There are ample roadblocks in NSE’s IPO path and the company has not yet taken clearance or moved to file its (draft red herring prospectus) DRHP.Market veterans say NSE may have to take a back seat as Life Insurance Corporation of India (LIC) may sprint ahead with its initial offering.Arun Kejriwal, founder of KRIS Investments, says NSE's IPO could be pushed back to fast-track the initial offer of LIC, which is the primary focus of the government. LIC's IPO has to happen in the current financial year and one should not be surprised if it knocks the door after the budget, he says. "This may postpone the IPO of NSE, maybe to the next financial year."Unlisted shares of the National Stocks Exchange are available at Rs 3,800 apiece, which pushes the market capitalisation of the largest exchange in the country to Rs 1.5 lakh crore. Market players expect the NSE to command a valuation around Rs 2 lakh crore. This would make it another mega issue. The exchange may try to raise more funds than Paytm’s IPO, which was India's largest.

There are ample roadblocks in NSE’s IPO path and the company has not yet taken clearance or moved to file its (draft red herring prospectus) DRHP.