NSE IPO: Exchange Flags Derivatives Reliance and AI Risks in DRHP

As the National Stock Exchange (NSE) prepares for a massive ₹30,000 crore public issue, its draft red herring prospectus (DRHP) has provided a candid look at the significant operational and regulatory hurdles ahead. The filing reveals a heavy dependence on specific trading segments and a growing landscape of technological and artificial intelligence risks.

High Reliance on Derivatives Trading

A critical takeaway from the NSE’s filing is the exchange's concentrated revenue model. In FY26, transaction charges accounted for a staggering 78.65% of the exchange's operating revenue. Even more striking is the reliance on the derivatives segment, with options trading alone contributing 60.22% to the total revenue from operations.

The exchange noted that recent regulatory interventions by SEBI to tighten the equity derivatives framework have already moderated trading activity across both cash and derivatives segments. NSE cautioned that further regulatory tightening, increased transaction taxes, or a shift in investor preference toward alternative asset classes could significantly impact trading volumes and overall profitability.

The DRHP highlights a history of intense regulatory oversight. NSE disclosed that it has received various show-cause notices, warning letters, and advisory communications from SEBI regarding operations, governance, and technology.

Financial implications of these regulatory hurdles are already evident. The exchange reported paying over ₹643 crore in October 2024 to settle proceedings related to its Trading Access Point (TAP) architecture and network connectivity. Additionally, a settlement of ₹40.35 crore was made in July 2025 following regulatory inspection findings. Ongoing legal proceedings regarding co-location and dark fibre matters remain unresolved, posing potential reputational and financial risks.

Technology Failures and Cyber Vulnerabilities

Given its entirely electronic ecosystem, NSE identified technical stability as a primary risk. The exchange recalled the significant February 2021 technical outage, which paralyzed risk management and settlement systems, forcing a trading halt for over five hours.

Keselamatan siber kekal sebagai medan pertempuran yang berterusan. Bursa tersebut mendedahkan serangan penafian perkhidmatan teragih (DDoS) yang besar pada Mei 2025, yang menyaksikan hampir 395 juta serangan dalam masa hanya 11 minit. Walaupun operasi kekal sebahagian besarnya tidak terjejas, insiden tersebut menyebabkan kelembapan ketara dalam akses laman web.

Cabaran Kecerdasan Buatan yang Muncul

NSE telah mengenal pasti AI dan pembelajaran mesin sebagai pedang bermata dua. Walaupun AI membantu dalam pengawasan dan analitik, bursa tersebut memberi amaran bahawa algoritma yang cacat boleh membawa kepada hasil yang berat sebelah atau pelanggaran kawal selia. Tambahan pula, kebangkitan perdagangan algoritma dipacu AI boleh memburukkan lagi turun naik pasaran dan memudahkan bentuk manipulasi pasaran yang canggih.

Bursa tersebut juga menandakan ancaman "berkuasa AI", termasuk penyamaran yang menggunakan deepfake dan kebocoran data melalui alatan AI pihak ketiga. Memandangkan peraturan semakin berkembang, NSE menjangkakan keperluan pematuhan yang lebih ketat mengenai ketelusan dan kebolehauditan sistem AI yang digunakan dalam pasaran kewangan.

Ringkasan Utama

  • Penumpuan Hasil: NSE sangat bergantung kepada derivatif, dengan perdagangan opsyen menyumbang lebih 60% daripada jumlah hasil operasinya.
  • Kos Kawal Selia & Undang-undang: Bursa tersebut telah menghadapi penalti kewangan yang besar, termasuk penyelesaian sebanyak ₹643 crore berkaitan dengan seni bina TAP miliknya.
  • Risiko Teknologi & AI: Selain daripada serangan siber tradisional, bursa tersebut menghadapi ancaman baharu daripada manipulasi pasaran dipacu AI dan turun naik algoritma.