Current Liabilities
Lease Liabilities708-
Other Financial Liabilities2,2962,419
Provisions717
Current Liabilities
Trade Payables
Total outstanding dues of micro & small enterprises33
Total outstanding dues to Creditors Other than above80256
Lease Liabilities116142
Other Financial Liabilities1,0281,964
Other Current Liabilities472833
Provisions65
Total Liabilities and Equity44,38524,918

Metropolitan Stock Exchange Of India Limited Consolidated Profit & Loss Statement (Rs in Lakhs)

Particulars 31-03-2025 31-03-2024
Income
Revenue from Operations 431 736
Other Income 1,307 1,369
Total Income 1,738 2,105
Expenses
Operating expenses 2,140 2,898
Employee benefit Expense 1,538 1,657
Depreciation and Amortization expenses 510 606
Advertisement & business promotion expense 145 487
Administration and Other expenses 864 1,118
Finance Costs 26 98
Total Expenses 5,223 6,864
Profit/(Loss) before Tax -3,485 -4,759
Current Tax - 63
Earlier year tax -63 52
Profit/(Loss) After Tax for the Year -3,422 -4,874
Other Comprehensive Income
Items that will not be reclassified to Profit or loss 11 12
Other Comprehensive Income 11 12
Total Comprehensive Income for the period -3,411 -4,862
Paid Up Capital 59,952 48,052
Other Equity -20,283 -28,773
Earnings per Equity Share
Basic -0.06 -0.10
Diluted -0.06 -0.10

Metropolitan Stock Exchange Of India Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Particulars 31-03-2025 31-03-2024
Cash Flow from Operating Activities
Net Profit / (Loss) before tax as per Statement of Profit and Loss -3,485 -4,759
Adjustment for:
Depreciation and Amortization 356 428
Depreciation On Right to Use Assets 154 178
Property, plant and equipment / CWIP written off / provided for 3 21
Net fair value gain/loss on financial assets measured at fair value through profit and loss -48 3
Exchange Rate fluctuation 1 -
Interest income from financial assets at amortised cost -1,123 -1,238
Discount income on bonds -15 -3
Interest on IT Refund -6 -56
Finance Costs - ROU Asset (net) & Write off Income 22 15
Interest Cost 4 83
Profit on sale of Property, plant and equipment (net) -2 -27
Expected credit loss on trade receivables 20 261
Bad Debts 1 -
Net (gain) / loss on sale of investments -45 -37
Sundry balances written back -62 -1
Re-measurement of Employee Benefit 11 12
Operating Profit/(Loss) before Working Capital Changes -4,214 -5,120
Changes in Working Capital:
Decrease/ (increase) in trade receivable 216 -391
Decrease/ (increase) in financial & other assets -1,249 -315
Increase / (decrease) in trade payables -176 167
Increase / (decrease) in financial & other liabilities -1,424 -162
Increase / (decrease) in provision -2 -31
Cash generated from/(used in) operations -6,849 -5,852
Less:( Taxes paid) / refund received 5 175
Net Cash Used in Operating Activities -6,844 -5,677
Cash Flow from Investing Activities
Payment for Purchase of Property, plant and equipment -3,064 -154
Payment for purchase of investments -11,911 -3,552
Proceeds from sale of investments 6,178 3,757
Payment for investments in Fixed deposit placed with banks -14,014 -9,383
Proceeds from Fixed deposits placed with banks 14,686 8,733
Payment for investments in Corporate Fixed Deposits -7,060 -4,781
Proceeds from Corporate Fixed Deposits 4,567 3,721
Payment for Investment in Corporate Bonds -6,288 -368
Proceeds from Corporate Bonds 2,238 1,778
Profit on sale of investments (net) 93 34
Interest received (net of accrued interest) 1,230 1,154
Net Cash Used in Investing Activities -13,345 939
Cash Flow from Financing Activities
Payment of Lease Liability -228 -231
Issue of Equity Share Capital 23,800 -
Interest Payment -4 -
Net Cash Used in Financing Activities 23,568 -231
Net Increase in cash & Cash Equivalents 3,379 -4,969
Cash & Cash equivalents at the beginning of the Year 1,371 6,340
Cash & Cash equivalents at the end of the Period 4,750 1,371

Here is a summary of the Cash Flow Statement for the years 2025 and 2024:

Cash Flow from Operating Activities

The company reported a net loss before tax of ₹-3,485 lakhs in FY25 and ₹-4,759 lakhs in FY24, indicating continued losses, though the loss narrowed slightly in FY25.

To reconcile the loss to actual cash generated or used in operations, several adjustments for non-cash and non-operating items were made:

Depreciation and amortization totaled ₹510 lakhs in FY25 and ₹606 lakhs in FY24 (including depreciation on right-to-use assets).

Adjustments also included fair value changes (net gain of ₹48 lakhs in FY25), interest income (₹-1,123 lakhs), bad debts, expected credit losses, and other minor items like interest on IT refunds and sundry balances written back.

The cumulative effect of these adjustments brought the Operating Loss before Working Capital Changes to ₹-4,214 lakhs in FY25 and ₹-5,120 lakhs in FY24.

Next, changes in working capital had a negative impact:

Trade receivables decreased slightly by ₹216 lakhs in FY25 (a positive sign), but increases in financial & other assets and decreases in payables and liabilities led to further outflows.

After factoring all changes, cash used in operations was ₹-6,849 lakhs in FY25 and ₹-5,852 lakhs in FY24.

After adjusting for minor tax refunds (₹5 lakhs in FY25), the net cash used in operating activities amounted to ₹-6,844 lakhs in FY25, compared to ₹-5,677 lakhs in FY24 — indicating a deterioration in cash flow from operations.

Cash Flow from Investing Activities

This section shows the company’s investments in assets, securities, and other instruments:

The company made significant outflows for:

Purchase of property, plant, and equipment (₹-3,064 lakhs in FY25 vs. ₹-154 lakhs in FY24),

Investments in financial instruments such as mutual funds, corporate FDs, and bonds.

However, the company also realized inflows through:

Proceeds from sale of investments (₹6,178 lakhs in FY25),

Maturity of fixed deposits and corporate FDs (₹14,686 lakhs and ₹4,567 lakhs, respectively),

Interest received of ₹1,230 lakhs.

Despite these inflows, the company had a net cash outflow from investing activities of ₹-13,345 lakhs in FY25, compared to a small net inflow of ₹939 lakhs in FY24. The negative swing indicates higher capital allocation into long-term investments and assets.

Cash Flow from Financing Activities

The financing section paints a more positive picture for FY25:

The company raised ₹23,800 lakhs from the issue of equity share capital, a major cash inflow.

Lease liability payments amounted to ₹-228 lakhs, and interest outflows were negligible (₹-4 lakhs).

As a result, the company had a net cash inflow from financing activities of ₹23,568 lakhs in FY25, compared to an outflow of ₹-231 lakhs in FY24. The equity infusion was key in reversing the negative trend and provided liquidity to support the company’s operations and investments.

Net Change in Cash Position

The net increase in cash and cash equivalents in FY25 was ₹3,379 lakhs, compared to a decrease of ₹-4,969 lakhs in FY24.

Cash at the beginning of FY25 was ₹1,371 lakhs, and it rose to ₹4,750 lakhs by year-end.

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