Celebrity investors, including Bollywood stars and cricket legends, are quietly acquiring shares in the National Stock Exchange’s upcoming IPO, signalling rising interest amid valuation debates and regulatory risks.
Bollywood names and cricketing greats are quietly joining the rush into the National Stock Exchange’s unlisted shares as India’s biggest bourse edges towards a long-awaited market debut. According to TV9 Hindi, Sachin Tendulkar, Sunil Gavaskar, Aamir Khan, Anil Kapoor, Sara Ali Khan and Gauri Khan are among the well-known investors who have bought into the exchange in recent months, betting that an initial public offering later this year could deliver a quick gain.
The appeal is partly about access and partly about expectation. People familiar with the matter told TV9 Hindi that several prominent buyers moved into the shares over the past two to three months, despite a restriction that prevents unlisted shares from being sold for six months after listing. The names mentioned have not publicly commented.
The timing matters. NSE filed its draft red herring prospectus with the market regulator in June for an offer for sale of as many as 149 million shares, or about 6% of paid-up capital. No new equity will be issued in the transaction. The exchange’s listing would be one of the largest in India, and it comes as options trading, a major source of NSE revenue, faces tighter regulatory scrutiny after heavy losses among retail traders.
For wealthy investors, the valuation is part of the attraction. TV9 Hindi reported that NSE’s unlisted shares were being quoted at about ₹2,035 on UnlistedZone, implying a price-to-earnings ratio of 49.48 times. By comparison, BSE shares were trading at ₹3,605, giving the listed rival a market value of ₹1.47 lakh crore and a P/E of 51.98 times. Independent analyst Ambareesh Baliga told Mint that brokers selling unlisted stock often pitch valuations in a way that flatters the case for entry.
That argument is strengthened by NSE’s dominance in Indian markets. Exchange data shows it held 93.1% of equity cash trading at the end of June and 69.4% of equity options trading. Its grip is even more pronounced in the recently introduced closing auction session, where it has captured almost all activity on many days. UnlistedZone says NSE shares have risen 175% over the past three years.
But the risks are obvious and increasingly well documented. Investor Shankar Sharma told Mint that the same derivatives business that generates large revenues for exchanges and tax receipts for the government can also inflict deep losses on traders. A July 2025 study by Sebi found personal traders lost ₹1.05 lakh crore in derivatives in fiscal 2025, up from ₹74,812 crore a year earlier. That is why the regulator has already increased contract sizes, narrowed weekly expiries and raised risk margins on expiry days. Nithin Kamath, chief executive of Zerodha, has also warned investors against chasing unlisted shares such as NSE, arguing that safer alternatives may be better for most people. Yet the lure of a possible listing windfall continues to draw celebrities, promoters and retail investors alike.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
