NSE mutual-fund order share reaches 22% after nine quarters

National Stock Exchange (NSE) increased its mutual-fund platform’s order-based market share to 22% in Q2FY27 from 8% in Q2FY25, while total orders rose from 139 lakh to 672 lakh across nine quarters. Q2FY27 orders were 155% higher year on year and 38% above Q1FY27.

How quickly has NSE gained mutual-fund order share?

NSE gained 14 percentage points of mutual-fund market share between Q2FY25 and Q2FY27. Its share increased from 8% in Q2FY25 to 9% in Q3FY25, reached 11% in Q4FY25 and remained at 11% in Q1FY26. The presentation measures mutual-fund market share by number of orders, rather than transaction value.

The pace of gains increased in FY27. NSE’s share rose from 14% in Q4FY26 to 18% in Q1FY27 and then to 22% in Q2FY27, a four-percentage-point sequential increase. For H1FY27, which includes Q1FY27 and Q2FY27, NSE reported a 19% share of mutual-fund orders.

NSE’s orders and market share both increased over the disclosed nine-quarter period, although the presentation does not provide the total market order count or identify competing platforms. NSE’s orders increased by 533 lakh from Q2FY25 to Q2FY27, alongside the 14-percentage-point gain in its reported share.

What drove NSE mutual-fund order growth in Q2FY27?

The presentation does not identify a specific driver for NSE’s Q2FY27 mutual-fund order growth, but it reports 672 lakh orders, compared with 489 lakh in Q1FY27 and 264 lakh in Q2FY26. This was an increase of 183 lakh orders sequentially and 408 lakh orders year on year. NSE reported growth of 38% quarter on quarter and 155% year on year, calculated on absolute figures.

Orders rose in every disclosed quarter between Q2FY25 and Q2FY27. The count increased from 139 lakh in Q2FY25 to 186 lakh in Q3FY25, 214 lakh in Q4FY25, 232 lakh in Q1FY26, 314 lakh in Q3FY26 and 401 lakh in Q4FY26 before reaching 672 lakh in Q2FY27. The presentation does not attribute the increase to a distributor, investor segment, product feature or policy change.

NSE’s H1FY27 mutual-fund average daily volume, or ADV, rose 134% year on year. That was below the 155% growth reported for Q2FY27 alone, indicating that the faster increase occurred in the second quarter of FY27. NSE measures mutual-fund ADV by number of orders, consistent with its market-share measure.

How does mutual-fund momentum compare with NSE’s other markets?

NSE’s 155% year-on-year mutual-fund ADV growth in Q2FY27 exceeded the rates disclosed for cash markets, equity options and equity futures. Cash-market ADV increased 24% year on year, equity-options ADV measured on premium value increased 3%, and equity-futures ADV declined 12%. Currency-derivatives ADV grew 150%, close to the mutual-fund platform’s reported rate.

The measures differ across these products. Mutual-fund growth is based on orders, equity-options growth is based on premium value, and cash, futures and currency figures are trading volumes. The 155% mutual-fund increase therefore shows faster growth in its order metric, but is not a like-for-like comparison with rupee turnover.

NSE reported larger Q2FY27 shares in mature trading segments: 92% in cash markets, about 100% in equity futures, 68% in equity options on premium value and 100% in currency derivatives. Mutual funds had a 22% share, compared with 8% nine quarters earlier. In the same quarter-on-quarter comparison, cash-market share declined from 93% to 92%, while equity-options share remained at 68%.

Market-share movement varied by product in Q2FY27. NSE’s share in bond or debt primary issuances through the electronic book provider, or EBP, was 52%, down from 65% in Q1FY27, while its commercial-paper issuance share was 62%, down from 67%. These changes contrasted with the mutual-fund platform’s four-percentage-point sequential increase from 18% to 22%.

What is available on NSE’s mutual-fund platform?

NSE reported 27,305 mutual-fund schemes and 55 registered mutual funds on its platform as of September 2026. These were the platform-scale indicators disclosed alongside the Q2FY27 order count of 672 lakh. The presentation does not provide a split of schemes by fund house, asset class, plan type or transaction type.

The 672 lakh Q2FY27 orders were processed through a platform with 55 registered mutual funds as of September 2026. NSE does not disclose mutual-fund platform revenue, pricing per order, assets under management, or the mix of purchases, redemptions and systematic investment plan transactions. The disclosed evidence therefore concerns order activity, order-based share and platform breadth rather than financial contribution.

NSE’s 19% share for H1FY27 was three percentage points below its Q2FY27 share of 22%. Since Q1FY27 share was 18%, the half-year figure reflects the first-quarter base and the second-quarter increase. The presentation provides no future market-share target or order-volume target for the mutual-fund platform.

Conclusion

NSE’s mutual-fund platform expanded from 139 lakh orders and an 8% order-based share in Q2FY25 to 672 lakh orders and a 22% share in Q2FY27. The 155% year-on-year increase in Q2FY27 ADV exceeded the disclosed growth rates for cash markets and equity options, while 27,305 schemes and 55 registered mutual funds indicate the platform’s stated breadth as of September 2026.

The presentation does not disclose a future mutual-fund market-share target, revenue figure, product rollout plan or scheduled event. The next reported quarterly order count and order-based market share will show whether NSE sustains the Q2FY27 increase from 18% in Q1FY27 to 22%.