The NSE listing marks a new chapter for India’s capital markets. Uday Tardalkar reflects on the exchange’s journey from screen-based trading and dematerialisation to retail participation, derivatives and investor education.

When the National Stock Exchange (NSE) emerged in the mid-1990s from the shadow of the 1992 securities scam, it did not merely introduce another trading venue—it dismantled the insular, paper-choked world of regional trading rings and rebuilt Indian capital markets on a foundation of satellite connectivity, automated limit-order matching, and central counterparty clearing. Over the past three decades, that architectural shift has transformed India from a nation of passive bank savers and physical gold accumulators into one of the world’s most dynamic equity ecosystems.

In this wide-ranging conversation with Dipin Damodharan, Uday Tardalkar—Chairperson and Independent Director at RoseMerc Limited, a member of the NSE’s Mumbai Regulatory and Investor Grievance Redressal Committee, and a veteran of nearly four decades in capital markets, including a stint heading operations at Tata TD Waterhouse Securities—reflects on the structural milestones that defined the NSE’s journey. He discusses the transition from 70-day paper-based IPO cycles to T+3 digital listings, the risks facing retail capital in speculative derivative markets, the vital role of the SME board in nurturing startups, and what it will take to cultivate a disciplined investor class as India marches toward its Viksit Bharat 2047 economic roadmap.

Edited excerpts:

Dipin Damodharan: Could you tell us about the historical relevance of the NSE in India’s capital market journey, specifically its origins and institutional importance?

Uday Tardalkar: As the saying goes, certain major institutions emerge out of adversity, and the NSE is a prime example. Following the 1992 Harshad Mehta securities scam, there was an urgent need for screen-based trading and structural transparency to safeguard investor interests.

A core group from IDBI led the initiative under Dr. R. H. Patil, who became the founding Managing Director and established the institution. The exchange commenced operations with the Wholesale Debt Market, followed shortly by the equity segment in late 1994. By expanding its reach to every nook and corner of the country, the NSE empowered retail investors to participate in the markets.

It was a watershed achievement in the history of Indian capital markets: ordinary citizens gained direct access, eliminating the geographic limitations and inefficiencies of regional stock exchanges. The NSE’s aggressive thrust on technology democratized market participation.

Dipin Damodharan: How did the broader financial ecosystem evolve alongside the exchange?

Uday Tardalkar: Portfolio diversification across asset classes has always been essential, and the NSE pioneered this multi-asset framework. It began with debt and equities, introduced derivatives trading in 2000 as India’s first exchange to do so, and went on to launch mutual fund order routing platforms, the Social Stock Exchange, and Electronic Gold Receipts (EGRs), alongside international trading infrastructure at GIFT City.

Because of this breadth, the NSE dominates both the cash and derivatives segments. For any exchange, liquidity is the ultimate benchmark, particularly for Foreign Portfolio Investors (FPIs). The NSE remains the clear leader on this front.

Dipin Damodharan: How did the post-1991 economic liberalization feed into the formation and operational structure of the NSE?

Uday Tardalkar: Economic liberalization gathered momentum from 1993 onward, reshaping how markets operated. In the pre-reform, paper-based era, public issues (IPOs) took upwards of 70 days to close and finalize, and physical share certificates were prone to bad deliveries and theft.

The NSE transformed this framework in partnership with the banking sector. Today, through UPI and the ASBA (Application Supported by Blocked Amount) mechanism, an IPO opens, closes, and lists within three working days (T+3). Capital never leaves an investor’s bank account until actual allotment; funds are simply blocked.

Equally vital was counterparty risk mitigation. Investors need the certainty that buying shares guarantees receipt of securities, and selling guarantees payment. To solve this, the NSE established the National Securities Clearing Corporation (now NSE Clearing), a dedicated clearing corporation that recently completed 30 years of operation. That infrastructure gave investors complete peace of mind.

Dipin Damodharan: Historically, retail participants were skeptical of equities. What role did the NSE play in reframing the stock market as a viable long-term investment channel?

Uday Tardalkar: In the open-outcry era, without electronic matching engines, retail clients relied entirely on physical contract notes mailed by brokers.

