The National Stock Exchange (NSE) has received a no-objection certificate from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), a crucial step paving the way for its public listing. This clearance from the market regulator marks the end of a 10-year wait for NSE, which first filed for an IPO in 2016 but had to withdraw due to regulatory issues.

The IPO is expected to generate significant investor interest, owing to NSE's dominant position in the Indian stock market. Founded in 1992, NSE is India's largest stock exchange in terms of trading volume, providing platforms for trading in stocks and derivatives.

With the SEBI's go-ahead, NSE can now proceed with the necessary preparations for the IPO, including finalising the offer structure and engaging with advisors. NSE is expected to file its draft red herring prospectus (DRHP) by the end of March. According to Ashish Chauhan, Managing Director and CEO of NSE, the exchange will begin working on the DRHP as soon as it receives the official NOC from SEBI. The preparation of the DRHP and related documentation is estimated to take three to four months. The entire IPO process, from regulatory approvals to listing, could take eight to nine months. Listing is likely around September-October 2026.

The IPO will be an offer for sale (OFS), meaning that existing shares will be transferred, and no new shares will be issued. The market capitalization of NSE is expected to be around ₹5 Lakh crore based on its share price.

The approval follows NSE's resolution of previous regulatory cases that had been blocking its listing since 2016. These settlements involved provisions of approximately ₹1,297 crore, in addition to an earlier deposit of around ₹100 crore. NSE had filed a settlement application with SEBI on June 20, 2025, for the settlement of co-location and other cases, agreeing to pay around ₹1,400 crore as a settlement amount. While it was initially believed that the approval of NSE's settlement from the High Powered Advisory Committee (HPAC) on Settlement was essential for issuing the NOC, SEBI's departments agreed to settle the issue under the consent mechanism.