NSE Gets SEBI Nod After 10 Years, IPO Likely Soon

Mumbai: In a major development for India’s capital markets, the Securities and Exchange Board of India (SEBI) has granted approval to the National Stock Exchange (NSE) for its long-awaited Initial Public Offering (IPO). The move opens the door for the exchange to go public in the coming months.

SEBI Clearance Received
Yesterday, NSE received a no-objection certificate (NOC) from SEBI, marking a significant milestone for the country’s largest stock exchange by trading volume. NSE has been preparing for a public listing for over a decade, facing regulatory scrutiny and governance challenges along the way. In the interim, the exchange has improved its operations and governance standards significantly.

NSE Statement
Shri Srinivas Injeti, Chairperson of NSE, said, “We are delighted to receive SEBI’s approval for our IPO. This is an important milestone in our growth journey. With SEBI’s clearance, we are beginning a new chapter of value creation for all our stakeholders. The approval also reaffirms NSE’s position as a cornerstone of the Indian economy and a guiding light for Indian capital markets.”

Timeline for Listing
With SEBI approval in hand, NSE is now finalizing the IPO structure and timing. Although no official announcement has been made, a Reuters report indicates that the exchange plans to file its draft listing papers by the end of March 2026. NSE is working closely with investment bankers and law firms to finalize the prospectus.

High Investor Interest Expected
The NSE IPO is expected to attract significant investor interest due to its dominance in India’s stock and derivatives markets. Its shareholder base includes both institutional and retail investors. NSE is currently the world’s largest derivatives exchange by trading volume.

A Decade-Long Effort
NSE has been attempting to list its shares since 2016. Regulatory scrutiny related to its co-location facility and governance concerns delayed the IPO. The matter remains pending in the Supreme Court. Last year, NSE offered ₹1,387 crore to resolve these issues. The regulatory environment has since become more favorable, with SEBI easing public float norms for large companies.

Demand in Unlisted Market
Speculation about the IPO has increased demand for NSE shares in the unlisted market. In the past two months, prices have risen approximately 10–15%. NSE currently has around 1,77,807 shareholders, making it one of India’s most widely held unlisted firms.