SEBI’s imminent nod for the NSE IPO marks a crucial milestone

13 January 2026

After nearly a decade of delays, the National Stock Exchange of India (NSE) is finally on track for its long-awaited initial public offering (IPO). The Securities and Exchange Board of India (SEBI) is reported to be in advanced stages of issuing the No-Objection Certificate (NOC) that will clear the regulatory hurdle preventing NSE’s public listing.

SEBI Chairman Tuhin Kanta Pandey has indicated that the nod could come within this month, a significant development that could unlock one of India’s largest capital markets listings.

NSE’s IPO has been pending since the exchange first filed its IPO plans in 2016, but regulatory scrutiny especially around governance lapses and the co-location network access controversy repeatedly stalled the process. Since then, NSE has taken steps to resolve legacy disputes, strengthen compliance, and settle regulatory matters, clearing the path for formal IPO procedures. 

If the approval is formalised soon, NSE will begin preparing its Draft Red Herring Prospectus (DRHP) and engage with investment bankers for the next steps. With over 1.7 lakh unlisted shareholders and a dominant position in cash and derivatives trading, the listing is expected to be one of India’s most watched IPOs.