SEBI chair says NSE IPO NOC in advanced stages; likely to come through as early as this month

The IPO process has faced delays since the first DRHP was filed in 2016. NSE sought the NOC multiple times, once in 2019, twice in 2020, and again in August 2024 but progress was held up amid regulatory concerns, including cases tied to co location and dark fibre access. The exchange has since been addressing these matters as part of its ongoing engagement with SEBI.

Moneycontrol News

January 10, 2026 / 18:28 IST

SEBI Chair Tuhin Kanta Pandey

SEBI may issue NOC for NSE IPO within this month, says chairman Pandey
NSE IPO process faced delays since 2016 due to regulatory concerns
NSE has 1.72 lakh shareholders and no promoter stake, ready for listing

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Securities and Exchange Board of India (SEBI) chairman Tuhin Kanta Pandey said on Saturday that the regulator is at an advanced stage of issuing the No Objection Certificate (NOC) for the National Stock Exchange’s (NSE) initial public offering (IPO) and that it "may be done within this month", according to an ANI video.

Pandey’s remarks were made during the sidelines of an event in Chennai and signal progress in the much anticipated IPO.

In a September 2025 interview with CNBC TV18, NSE CEO Ashish Chauhan had estimated that it would take about eight to nine months before the exchange could be listed. He explained that after receiving the NOC, NSE would need approximately four months to prepare the draft red herring prospectus (DRHP), followed by another four months for SEBI’s review and any queries.

Chauhan also pointed out that NSE already has a large public base with about 1.72 lakh shareholders and no promoter stake, which shows that the exchange is institutionally positioned for listing once regulatory clearances are in place.

The IPO process has faced delays since the first DRHP was filed in 2016. NSE sought the NOC multiple times, once in 2019, twice in 2020, and again in August 2024 but progress was held up amid regulatory concerns, including cases tied to co location and dark fibre access. The exchange has since been addressing these matters as part of its ongoing engagement with SEBI. "NSE and SEBI are in discussions on several key points — governance, technology, litigation, and the clearing corporation. Hopefully, these issues will be resolved with a clear roadmap, and then the IPO can move forward," Pandey had told Moneycontrol on April 30 last year.