NSE Receives SEBI’s No-Objection for Public Listing

The National Stock Exchange (NSE) has received a no-objection certificate from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO), clearing a major regulatory hurdle for the country’s largest stock exchange.

The clearance allows NSE to begin formal steps towards listing. This includes appointing merchant bankers and preparing the draft red herring prospectus (DRHP), which will be submitted to SEBI for further review. The IPO, however, will be launched only after the regulator approves the offer document.

Years of Delay

NSE has been planning a public listing since 2016, but the proposal remained on hold for several years amid regulatory action and investigations related to governance practices and issues linked to its co-location and trading access systems. SEBI’s scrutiny during this period stalled the exchange’s listing plans.

The latest approval follows NSE’s compliance with regulatory requirements and efforts to resolve legacy matters flagged by the market regulator. While the no-objection certificate does not constitute final approval of the IPO, it signals SEBI’s consent for the exchange to move ahead with the process.

What's Ahead for NSE? 

Market participants expect the IPO process to take several months, as NSE will still need to complete disclosures, regulatory reviews, and other formalities. Details on the size of the issue, valuation, and exact timeline are yet to be announced.

Once listed, NSE’s IPO is expected to be one of the most significant offerings in India’s capital markets, given the exchange’s dominant position in equity and derivatives trading. The listing will also provide an exit opportunity for existing shareholders and allow wider investor participation in the ownership of a key market infrastructure institution.

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