The National Stock Exchange, India’s biggest bourse, plans to convert its iconic headquarters in Mumbai‘s business district Bandra-Kurla Complex (BKC) into a large captive data center, and move its home to a new site nearby, persons with direct knowledge of the development.
The Mumbai Metropolitan Region Development Authority (MMRDA) has allotted a prime land parcel of more than an acre in G Block of the business district to NSE in a long-term lease of more than 80 years. NSE will build its new head office on this plot.
The Maharashtra government’s planning and development authority sent the allotment letter to the exchange last week.
“The exchange is looking for bigger space in the backdrop of rapid growth and expansion plans. The new headquarters are expected to be completed in approximately three years after obtaining the necessary approvals, the process for which is expected to start soon,” said one of the persons cited above.
The NSE building was among the first in BKC, and chronicle’s the northward journey of India’s primary financial district from Nariman Point, which was built on reclaimed land near the Queen’s Necklace around the early ’60s.
The stock exchange recently leased nearly 175,000 sq. ft. of office space in the commercial tower Adani Inspire in BKC through a long-term lease. In addition, it continues to operate from two other locations, including a commercial complex in Ghatkopar and Brookfield’s Equinox Business Park.
Certain departments, including the critical information technology division, operate out of the current headquarters apart from listing and other related events that take place here. The new property proposed to be built is expected to consolidate all operations and functions under one roof.
ET’s email query to MMRDA remained unanswered until the time of going to press, while NSE spokesperson declined to comment.
NSE’s current headquarters, known as Exchange Plaza, encompasses a total built-up area of around 183,000 sq ft and is a landmark in the city’s financial district. It serves as the nerve center of India’s largest stock exchange and has played a pivotal role in its operations and market infrastructure.
Besides being India’s largest stock exchange in terms of trading volume and market capitalization, NSE is also one of the world’s largest derivatives exchanges.
NSE began operations in June 1994, launching with the wholesale debt market (WDM) segment, followed by the equities segment in November the same year. It was the first exchange in India to introduce electronic trading.
