Tezzbuzz Desk- At present, there is a lot of discussion among investors in the Indian stock market regarding the IPO of National Stock Exchange i.e. NSE. NSE's IPO has received a strong response from institutional investors and now the market is eyeing its BSE listing on September 24, 2026. However, amidst this big IPO, shares of smaller exchanges in the unlisted market have also attracted the attention of investors. The shares of Metropolitan Stock Exchange of India i.e. MSEI and Calcutta Stock Exchange i.e. CSE have seen good growth this year.
According to Unlisted Arena data, MSEI shares have given a return of about 108 percent in 2026. This share, which was trading at around Rs 3.25 at the beginning of the year, has now reached around Rs 6.70 to 6.75. In September 2021, its price was around Rs 1.20. According to the report, even after the investment of broking companies like Zerodha and Grow, interest in the market regarding MSEI has increased.
According to Manan Doshi, co-founder of Unlisted Arena, MSEI is among the most traded unlisted stocks in India. Recent media reports also say that some big brokers are preparing to give their clients the option of trading on MSEI. However, it is important to keep in mind the risks and limited liquidity associated with investing in unlisted shares. On the other hand, CSE shares have also seen tremendous growth this year. This share, which was at around Rs 1,500 in January-February 2026, has now crossed Rs 2,600. Its price in the year 2021 was around Rs 850. The support received from the West Bengal government is being considered an important reason behind the rise in CSE shares.
On June 22, 2026, the Finance Minister of West Bengal had announced the government's support for reactivating the historic Calcutta Stock Exchange. After this, there was a rise in the shares of CSE and in the beginning of June, the price of around Rs 900 reached Rs 2,700. According to Krishna Patwari, Founder of Wealth Wisdom India, the board of CSE in its annual report dated August 19 has requested SEBI to stop the voluntary exit application given in February 2025. Along with this, bonus shares in the ratio of 1:2 have also been recommended for investors.
The trading platform of CSE has been closed since April 2013. Despite this, the exchange recorded a profit of about Rs 216 crore in the financial year 2026. A major part of this came from the one-time profit of Rs 249.28 crore received from sub-leasing about three acres of land located on EM Bypass. After this, the net worth of the company increased to around Rs 406 crore, while the market cap is said to be around Rs 167 crore. MSEI is a regulated and operational exchange. Its income increased from around Rs 17 crore to Rs 59 crore in FY 2026 and loss before tax reduced from Rs 35 crore to Rs 26 crore. After the infusion of new equity, its net worth increased from Rs 397 crore to Rs 1,369 crore. MSEI has also taken steps towards issuing tokenized corporate bonds on electronic bond platform through blockchain based distributed ledger technology. The first transaction was of Rs 25 crore from IIFL Finance, which was settled through RBI's wholesale digital rupee. At present this facility is for institutional investors.