Unlisted · Exchange Infrastructure
Metropolitan Stock Exchange
of India Limited
Shareholding Pattern · Private Placement Allotment · Mar 2025 → Mar 2026 Movement
Total Shares (Mar 26)1,100 Crore
Fresh PP Allotment500 Cr to 29 entities
Promoter HoldingNIL (0%)
Peak XV Entry50 Cr shares
Quick Flips Detected4+ entities
01 — Ownership Structure
Shareholding Breakdown — Mar 2026 vs Mar 2025
No promoter group. 500 Cr fresh shares issued via private placement in FY26 — total jumped from 600 Cr to 1,100 Cr. Public holding % rose as new allottees classified under public category.
Mar 2026 — 1,100 Cr SharesQ4 FY26
Mar 2025 — 600 Cr SharesQ4 FY25
Public % (Mar 26)
89.87%
↑ from 86.50%
Public Shares
988 Cr
↑ from 519 Cr (+90%)
Trading Member %
10.07%
↓ from 13.41% (diluted)
TM Absolute Shares
111 Cr
↑ from 80 Cr (+38%)
02 — Private Placement
The 500 Crore Share Allotment — All 29 Entities
MSEI raised fresh capital via private placement, allotting 500 crore shares to 29 identified entities. Cross-referencing with Mar-26 shareholding reveals who held, who partially sold, and who flipped quickly.
🔍 How to Read This Table
PP Allotted = shares received in private placement |
Mar-26 Visible = shares held as of Mar 31, 2026 (only ≥1% disclosed = ≥11 Cr shares) |
Difference = approximate shares sold between allotment and Mar-26. "Below threshold" = still holds but <11 Cr (below 1% disclosure limit).
| # |
Entity |
PP Allotted (Cr) |
Mar-26 Holding (Cr) |
Status |
Action |
| 01 |
Peak XV Partners VII
Sequoia India — VC |
50.00 |
50.00 |
✓ Fully Held |
No sales. Long-term |
| 02 |
Jainam Broking Ltd
Trading Member · Broker |
45.00 |
30.51 |
↓ Partial Sell |
Sold ~14.5 Cr shares |
| 03 |
Marwadi Chandarana
Broker · Gujarat-based |
45.00 |
<11 Cr |
⚡ Quick Flip |
Sold 75%+ of allotment |
| 04 |
KIFS International LLP
LLP — Investment |
40.00 |
<11 Cr |
⚡ Quick Flip |
Sold 72%+ of allotment |
| 05 |
AY Securities & Commodities
Securities Firm |
20.00 |
<11 Cr |
⚡ Quick Flip |
Sold 45%+ of allotment |
| 06 |
KKM Enterprises Pvt Ltd |
20.00 |
<11 Cr |
⚡ Quick Flip |
Sold 45%+ of allotment |
| 07 |
Monarch Networth Capital
Broker |
20.00 |
18.25 |
↓ Partial Sell |
Sold ~1.75 Cr shares |
| 08 |
Straits Holdings Pvt Ltd |
20.00 |
<11 Cr |
⚡ Quick Flip |
Sold 45%+ of allotment |
| 09 |
Butterworth Holdings Pvt Ltd |
15.00 |
<11 Cr |
Below Threshold |
May hold ~15 Cr or sold |
| 10 |
Evolve Capital Advisors LLP |
15.00 |
<11 Cr |
Below Threshold |
15 Cr = 1.36% → may hold |
| 11 |
RM Corporate Services Pvt Ltd |
15.00 |
<11 Cr |
Below Threshold |
15 Cr = 1.36% → may hold |
| 12 |
Securocrop Securities
Had 29.75 Cr old + 15 Cr new = 44.75 Cr total |
15 (new)
+29.75 old |
26.52 |
↓ Net Sold |
Net sold ~18.2 Cr |
| 13 |
Share India Securities
Had 29.75 Cr old + 15 Cr new = 44.75 Cr total |
15 (new)
+29.75 old |
21.34 |
↓ Heavy Sell |
Net sold ~23.4 Cr |
| 14 |
Trust Investment Advisors
Got 15 Cr in PP, Mar-26 shows 23.01 Cr |
15.00 |
23.01 |
↑ Bought More |
Bought ~8 Cr secondary |
| 15–29 |
15 entities × 10 Cr each
Achintya, Anisha, Arham, Bhaijee, Excel, Findoc, Finsol, Indasset, Mansi, Pharma Ventures, Raghav, S Gupta, YMS, Zanskar AIF, Zaveri |
10.00 each
= 150 Cr total |
Below 1%
(≤10.9 Cr each) |
Below Threshold |
10 Cr = 0.91% → auto below threshold |
⚠ "Below threshold" entities (10 Cr allottees) automatically fall below the 1% (≈11 Cr) disclosure limit even if they held all shares. Their actual status is unknown.
03 — Secondary Market Buyers
Who Bought from the Flippers?
Some investors in Mar-26 were NOT in the private placement list — they bought shares from entities who received allotment and sold quickly. Bloomfield AIF is the clearest example.
| Entity |
In PP List? |
Mar-25 Holding |
Mar-26 Holding (Cr) |
How They Got Shares |
Bloomfield AIF Cat II
Pre-IPO AIF |
❌ Not in PP |
— |
18.49 |
Bought from secondary market — likely from Marwadi/KIFS flipper proceeds |
Trust Investment Advisors
Investment Advisor |
✓ In PP (15 Cr) |
— |
23.01 |
Got 15 Cr in PP + bought ~8 Cr more from secondary market |
04 — Visual Summary
PP Allotment vs Mar-26 Holdings — Key Entities
Showing allotted shares vs actual holding at Mar-26. Gap = shares sold after allotment. Green = held fully or bought more. Red = significant selling detected.
