Sebi’s IPO nod timing feels like a divine signal, says NSE CEO Ashish Chauhan after visit to Tirupati

The National Stock Exchange

• NSE IPO approval expected this month after long delays and regulatory issues
• NSE settled past issues, paid penalty, and made major governance changes
• SEBI is close to issuing a no-objection certificate for NSE listing

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After years of delays and regulatory hurdles, the long-awaited initial public offering of the National Stock Exchange of India appears to be entering its final stretch, with market regulator signals suggesting that approval could come as early as this month.

The renewed optimism gained attention after NSE Managing Director and Chief Executive Officer Ashish Kumar Chauhan shared a personal post on X on January 11, linking his family’s visit to Tirupati with the positive developments around the IPO. Chauhan said he offered prayers at the Tirumala temple, seeking blessings for the exchange, its employees, members, listed companies and investors.

Calling the timing “remarkable”, Chauhan said the pilgrimage had been planned earlier, but the indication from the regulator on the IPO approval coming this month coincided with his arrival in Tirupati.

“The pilgrimage was planned a while back. Hon’ble SEBI chairman’s signal to give NSE IPO approval this month, just as we reached Tirupati last evening, truly felt like a divine sign from the Almighty,” Chauhan wrote.

Soon after, Securities and Exchange Board of India chairman Tuhin Kanta Pandey confirmed that the regulator is at a “very advanced stage” of issuing a no-objection certificate for the NSE’s listing. While stopping short of a firm date, Pandey said the process could be completed within the month, raising expectations that a long-standing overhang may finally lift.

The NSE’s IPO journey has been anything but smooth. The exchange first filed its draft prospectus in December 2016, but plans were stalled following governance concerns and the co-location episode, which alleged that certain brokers received preferential access to trading systems. These issues led to repeated delays and multiple attempts to secure regulatory clearance over the years.

Momentum picked up again in 2024 after the NSE reapplied for approval and settled the Trading Access Point and network connectivity case by paying a Rs 643 crore penalty. Since then, the exchange has implemented several corrective measures, including changes in senior leadership, board restructuring and tighter compliance systems.

The Tirupati visit also drew a response from Andhra Pradesh IT minister Nara Lokesh, who welcomed Chauhan and said the IPO could be “historic”. With most legacy concerns now addressed, the NSE’s long wait to go public may finally be nearing its end.

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