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Dubai businessman acquires big stake in India’s largest stock exchange
Siddharth Balachandran now owns around 0.3 per cent of NSEIL
Siddharth Balachandran is executive chairman and CEO of Buimerc Corporation Ltd, DIFC. - Supplied photo
A Dubai-based non-resident Indian businessman has acquired a significant stake in National Stock Exchange of India Ltd to become one of the largest individual shareholders of the south Asian nation’s largest stock exchange.
Siddharth Balachandran, executive chairman and CEO of Buimerc Corporation Ltd, DIFC, who is also the largest individual shareholder of BSE Ltd, another leading stock exchange, now owns around 0.3 per cent of NSEIL. The current market capitalisation of NSEIL is approximately Rs1.7 trillion.
Buimerc is the holding company of various subsidiaries operating across diversified lines of business. It has established a presence across the UAE and India with significant investment portfolios in the USA and the EU.
Balachandran, who was conferred the coveted Pravasi Bharatiya Samman Award in January 2023 by the President of India, Droupadi Murmu, is a well-known philanthropist. He is currently the chairman of India Club Dubai and also a patron governor of the Indian Social & Cultural Centre, Abu Dhabi.
NSEIL¸ one of the largest stock exchanges in the world by market capitalization, is the second stock exchange in India after BSE Ltd, which was established in 1875. It is the world’s largest derivatives exchange by number of contracts traded and the third largest in the world in cash equities by number of trades in 2022. Its flagship index, NIFTY 50, is used as a proxy for the Indian capital market by market participants around the world.
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