PP Allotted vs Mar-26 Holding (Crore shares)PP Analysis
05 — Full YoY Movement
All Significant Shareholders — Mar 2025 vs Mar 2026
Complete picture including pre-existing shareholders, new PP entrants, and those who disappeared from disclosures.
| Shareholder |
Status |
Mar-25 % |
Mar-25 Cr |
Mar-26 % |
Mar-26 Cr |
Note |
Peak XV Partners VII
Sequoia India |
🆕 New via PP |
— | — |
4.55% | 50.00 |
Fully held · Long-term |
MCX India Ltd
Exchange Peer |
% Diluted |
5.53% | 33.18 |
3.02% | 33.18 |
Same shares · diluted |
Jainam Broking
TM · Got 45 Cr in PP |
PP + Partial Sell |
— | — |
2.77% | 30.51 |
Sold ~14.5 Cr after allot. |
| Rainmatter (Zerodha) |
% Diluted |
4.96% | 29.75 |
2.70% | 29.75 |
Same shares · diluted |
| BillionBrains (Smallcase) |
% Diluted |
4.96% | 29.75 |
2.70% | 29.75 |
Same shares · diluted |
| Share India Securities |
↓ Net Sold |
4.96% | 29.75 |
1.93% | 21.34 |
Got 15 Cr PP, net sold ~23 Cr |
| Securocrop Securities |
↓ Net Sold |
4.96% | 29.75 |
2.41% | 26.52 |
Got 15 Cr PP, net sold ~18 Cr |
| Trust Investment Advisors |
PP + Bought More |
— | — |
2.09% | 23.01 |
15 Cr PP + ~8 Cr secondary |
IL&FS Financial Services
Associate TM — Stressed co. |
% Diluted |
1.99% | 11.91 |
1.08% | 11.91 |
Same shares · diluted |
| Bloomfield AIF Cat II |
Secondary Buyer |
— | — |
1.68% | 18.49 |
Not in PP · secondary market |
| Monarch Networth Capital |
PP + Partial Hold |
— | — |
1.66% | 18.25 |
Got 20 Cr, sold ~1.75 Cr |
Siddharth Balachandran
Individual |
Exited / <1% |
2.72% | 16.34 |
— | — |
Not in Mar-26 disclosure |
| AADI Financial Advisors LLP |
Exited / <1% |
2.23% | 13.36 |
— | — |
Not in Mar-26 disclosure |
| Nemish S Shah |
Exited / <1% |
1.62% | 9.74 |
— | — |
Not in Mar-26 disclosure |
| Dhanesh S Shah |
Exited / <1% |
1.29% | 7.75 |
— | — |
Not in Mar-26 disclosure |
06 — YoY Visual
% Holding Change — Mar 2025 vs Mar 2026
Full comparison of all significant shareholders across both periods.
Shareholding % — Mar 25 vs Mar 26YoY
07 — Key Observations
Analyst Notes
🚀
Peak XV Fully Held — Strongest Conviction Signal
Sequoia India received 50 Cr shares and held every single one through Mar-26. In an environment where several allottees were selling, Peak XV's clean hold signals they are in for the long game — most likely an IPO exit thesis. This is the most bullish data point in the entire filing.
⚡
Marwadi Chandarana + KIFS = Quick Flippers (85 Cr allotted, mostly sold)
Marwadi Chandarana and KIFS International got 45 Cr + 40 Cr = 85 Cr shares combined — but neither appears in the Mar-26 disclosure (below 11 Cr threshold). This means they sold 75–80% of their allotment within months. Classic private placement flip — buy at allotment price, sell in secondary market at a premium. Who bought from them? Bloomfield AIF appears to be one such buyer.
📉
Share India + Securocrop Net Sold Despite Fresh Allotment
Both were existing shareholders (29.75 Cr each) who also received new shares in the PP. Yet both ended with lower absolute holdings in Mar-26 than they had in Mar-25. Share India: 29.75 Cr → 21.34 Cr (net -8.4 Cr). Securocrop: 29.75 Cr → 26.52 Cr (net -3.2 Cr). Active sellers despite getting fresh allotment — not a confidence signal.
🏦
PSU Banks — Zero Action, Just Diluted
All 10 PSU banks held identical share counts in Mar-25 and Mar-26. Their combined % fell from 10.49% to 5.72% purely due to dilution from new shares. None participated in the PP, none sold. These are passive, legacy holdings — likely from MSEI's original formation. Don't read strategic intent here.
💡
Trust Investment Bought More than Allotted — Rare Conviction
Trust Investment Advisors got 15 Cr shares in the PP but Mar-26 shows 23.01 Cr — meaning they bought an additional ~8 Cr shares from the secondary market at market price. One of only two entities to buy beyond their allotment (the other being Bloomfield AIF who wasn't even in the PP). Strong conviction play.
⚠️
4 Investors Missing from Mar-26 Disclosure — Dilution, Not Necessarily Exit
These four are absent from Mar-26 disclosures — but the reason differs per investor. Since total shares doubled to 1,100 Cr, the 1% disclosure threshold is now ~11 Cr shares.
Nemish Shah (9.74 Cr) + Dhanesh Shah (7.75 Cr) — Both held fewer than 11 Cr shares even in Mar-25. If they held all shares, their % would be 0.89% and 0.70% respectively — automatically below the 1% threshold. No selling needed. Pure dilution effect.
Siddharth Balachandran (16.34 Cr) + AADI Financial (13.36 Cr) — These two held enough shares that even post-dilution they would show at 1.49% and 1.21% respectively. Their absence suggests they sold some shares — but "full exit" cannot be confirmed. They may still hold below the threshold.