NSE Listing Tomorrow: Stock To Trade On MSEI From September 24 under ‘Permitted to Trade’ category

The much-awaited NSE IPO is moving into its next stage, with shares of the National Stock Exchange of India set to begin trading on September 24, 2026. While investors already know that NSE shares will make their market debut on the BSE, the stock will also be available for trading on the Metropolitan Stock Exchange of India (MSEI) from the same day.

MSEI said in a September 23 circular that NSE equity shares would be admitted to its capital market segment under the "Permitted to Trade" category with effect from September 24.

Where Will NSE Shares Be Traded?

For investors receiving NSE IPO shares, the stock will be available for trading on BSE as well as MSEI from September 24. NSE itself will not be the exchange on which its own shares trade.

The arrangement is important because NSE, despite being India's leading stock exchange, does not have its shares trading on its own platform. NSE Managing Director and CEO Ashish Chauhan had earlier said that the exchange would not seek Sebi approval to trade NSE shares on its own platform.

Under MSEI's framework, companies admitted under this category do not enter into a listing agreement with the exchange and therefore do not provide the full set of disclosures applicable to companies formally listed there. For NSE shareholders, this means that the primary listing and formal disclosure framework should not be confused with the additional trading facility being provided by MSEI.

NSE Listing Day: How To Manage NSE Shares Across BSE And MSEI

Investors who receive NSE shares through the IPO will be able to sell them after trading begins, subject to normal market and settlement rules. The availability of the shares on more than one exchange also means investors should check the exchange, price and liquidity before placing an order.

A difference in quoted prices between exchanges can occur temporarily, particularly during periods of heavy buying or selling. Investors should therefore avoid assuming that the price displayed on one exchange will always be identical to the price available on another.

Those planning to sell on listing day may also want to consider the IPO issue price, their intended holding period, prevailing market price and the level of buying and selling activity rather than relying solely on grey-market indications.

NSE IPO GMP: What Is Grey Market Indicating?

Ahead of the listing, NSE's unlisted shares were reported to be trading at a modest premium in the grey market. With the IPO priced between Rs 1,700 and Rs 1,785 per share, the reported grey-market premium was pointing towards only a limited premium over the upper end of the issue price.

Grey-market premium, however, is an unofficial indicator and can change rapidly. It should not be treated as a guaranteed listing price or return.

The NSE public issue had a price band of Rs 1,700-Rs 1,785 per share and aimed to raise around Rs 22,562 crore through an offer for sale of 12.64 crore shares. Because the issue was entirely an offer for sale, the money raised through the IPO will go to the existing selling shareholders rather than to NSE itself. The transaction therefore does not provide fresh equity capital to the exchange's balance sheet.

The IPO also received substantial institutional participation, with NSE raising around Rs 6,746 crore from more than 150 anchor investors ahead of the public issue. Foreign portfolio investors accounted for Rs 2,883 crore of the anchor allocation, while major global investors included GIC, Abu Dhabi Investment Authority and Norges Bank.

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