New Delhi: The Securities and Exchange Board of India (SEBI) has given a green signal to the Initial Public Offering (IPO) of the National Stock Exchange (NSE), clearing a regulatory step that delayed the listing for about nine years.
Speaking with ThePrint’s Founder and Editor-in-Chief Shekhar Gupta at the Off the Cuff in Mumbai Thursday, NSE Managing Director and CEO Ashishkumar Chauhan said the exchange has been trying to list itself since 2016, but it could not happen due to one reason or the other. He said that since he assumed the position, he has tried his best to correct the exchange’s past controversies.
According to rules, corporations must obtain the approval of their sectoral regulator before applying for an IPO.
The SEBI’s Market Regulation Department (MRD), which regulates stock exchanges and other market infrastructure institutions (MIIs), has now given a No Objection Certificate (NOC) for the NSE’s IPO application.
NSE Chairperson Srinivas Injeti said they “are delighted to receive SEBI approval for our IPO — a significant milestone in our growth journey”.
“With SEBI’s approval, we embark on a new chapter of value creation for all our stakeholders. This approval also reinforces confidence in NSE being an integral part of the Indian economy and beacon of Indian capital markets,” he said.
SEBI’s approval of NSE’s IPO marks a defining milestone in our growth journey — reaffirming trust, strengthening India’s capital markets, and unlocking long-term value for stakeholders — Shri Srinivas Injeti, Chairperson, NSE#NSEIPO #SEBIApproval #CapitalMarkets #IndiaEconomy… pic.twitter.com/2ZQfHMHCLY
— NSE India (@NSEIndia) January 30, 2026
The NSE is reportedly in talks with investment bankers and law firms to prepare the prospectus and gauge investor appetite, and it plans to file its draft listing documents by the end of March.
Asked about when the stock exchange was filing its IPO, Chauhan had said at ThePrint OTC, “After the NOC from the SEBI, it would take 3-4 months to prepare the draft red herring prospectus (DRHP), followed by inspection by the markets regulator. It would take 8-9 months for us to file an IPO.”
However, there won’t be any money exchanged; it will be an offer for sale. The NSE initially submitted an IPO application in 2016, but it was later forced to withdraw. As per the price of NSE shares, the market cap is expected to be around Rs 5 lakh crore.
“We don’t need money, we are quite profitable,” Chauhan said at ThePrint OTC event in Mumbai.
He also said that currently around 1,91,000 people had unlisted shares of NSE.
The regulatory clearance follows SEBI’s in-principle agreement earlier this month to the NSE’s settlement plea in the unfair market access case. In order to resolve the allegations of privileged access granted to specific brokers, the NSE committed to pay Rs 1,388 crore in 2025. This action was considered crucial for opening the IPO.
(Edited by Ajeet Tiwari)
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