NSE Clears Key Regulatory Hurdle as SEBI Grants NOC for Long-Awaited IPO

After nearly a decade in regulatory limbo, the National Stock Exchange of India (NSE) has taken a decisive step closer to the capital markets. The exchange has received a No-Objection Certificate (NOC) from the regulator, formally clearing a key hurdle for its long-awaited initial public offering (IPO).

The approval from the Securities and Exchange Board of India (SEBI) marks a major milestone in one of India’s most closely watched listing journeys. The move signals regulatory comfort after years of heightened scrutiny and is expected to unlock the next phase of the IPO process.

​NSE IPO plans date back to 2016 but were repeatedly delayed due to governance concerns and the co-location network access controversy. Over the years, the exchange has worked to resolve legacy issues, strengthen internal controls, and settle outstanding regulatory matters—efforts that have now culminated in SEBI’s go-ahead.

With the NOC in hand, NSE is expected to move swiftly towards preparing its Draft Red Herring Prospectus (DRHP) and appointing investment bankers. Given its dominant position in India’s cash and derivatives markets and a large base of unlisted shareholders, the NSE listing is widely expected to be one of the most significant IPOs in India’s capital market history.