NSE gets SEBI approval for IPO after 10 years, listing likely in 8-9 months

31 January, 2026
NSE gets SEBI approval for IPO after 10 years, listing likely in 8-9 months

Winning Bizness Desk

Mumbai. The National Stock Exchange, India’s largest stock exchange, has received approval from market regulator SEBI to file for its initial public offering after a decade-long legal battle. This clearance allows NSE to formally prepare its draft red herring prospectus and proceed with the IPO process, which is expected to take around 8-9 months before listing.

Long-delayed IPO finally cleared

NSE first filed its DRHP for an IPO in 2016. However, regulatory and legal issues, including investigations into co-location and dark fibre practices, delayed the process. The exchange was unable to proceed until recent settlements and approvals paved the way for the IPO.

  • NSE filed a settlement application with SEBI in June 2025
  • Agreed to a settlement amount of approximately 1,400 crore rupees
  • Financial report of November 2025 included a provision of 1,297 crore rupees, plus 100 crore rupees already deposited

Settlement process nearing completion

Several departments within SEBI have given in-principle approval for the settlement. The matter will now move to the High Powered Advisory Committee for final review, followed by approval from a two-member SEBI panel. Once approved, NSE can withdraw its Supreme Court case. Legal experts note that NSE had already won in SAT, but shareholders’ pressure led to the settlement to close the matter.

IPO structure and market impact

The NSE IPO will be entirely an offer-for-sale, meaning no fresh funds will go to the exchange itself. Existing shareholders will sell their stakes. Based on current valuations, NSE’s market capitalization is estimated at around 5 lakh crore rupees, potentially making it the largest listed company in India.

Key statements from NSE chairperson

NSE chairperson Srinivas Enjeti said, “Receiving SEBI approval for our IPO marks an important milestone in our growth journey. This is a new beginning for value creation for all stakeholders and strengthens NSE’s role in the Indian economy.”

Next steps and timeline

  • NSE will appoint merchant bankers and law firms to prepare the DRHP
  • SEBI will review the DRHP and grant final approvals
  • IPO listing is expected by the end of 2026 or early 2027
  • The listing is anticipated to be a major event for the Indian capital market