New chapter of value creation, says NSE chairman on key SEBI nod for IPO

Injeti Srinivas

• NSE gets SEBI approval to file for its long-awaited IPO after nearly a decade
• Approval allows NSE to start IPO preparations, including appointing advisers
• NSE resolved regulatory issues, paving way for one of India's largest IPOs

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The National Stock Exchange of India (NSE) on Friday said it is entering a “new chapter of value creation” after receiving approval from the Securities and Exchange Board of India (SEBI) to proceed with filing for its long-awaited initial public offering (IPO).

“We are delighted to receive SEBI approval for our IPO — a significant milestone in our growth journey,” the NSE chairman Injeti Srinivas said in a statement. He added, “With SEBI’s approval, we embark on a new chapter of value creation for all our stakeholders. This approval also reinforces confidence in NSE being an integral part of the Indian economy and a beacon of Indian capital markets.”

The much awaited issue will unlock value for key institutions including LIC, SBI and Stock Holding Corportation.

The regulatory nod marks a major breakthrough for India’s largest stock exchange, whose IPO plans had been on hold for nearly a decade amid regulatory and governance-related issues. The approval allows NSE to begin formal preparations for the listing, including appointing advisers and filing its draft red herring prospectus (DRHP).

NSE gets key approval for its IPO, settlement to follow in due course

Moneycontrol had reported that SEBI’s clearance comes after NSE undertook a series of steps to address long-pending regulatory concerns, including settlement applications related to legacy cases such as the co-location and dark fibre matters. The exchange has also resolved inspection-related issues in recent months, clearing the way for the regulator’s no-objection certificate.

NSE had first announced plans to go public in 2016, but the proposal was repeatedly delayed as SEBI sought stronger governance standards and closure of outstanding cases. The IPO is expected to be structured largely as an offer for sale.

Market participants view the approval as a landmark moment for India’s capital markets, given NSE’s central role in equity, derivatives and debt trading. Analysts say the eventual listing could be among the largest in the country and would broaden investor participation in a key market infrastructure institution.

Following the approval, NSE said further steps, including settlement processes and regulatory filings, would be taken in due course. The timeline for the IPO will depend on regulatory reviews once the draft documents are submitted.