National Stock Exchange (NSE) finally receives SEBI's No-Objection Certificate for its IPO. Check the latest updates on the ₹1,400 crore settlement, valuation, and expected listing timeline for 2026.
After nearly a decade of regulatory hurdles and complex legal battles, the National Stock Exchange (NSE) has finally secured the crucial No-Objection Certificate (NOC) from SEBI. This milestone clearance officially puts the exchange on the fast track to one of India’s most anticipated public listings, with a projected valuation of approximately ₹5 lakh crore.
The long-standing wait for the National Stock Exchange (NSE) IPO is officially over. On January 30, 2026, the Securities and Exchange Board of India (SEBI) issued a No-Objection Certificate, marking the end of a regulatory standoff that began in 2016.
The Road to Recovery: The delay was primarily due to the "co-location" and "dark fibre" controversies, where allegations were made regarding unfair market access. To move forward, the NSE opted for a massive settlement, agreeing to pay approximately ₹1,400 crore to resolve these legacy issues. SEBI’s acceptance of this settlement proposal was the final key needed to unlock the IPO process.
Key Highlights of the Upcoming Issue
- Offer Structure: The IPO is expected to be an "Offer for Sale" (OFS). This means existing shareholders, such as banks and institutional investors, will sell their stakes to the public. The exchange itself is not looking to raise new capital.
- Listing Timeline: Market experts and NSE leadership expect the listing process to take roughly eight to nine months. The exchange plans to file its Draft Red Herring Prospectus (DRHP) by March or April 2026, with a potential listing targeted around Diwali in November 2026.
- Stake Dilution: Under revised SEBI norms for mega-companies, the government has approved a 2.5% stake dilution, a move that makes it easier for massive entities to enter the public markets.
Market Significance: The news has already ignited the unlisted market, where NSE share prices jumped by 10-15% immediately following the announcement. Currently, the exchange is valued at nearly ₹5 trillion in the grey market—dwarfing its listed competitor, the BSE.
This listing is more than just a financial event; it is a step toward greater transparency and governance for the institution that serves as the backbone of India's capital markets. For investors, the NSE IPO represents a rare opportunity to own a piece of a global leader in the derivatives and equity space.