When the NSE launched computerized trading, order confirmation became transparent. By 2003, it rolled out nationwide internet trading. For younger generations who expect immediacy, the exchange provided an interface where buy and sell executions, along with price discoveries, were communicated in real time. That operational transparency replaced suspicion with confidence.

Dipin Damodharan: Stock market penetration in India still hovers under 10%. How can the exchange push further to democratize participation?

Uday Tardalkar: Opening a demat account is the first step toward market entry. India currently has over 20 crore demat accounts. While growth was gradual initially, the post-COVID period saw a significant inflection point, adding 2.5 to 3.5 million new accounts almost every month.

Beyond direct equity, mutual funds play an indispensable role. Today, retail engagement is no longer confined to Mumbai, Delhi, or Bengaluru. Tier-2 and Tier-3 centers—spanning from Kochi to Jammu, and Gandhinagar to Guwahati—are driving growth. The mutual fund industry’s emphasis on “Beyond-30” (B30) cities has broadened the investor base substantially.

Historically, Indian households favored physical assets: gold and real estate. That mindset is shifting toward financialization. Government vehicles like the National Pension System (NPS), which allocates systematically to equities, demonstrate how patient capital yields double-digit compounding over the long run. Supported by campaigns like “Mutual Funds Sahi Hai,” individuals are aligning investments with their financial goals and risk appetite.

Dipin Damodharan: Young investors often confuse long-term investing with short-term trading. How should they navigate this distinction?

Uday Tardalkar: The habit of checking smartphones constantly—much like scrolling through messaging apps—has conditioned retail traders to treat portfolio balances as intraday scorecards.

Equities are inherently long-term compounding instruments. For disciplined wealth creation, systematic investment plans (SIPs) in mutual funds provide the optimal route. If an individual has the analytical rigor to evaluate balance sheets, direct equity investing is viable, but it must be approached with a multi-year horizon.

Historically, conservative domestic investors leaned on the Public Provident Fund (PPF), which offers around 7.1% tax-free—roughly equivalent to a 10% pre-tax return. Yet over 15-year rolling horizons, equity indices have historically beaten fixed-income vehicles by generating 12% to 14% annualized returns.

Trying to time market peaks and troughs is futile; no one can accurately forecast turning points. Sectors rotate in cycles—we have moved from FMCG and IT dominance to infrastructure, defense, and emerging service economies. Directing capital into high-conviction businesses through cycles builds durable net worth; intraday trading does not.

Dipin Damodharan: Is there a gap in financial literacy among new entrants?

Uday Tardalkar: Expanding investor education remains essential. SEBI, alongside the stock exchanges and depositories like NSDL, conducts nationwide literacy programs. Crucially, these workshops are delivered in regional languages, which is non-negotiable for a multilingual country like India.

Financial planning must always follow a disciplined hierarchy:

• Secure adequate pure-term life insurance for household earners.
• Establish comprehensive health insurance cover.
• Build emergency liquidity before deploying surplus capital into risk assets.

Too many young entrants bypass this ladder and jump directly into the futures and options (F&O) segment. SEBI’s analytical studies have revealed that over 90% of individual retail traders lose capital in derivatives. Education must emphasize that wealth is built through compounding over decades, not overnight speculation.

Dipin Damodharan: How does the NSE maintain operational resilience given this massive expansion?

Uday Tardalkar: In its founding years, the NSE deployed VSAT technology to bypass terrestrial telecom limits and link broker terminals across Indian towns.

Operationally, the exchange serves as the nation’s financial barometer. Through major disruptions—including the 2005 Mumbai floods, market crises, and the COVID-19 lockdowns—the core trading engine functioned without interruption.

That resilience has accommodated exponential volume growth. A decade ago, monthly domestic SIP inflows stood at a fraction of what they are today; currently, monthly SIP collections routinely exceed ₹20,000–₹25,000 crore. Maintaining uninterrupted clearing, settlement, and trading continuity is what underpins this retail trust.

Dipin Damodharan: For a complete beginner, what is the ideal entry vehicle: trading or investing?

