Company – UTI AMC

My internship was around global exchanges and a stock pitch was required on NSE as NSE is in the
news to get listed had to predict certain ratios and figures, had to compare NSE with BSE, MCX and
other global exchanges

Exchanges are great examples of network effects and known for their tech- driven, asset-light & low
capital intensity business models resulting in rich cash flow generation. NSE is the market leader in
Equities trading in India and ranks amongst Top-10 leading exchanges globally by the market cap of
listed securities. India has MCX- the commodity futures exchange and BSE - NSE rival listed on
Exchanges. NSE is due for a public listing. So my project focuses on 3 major areas with stated
objectives 

1. Deep-dive analysis on Exchanges in India - market size, asset classes, products, historical growth,
growth potential keeping GDP in context 

2. Analysis and understanding of the global exchanges-structure, regulations, revenue streams,

profitability 

3. To tie it up with bottom-up analysis for NSE - revenue streams, technological capabilities,
profitability, and future path of sustained profitable growth

Apart from that I had to make a revenue model of NSE based on different revenue streams, I had to
predict future figures of the financials