NSE IPO coming soon? Sebi chief Tuhin Kanta Pandey drops a hint

India's most anticipated IPO, that of the National Stock Exchange (NSE), may soon receive approval from the market regulator. Sebi Chairman Tuhin Kanta Pandey stated on Thursday that all outstanding issues related to the NSE IPO would be resolved shortly. "All I can say is that all the outstanding issues will be addressed, and we will move forward. I can't provide a timeline, but I believe we should be able to proceed soon," Pandey remarked at an event in Delhi. He added that the regulator and the NSE are working closely to tackle the concerns.

Pandey also mentioned that guidelines on expiry dates would be issued this month, following responses received on a consultation paper. The NSE has become the largest unlisted company in India by the number of investors, boasting over 100,000 shareholders. Earlier this month, Reuters reported that the NSE had approached the finance ministry seeking intervention regarding the prolonged standoff with Sebi over the IPO. The exchange reached out to the ministry after the regulator did not approve its latest application in March for a 'no objection certificate' (NOC).

NSE had previously made similar requests in November 2019, twice in 2020, and again in August 2024. However, the NSE has denied seeking intervention from the finance ministry. Meanwhile, NSE Managing Director and CEO Ashish Kumar Chauhan met Finance Minister Nirmala Sitharaman in Delhi on Wednesday.

Pandey, who assumed the role of SEBI chairman in March, had previously indicated that while the regulator is working to resolve issues surrounding the NSE's public offering, commercial interests would not take precedence over public interest. One of SEBI's key concerns has been governance deficiencies at the exchange, including delays in appointing a chairman to its board. According to Reuters, the NSE dismissed these concerns in its letter to the finance ministry and held SEBI responsible for delaying the approval of a candidate it recommended in 2022. ​