Uday Tardalkar: Investing—unequivocally.

While intraday traders supply short-term market liquidity, wealth creation requires ownership of productive businesses over time. A professional starting their career in their early twenties who commits capital to equity mutual funds or the NPS until age 60 can achieve life-changing compounding even at a 12% to 13% CAGR.

For retail participants:

• Avoid speculative trading: Derivatives should not be treated as a shortcut to profits.
• Leverage institutional research: Utilize free, verified corporate disclosures and equity research available on exchange portals.
• Work with qualified advisors: Match assets to timelines. For low risk, use debt instruments; for balanced growth, adopt dynamic hybrid funds (such as 65:35 equity-to-debt allocations).

Dipin Damodharan: How can India’s startup ecosystem utilize the exchange infrastructure effectively?

Uday Tardalkar: Listing directly on the main board requires stringent capital and track-record thresholds that most early-stage companies cannot meet. To bridge this, the NSE established the SME platform (NSE Emerge).

This board allows small and medium enterprises and growing startups to raise public growth capital with proportionate compliance requirements. Once an enterprise scales its balance sheet and revenue, it can migrate seamlessly to the main board. For the millions of micro and small enterprises across India, the SME board provides an institutional roadmap to scale into publicly held corporations.

Never commit capital out of haste or social media trends

Dipin Damodharan: Looking ahead toward the Viksit Bharat 2047 vision, how do you see the capital markets supporting this transformation?

Uday Tardalkar: The national objective for 2047 is to transition India from a nation of passive savers into a nation of informed investors.

Financial inclusion laid the foundation: over 50 crore Jan Dhan bank accounts integrated millions into the formal banking system, while UPI streamlined capital mobilization. The next phase involves shifting surplus savings out of idle physical assets and unhedged liabilities into productive economic avenues: mutual funds, equities, and sovereign gold instruments.

A resilient economy requires diversified asset allocation. By distributing capital across equities, fixed income, and commodities rather than concentrating it in a single basket, households build enduring resilience.

Dipin Damodharan: If you had to identify the major milestones in the NSE’s history, what would they be?

Uday Tardalkar: Five key developments define its journey:

1. Screen-Based Trading: Transitioning from the physical open-outcry ring to transparent, electronic limit-order books via satellite terminals nationwide.
2. Novation and Central Counterparty Clearing: The establishment of the Clearing Corporation, which eliminated counterparty default risk.
3. Dematerialization via NSDL: Transitioning the market from physical paper certificates to electronic book-entry settlement in 1996, eliminating bad deliveries and counterfeit risks.
4. Product Diversification: Expanding beyond cash equities into index and stock derivatives, internet trading, mutual fund platforms, and Electronic Gold Receipts.
5. Global Benchmark Exchange Listing: As the NSE prepares for its domestic public listing on the BSE, its scale and profitability position it among the top market infrastructure institutions globally alongside the CME Group, ICE, and Nasdaq.

Dipin Damodharan: What is your concluding message on responsible investing for young market entrants?

Uday Tardalkar: The NSE’s core advisory sums it up best: “Soch Kar, Samajh Kar, Invest Kar” (Think, understand, and then invest).

Never commit capital out of haste or social media trends. If you lack the time or training to dissect corporate financial statements, route your savings through professional asset managers via mutual funds and systematic pension frameworks. Approach the market calmly, align your portfolio to realistic risk boundaries, and let time and compounding do the heavy lifting.

A student, entrepreneur, educator, TEDx speaker, and founder of AIRealm Technologies, Raul Aju John began his AI journey at the age of 12 by building Mebot, a robot powered by an AI version of himself. Since then, he has developed AI solutions in education, legal assistance, robotics, and business automation, delivered AI workshops to thousands of students, and represented his work at national technology forums, including the India Today Conclave.

In this interview with EdPublica, Raul reflects on his journey, the promise of sovereign AI, building responsible and sustainable technologies, and why the next generation should focus on solving real problems rather than chasing trends.

Raul, you built your first robot, Mebot, when you were just 12. What made you so interested in robotics and AI at such a young age?

