BIG NSE IPO Update: SEBI Gives NOC For NSE IPO: When Will India's Market Giant List?

NSE IPO: In a major development for primary market investors, the Securities and Exchange Board of India (SEBI), on Friday, gave a No Objection Certificate (NOC) to the National Stock Exchange.

The proposed NSE IPO will be an Offer for Sale, so the shareholders will sell shares and the exchange will not raise fresh capital.

SEBI Grants NOC to NSE IPO: What's Next?

SEBI's Market Regulation Department, which oversees stock exchanges and other market infrastructure institutions, granted the NOC after an extended regulatory review. After receiving SEBI's NOC, NSE can now appoint merchant bankers and engage law firms to prepare the Draft Red Herring Prospectus and other NSE IPO documentation. NSE had earlier filed for an IPO in 2016 but later withdrew the proposal.

NSE IPO Launch Date

NSE may take 8-9 months to launch its IPO, hence the IPO launch is expected in the second half of the year 2026. Though, it will be Offer for Sale and no money will come to the exchange. NSE has first filed for its IPO in 2016 and later it had to withdraw. As per the price of NSE shares the market cap is expected to be around Rs 5 Lakh crore, reported Moneycontrol.

NSE IPO Plan And Multiple Delays

NSE had attempted to launch its IPO multiple times. NSE IPO saw multiple delays since 2016, following governance concerns and the co-location controversy that came under SEBI's scrutiny.

NSE initially filed its Draft Red Herring Prospectus (DRHP) in December 2016. The process was delayed by regulatory challenges, particularly allegations of unfair access to its algorithmic trading platform in India.

Post failure to launch IPO in 2016, NSE applied to the SEBI for NOC with its IPO in August 2024, but couldn't get the NOC at that time.In October 2024, the NSE settled its Trading Access Point (TAP) Architecture and Network Connectivity case by paying a penalty of Rs 643 crore to SEBI, which was probing an alleged deficiency on the part of the exchange and its top officials to deal with a situation wherein some high-frequency stock traders were found to be gaming the system.