Market leadership supported by liquidity: In FY26, NSE commanded ~93% market share in cash equities, 99.7% in equity futures and 68.48% in equity options premium turnover. The concentration of participants and order flow supports a liquidity network that attracts further trading activity and reinforces its competitive position. Expanding investor participation: Unique registered investors increased from 3.87 crore in FY20 to 12.91 crore in FY26, representing a 26.5% CAGR, and reached 13.24 crore by June 2026, reflecting widening participation in...