National Stock Exchange
NSE IPO: The way for the IPO of the country’s largest stock exchange may soon be cleared. An update has come from the Securities and Exchange Board of India (SEBI), which is giving a new lift to the expectations of the investors. During an event in Chennai on Saturday, SEBI Chairman Tuhin Kanta Pandey shared an important information while talking to the media. He told that the process of issuing the most important ‘No Objection Certificate’ (NOC) for the IPO of the National Stock Exchange has now reached its final stage.
According to SEBI Chairman, this approval can be given within this month i.e. January. His statement has strengthened the confidence in the market that the regulatory body is now in a mood to resolve this issue as soon as possible. Getting NOC is like crossing the first and biggest hurdle for any exchange’s IPO.
How much time will it take after getting NOC?
Now the question arises that even if NOC is received this month, when will the IPO hit the market? The situation regarding this also is quite clear. Earlier in September 2025, NSE CEO Ashish Chauhan had clarified in an interview that the IPO will not come immediately after getting the NOC, but it will take some time.
According to the mathematics given by him, after getting the NOC, it will take about four months to prepare the Draft Red Herring Prospectus (DRHP). This is the document which is submitted to SEBI. After this, SEBI will examine these documents closely and there will be a question-answer process, which may take about four more months.
Why is the matter stuck since 2016?
NSE had filed its first IPO documents (DRHP) in the year 2016 itself. But, this process has been stuck for the last decade. The main reason behind this has been serious issues like co-location scam and dark fiber access, which had raised questions on the image and functioning of the exchange.
Due to these legal and regulatory hurdles, the IPO kept getting postponed. NSE had approached SEBI for NOC once in 2019, twice in 2020 and again in August 2024. Now this matter seems to be resolved.
NSE is different from other companies
The structure of NSE makes it different from other companies. It is a completely institutionally owned exchange with no ‘promoter’. Despite this, the company already has a strong base of more than 1.72 lakh shareholders.
There have been continuous talks between SEBI and NSE for some time regarding governance, technology and pending cases. Even in April 2025, SEBI Chairman had indicated that a clear roadmap was being prepared. Now that the NOC is in the final stage, it can be assumed that the old disputes have been resolved.
Disclaimer: This article is for information only and should not be considered as investment advice in any way. TV9 Bharatvarsha advises its readers and viewers to consult their financial advisors before taking any money related decisions.