MORGAN STANLEY ON NSE ; OVERWEIGHT | TP ₹2,315

• Expects revenue and normalised PAT CAGR of 15% during FY27–29. • Index options market share likely to stabilise near 65%. • Financialisation of savings expected to support long-term growth. • Dominant liquidity and scalable operations support premium valuations. • Regulatory changes remain a key risk.

National Stock Exchange of Ind

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