I think it started with curiosity. I was never satisfied with simply using technology — I always wanted to understand how it worked and see whether I could build something of my own.

Before Mebot became a robot, I had created a software version of myself using my information, voice, and the way I responded to questions. The idea was that it could speak and explain things in a way that sounded like me. I then wondered: instead of keeping this AI inside a computer, what would happen if I gave it a physical body?

That is how Mebot was created. I used an NVIDIA Jetson Nano and placed the software inside a robot body, allowing people to interact with my AI clone physically instead of only through a screen. It was not an extremely complicated idea, but it changed the way I looked at technology. It showed me that software and hardware could be combined to create something people could actually interact with. That experience encouraged me to continue experimenting with AI, robotics, and automation.

Looking back on your journey so far, what has been the biggest challenge you’ve faced, and how did you navigate it?

The biggest challenge has been balancing everything. I am still a student, but at the same time, I run a company, work with a team, develop AI products, create content, teach people, and speak at different events. Every one of these responsibilities needs time and attention, and there are days when managing all of them becomes difficult.

Another major challenge has been getting people to take me seriously because of my age. In some meetings or events, people initially see me only as a school student. I realised quite early that arguing with them or repeatedly explaining what I had achieved would not change their perception. The only thing that could change it was the quality of my work.

So instead of trying to prove myself through words, I focused on consistently building products, improving my knowledge, teaching people, and delivering results. Public platforms such as the India Today Conclave and technology summits gave me opportunities to demonstrate my work, but the real credibility came from continuing to build even when nobody was watching.

There have also been failed projects, technical issues, rejected ideas, and plans that did not work. I have learned not to treat those situations as the end of a project. I analyse what went wrong, take the feedback seriously, improve the idea, and move forward. In technology, failure is usually not a final result — it is information that helps you build the next version better.

Among the AI projects you’ve built in education, legal assistance, robotics, and business, which one means the most to you, and why?

Although Mebot is the project that began my journey, the project I am most proud of right now is ThinkCraft, our AI education platform.

Through my sessions, content, and interactions with students, I have met many young people who are genuinely interested in AI but have no idea where to start. A lot of existing AI education is either too technical, too expensive, or focused only on theory. Students may watch many tutorials but still not know how to build something useful.

ThinkCraft was created to change that. The goal is to make AI education practical, engaging, and accessible — even for someone who has never written a line of code. I want students to learn by building real projects, experimenting with tools, and understanding how AI can solve problems around them rather than simply memorising definitions.

I am also deeply proud of projects such as NyayaSathi and our legal-assistance systems. Legal information is often complicated, and ordinary people may not know what steps to take during an emergency or legal problem. These projects aim to make that information easier to understand while supporting — not replacing — lawyers and other professionals.

What makes these projects special to me is that they are not being built merely to demonstrate that we can use AI. They are being built because there is a real problem, and AI can help solve a part of it. That is the kind of technology I want to continue creating.

AI is growing very fast, but it also uses a lot of energy and resources. Do you think AI can grow without harming the environment? What should companies do to make AI more sustainable?

I believe AI can continue growing, but sustainability cannot be treated as something companies think about only after building the technology. It has to be considered from the beginning.

One of the biggest mistakes in AI today is assuming that every problem requires the largest and most powerful model. A simple task does not always need a massive system running in a data centre. Companies should choose models according to the problem — using smaller, specialised, and more efficient models whenever possible.

They should also optimise models properly, reduce unnecessary computing, improve the efficiency of their hardware, and avoid repeatedly processing information that could be cached or handled locally. For some applications, smaller AI models can run directly on phones, computers, robots, or other devices instead of sending every request to a large cloud system.

Data centres should increasingly use cleaner sources of energy, improve cooling systems, reuse waste heat where possible, and carefully manage water consumption. Companies should also be transparent about the energy, water, and computing resources required to train and operate their AI systems.

I do not think the solution is to stop developing AI. The solution is to stop using unlimited computing as the answer to every problem. The future of AI should not only be more powerful — it should also be smaller, faster, more efficient, and more responsible.

What are your goals for the future? Is there a problem you dream of solving with AI, and what advice would you give to other young people who want to start building with AI?

