NSE IPO May Get SEBI NoC Within This Month: Chairman Tuhin Kanta Pandey

The long-awaited NSE IPO appears closer to reality as Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey indicated that the regulator may issue the much-anticipated no-objection certificate (NoC) within this month. While stopping short of giving a fixed deadline, Pandey confirmed that SEBI is at a “very advanced stage” in the approval process, according to ANI.

This development has reignited market optimism around the NSE IPO, which has been in regulatory limbo for nearly a decade due to governance and compliance concerns.

SEBI Signals Progress on NSE IPO Approval

Speaking on the status of the NSE IPO, SEBI Chairman Tuhin Kanta Pandey stated that most regulatory hurdles have been addressed. “It may be done within this month,” he said, suggesting that the process of issuing the NoC is nearing completion.

If granted, the NoC would allow the National Stock Exchange IPO process to formally move forward, paving the way for one of India’s most high-profile public listings.

The NSE IPO approval has been closely watched by investors, institutions, and market participants, given the exchange’s dominant position in India’s capital markets.

Why the NSE IPO Was Delayed for Years

The NSE IPO journey began in December 2016, when the exchange first filed its draft red herring prospectus (DRHP). However, the plan was put on hold following serious governance issues, including the co-location controversy, which involved allegations of unfair access to NSE’s algorithmic trading systems.

These concerns triggered extensive scrutiny by SEBI and resulted in prolonged delays. As a result, the NSE public issue remained stalled even as other market infrastructure institutions went public.

NSE’s Regulatory Clean-Up and Compliance Measures

A major turning point came in October 2024, when the NSE settled its Trading Access Point (TAP) architecture and network connectivity case by paying a ₹643 crore penalty. This settlement cleared one of the biggest regulatory roadblocks in the SEBI NSE IPO process.

According to Pandey, the exchange has since undertaken several corrective actions, including:

• Changes in senior management

• Board restructuring to strengthen governance

• Improved compliance and risk management frameworks

• Resolution of legacy regulatory issues

These reforms played a critical role in bringing the NSE IPO NoC closer to approval.

NSE Reapplied for IPO Approval in 2024

In August 2024, the NSE formally reapplied to SEBI for a no-objection certificate, signaling renewed intent to proceed with the IPO. Since then, the regulator has been reviewing the exchange’s updated governance structure, compliance systems, and overall readiness for listing.

With SEBI now confirming that the review process is in its final stages, market participants believe the NSE IPO update could soon turn into a concrete regulatory green light.

Why the NSE IPO Matters to the Market

The NSE IPO is expected to be a landmark event for India’s capital markets. As the country’s largest stock exchange by trading volume, NSE plays a central role in equities, derivatives, and index-based products.

A successful listing would:

• Improve transparency and public accountability

• Allow existing shareholders to unlock value

• Set governance benchmarks for market infrastructure institutions

• Deepen India’s capital markets ecosystem

Globally, listed exchanges are the norm, making the National Stock Exchange IPO a long-overdue move.

What Happens Next?

If SEBI issues the NoC as indicated, the NSE will be able to proceed with regulatory filings and launch preparations for the NSE IPO. While timelines for the actual listing are still unclear, the issuance of the NoC would mark the most significant milestone in nearly ten years.

For now, all eyes remain on SEBI as investors await the final decision that could finally bring the NSE IPO approval story to a close

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Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult financial advisors before making any investment decisions.