https://nithinkamath.me/tags/businesses/Recent content in businesses on Nithin Kamath's personal homepageHugo -- gohugo.ioen-usSat, 20 Jun 2026 00:00:00 +0000https://nithinkamath.me/blog/tax-gap-that-shapes-corporate-behavior/Sat, 20 Jun 2026 00:00:00 +0000https://nithinkamath.me/blog/tax-gap-that-shapes-corporate-behavior/NSE is a cash generation and distribution machine. In FY26 alone, NSE earned a profit of over ₹10,300 crore and paid out roughly ₹8,660 crore in dividends— a payout ratio of 84%. This will likely continue even after listing because NSE can’t do much with the excess profits. SEBI doesn’t allow exchanges to invest in other businesses, listed or private. So why aren’t there more businesses like this? It comes down to a tax arbitrage.