My goal is to continue building AI products that solve practical problems, particularly in education, legal awareness, accessibility, public services, and business.

One problem I care deeply about is the widening gap between people who benefit from technology and those who are left behind. AI is developing incredibly quickly, but millions of people still lack access to quality education, understandable legal information, useful digital tools, and technology in the languages they are most comfortable using.

“I want to help build AI from India that works for Indian realities.”

Our languages, communities, schools, businesses, and public systems — while still creating products that can have a global impact. My aim is not to build another general chatbot simply because chatbots are popular. I want to build focused systems that solve specific and meaningful problems. This practical, problem-first approach has also shaped the tools we are developing through AIRealm Technologies.

My advice to other young people is to start before they feel completely ready. You do not need expensive equipment, a huge team, or perfect technical knowledge. Choose a small problem that genuinely interests you and create the simplest possible solution. Show it to people, listen to what they say, improve it, and repeat the process.

“In technology, failure is usually not a final result — it is information that helps you build the next version better.”

Do not spend years watching tutorials while waiting to learn everything. Tutorials can teach you how individual tools work, but building projects teaches you how to think, make decisions, deal with failure, and solve real problems.

Most importantly, do not build something only because it is trending. Start with the problem, not the technology. Your first project probably will not be perfect, and it does not have to be. Mebot was not the final destination for me — it was simply the project that made me realise what else might be possible.

Scientist Ankita Bansal is investigating cancer metabolism to uncover new pathways for precision cancer therapies and early detection. Her research aims to make cancer treatment more personalised, accessible, and effective for Indian patients.

In the evolving landscape of cancer research, where breakthroughs increasingly depend on understanding the invisible workings of cells, metabolism is emerging as one of the most powerful frontiers. At the centre of this shift is Dr Ankita Bansal—scientist, educator, and one of the new voices shaping India’s precision medicine ecosystem. As part of Education Publica’s ‘Women in Science’ series, Bansal represents a generation of researchers redefining not just what science discovers, but how it translates into real-world impact. An Assistant Professor at Jio Institute, Mumbai and recipient of the prestigious Ramalingaswami Re-entry Fellowship, her work focuses on decoding how cancer cells reprogram their metabolism—and how these hidden dependencies can be turned into targeted, patient-specific therapies. Trained across leading global institutions, Bansal’s scientific journey spans aging biology to cancer metabolism, united by a single question: how do we move from understanding disease to meaningfully improving lives? Her research now centres on identifying metabolic signatures unique to Indian patients, with the aim of building scalable, accessible precision therapeutics. At a time when India is positioning itself as a hub for translational science, Bansal’s work sits at a critical intersection—where biology meets technology, and where discovery is measured not just in publications, but in its potential to reach patients.

From Cells to Systems: Rethinking Cancer with Ankita Bansal

Ankita Bansal is exploring how cancer cells rewire their metabolism – unlocking new pathways for precision therapies tailored to Indian patients

What first sparked your curiosity about biology – and was there a moment when you knew research was the path you wanted to take?

It started with simple observations and asking “why?” Over time, that curiosity deepened into a desire to understand why living systems behave the way they do. I began tinkering with home experiments to tease things apart, though I never actually set out to become a researcher. I simply followed my instinct to test ideas and see what happens when you change a variable. It was only much later that I realized what I had been doing all along had a formal name: research.

During your PhD, your work showed that living longer and living healthier are not necessarily driven by the same genes. How did that discovery change the way you think about aging – and about what science should aim for?

Longevity without quality of life is not worth aspiring to. Healthspan is about independence, resilience, and the ability to engage with the world—it isn’t just a fixed number of years on a chart. This philosophy carries directly into my cancer work, where improving how people live, staying in remission, and catching cancer early matters as much as extending survival.

Science operates the same way. It is not just about metrics—publications, h-index, or grants—but the broader ecosystem: the people, the communities it touches, and how it shapes society.

Decoding Cancer Metabolism for Better Care

You’ve worked across systems from C. elegans to cancer cells. How has this shaped you as a scientist?

