The shareholding of brokers and their associates in the National Stock Exchange (NSE) of India has reached its lowest point in over a decade, falling to 35.6% as of March 2026 from a peak of 53.9% in March 2019. This decline is significant as the NSE approaches its long-anticipated initial public offering (IPO), a process that has been in the works for several years. The shift in ownership reflects broader changes in the governance of stock exchanges, which were historically dominated by brokers. Following the demutualisation initiated in the early 2000s, brokers' influence has diminished, with measures implemented to prevent conflicts of interest. As a result, trading members are now prohibited from serving on the board of the exchange, ensuring that governance remains separate from trading interests. Despite the reduction in stake, the number of shareholders has increased to 2,974, indicating a growing interest among various stakeholders. Regulatory bodies, such as the Securities and Exchange Board of India (Sebi), have played a crucial role in maintaining market stability, which has led to a decrease in brokerage failures, according to industry experts. Overall, the evolution of the NSE's ownership structure highlights the progress of Indian financial markets over the past few decades.