Capital markets regulator SEBI has issued a no-objection certificate or NOC to the National Stock Exchange (NSE) for its much-awaited Initial Public Offering (IPO). This has brought a big relief to the listing process of NSE which was stuck due to regulatory hurdles and co-location dispute for almost ten years. A senior official of the exchange gave this information on Friday.
Draft offer document was filed for the first time in the year 2016
According to the news, the country’s largest stock exchange NSE had filed draft offer documents for the first time in the year 2016 to raise about ₹10,000 crore. This IPO was to be launched by existing shareholders through Offer for Sale (OFS). However, SEBI had withheld the approval at that time due to governance concerns and co-location issue. After this, NSE tried several times to get permission from the regulator.
Important milestone in the development journey
On receiving approval from SEBI, NSE Chairperson Srinivas Injeti described it as an important milestone in the development journey of the exchange. He said that with the approval of SEBI, we are starting a new chapter of value creation for all our stakeholders. This approval further strengthens confidence in the important role of NSE in the Indian economy and capital markets.
Big step on the way to IPO
Earlier this month, SEBI Chairman Tuhin Kant Pandey had informed that the regulator has ‘in-principle’ approved the settlement application of NSE in the case of unfair market access i.e. co-location. This was considered a big step on the path to IPO. Pandey had indicated that the NOC could be issued within about a month. NSE had filed the settlement plea in June 2025.
The biggest IPO in the Indian capital market!
In the co-location case, some brokers were accused of getting preferential access to the trading system of NSE, due to which the listing plan of the exchange got stuck for a long time. After years of legal process, NSE offered to pay ₹1,388 crore to settle the case in 2025. The proposed NSE IPO is being considered as one of the largest IPOs in the Indian capital market. According to market analysts, NSE’s valuation in the unlisted gray market is estimated at more than ₹5 lakh crore and it has around 1.77 lakh shareholders.
DRHP filing process will start
NSE Managing Director and CEO Ashish Kumar Chauhan had earlier said that the in-principal approval was a positive sign. He had told that after receiving the NOC, the exchange will start the process of filing the Draft Red Herring Prospectus (DRHP). According to him, DRHP can be filed around four months after getting the NOC and the IPO can hit the market in 7–8 months after regulatory approvals.
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