Training in C. elegans grounded me in systems biology and metabolism, constantly reminding me that disease is rarely a single-gene or single-pathway problem. Moving into cancer research reinforced the complexity of biological networks and the importance of thinking at the level of the whole organism. This journey shaped me into a scientist who views disease as a dynamic interaction between metabolism, environment, and time, rather than an isolated molecular event.

What fascinates you most about targeting cancer through its metabolism rather than more traditional approaches?

Cancer cells are highly adaptable, yet they remain dependent on specific metabolic sources. That paradox is what fascinates me; that dependency is a vulnerability we can exploit. Metabolism fuels growth. A cancer cell can carry every genetic mutation imaginable, but without access to specific metabolic building blocks, it cannot sustain itself.

It also opens questions beyond treatment: Why do some cancers stay in remission while others metastasize? What metabolic signatures appear early enough to catch a tumor before it becomes a clinical problem? Understanding these dependencies allows us to build early detection approaches that are scalable and accessible to broader populations.

Are there experiences from your global training that influence how you mentor students or run your lab?

If you cannot explain your science to a ten-year-old or a ninety-year-old grandmother, the project might not be good enough. In my lab, I want to train scientists who communicate well, take ownership, and think like mavericks—be the goat, not the sheep.

It is okay to fail, provided you learn during the process. I want people who question assumptions and feel safe doing so. This culture can be difficult to implement in India, where deference runs deep in academic structures, but that makes it all the more important to try.

Why is the gap between academic discovery and patient-ready products still so wide – and what needs to change?

The biggest misconception is that academia and patient-ready products exist in separate silos. They don’t; they exist on a continuum. While this is a global problem, it is particularly acute in India. Academia rewards novelty, while translation requires scalability and collaboration. You cannot simply license a ready technology and call it translation; you have to be part of the process from day one. Academia must take real ownership in nation-building, with the patient’s needs as the starting point, not an afterthought. Scientists, clinicians, industry, and policymakers need to be in the room together far earlier than they currently are.

Building a research lab from the ground up is no small task. As a woman leading a lab, what challenges have surprised you the most?

The juggling act that no one adequately prepares you for: running a competitive research program while raising a family. In India, the lack of high-quality childcare and reliable after-school programs is a significant challenge. It is a major hurdle that directly affects productivity and well-being. Being open about these realities matters, because pretending they don’t exist helps no one.

Gender disparities in science are still very visible in India. Where do you see genuine opportunities for change?

Every day is better than the last. Things are genuinely improving, and I don’t want to paint a picture darker than reality. The most persistent barriers remain inadequate childcare infrastructure and the “two-body problem.” Beyond that, there are no impossible bottlenecks. The trajectory is positive. The key is to keep making the case that these structural issues are solvable through dialogue and goodwill.

How can Indian institutions better support women in science?

We need childcare infrastructure, flexible timelines, and open communication channels. These should be framed not as “accommodations,” but as essential investments in retaining top-tier talent.

Did role models play a part in your journey?

My grandmother pursued a double MA after marriage and showed me that learning has no expiration date. My mother embodied the resilience required of a working woman, and my father taught me that success comes through sacrifice. My PhD mentor ignited my passion for research, even while facing her own health challenges, shaping my approach to science with both rigor and empathy. I also value the scientific dialogue I share with my husband, a scientist-entrepreneur whose translational outlook broadens my perspective.

Visibility matters. When women scientists share not only their achievements but also their doubts and unconventional paths, the journey becomes more accessible. There is no single template for success.

What excites you most about building a precision therapeutics lab in India right now?

Our time has begun. India is at a unique point in its trajectory—our Amrit Kaal. We have growing technological capacity, vast patient populations, and massive unmet clinical needs. Out-of-the-box thinking is now highly sought after. Translating discoveries into affordable, scalable solutions that directly impact patients is what motivates me every morning.

Looking ahead a decade, what legacy do you hope your work leaves behind?

I hope to leave behind frameworks that integrate metabolism, technology, and clinical insight to revolutionize early cancer detection. More importantly, I hope to foster a culture where science is patient-centered first—where we start with the patient’s needs, not the publication, and build everything outward from there.