NSE IPO: Sebi in 'Advanced Stages' to Grant Public Listing Clearance

NSE IPO 2026: The new calendar year, 2026, has begun on an optimistic note for the primary market even as the secondary market continues to remain under pressure due to geopolitical upheaval in Venezuela. Amid the excitement in the primary market, Securities Exchange Board of India (Sebi) Chairman, Tuhin Kanta Pandey has announced a key development related to the long-awaited initial public offering (IPO) of the National Stock Exchange (NSE).

According to a report by news agency, ANI, Pandey said that the market regulator is at a very advanced stage of issuing the No Objection Certificate (NOC) for the public issue. While Pandey did not specify a definitive timeline, he added that the NOC might be issued within January 2026.

"I think we are at a very advanced stage of issuing the NOC for the NSE IPO, maybe within this month," Pandey told ANI.

Notably, news of the NSE IPO first floated nearly a decade ago. However, the public issue has been delayed multiple times since then on account of multiple reasons, including allegations of preferential access to the exchange’s algorithmic trading platform.

NSE IPO: A Brief Timeline

The public issue of the stock exchange has gone through a long-drawn regulatory process and a governance overhaul. Here’s a look at some of the key developments in the NSE IPO:

December 2016

In December 2016, the NSE filed its Draft Red Herring Prospectus (DRHP) for the first time with Sebi for a public listing.

2017 – 2023

From 2017-2023, the IPO process for the listing of NSE’s shares was derailed by the “Co-location Controversy". The co-location controversy involved a probe following a note by a whistleblower which alleged that certain high-frequency traders were provided preferential and unfair access to NSE’s servers giving them an unfair advantage. The investigation of these allegations led to the halting of the public issue process.

August 2024

Several major changes occurred in NSE’s top brass, including the appointment of Ashishkumar Chauhan as MD and CEO in 2022. Additionally, the board was restructured in accordance with Sebi’s “Stock Exchanges and Clearing Corporations (SECC)” regulations which mandate that Public Interest Directors (PIDs)—directors, representing the public rather than shareholders—make up at least 50 per cent of the board.

October 2024

In October 2024, the NSE settled the Trading Access Point (TAP) case by paying a penalty of Rs 643 crore to Sebi. The settlement signalled the resolution of the major regulatory probes halting the IPO.

Pandey’s latest statement regarding the NOC follows these developments and is a significant update in the listing process of the NSE. Apart from the NSE IPO, Pandey spoke about the corrective steps taken by the NSE to ensure investor protection. He also spoke about the various initiatives undertaken by Sebi to curb unfair trading practices.

Pandey said that Sebi has been monitoring social media platforms to identify instances of transgression of Sebi’s norms. According to the report, Sebi has carried out the takedown of 100,000 posts and videos in recent months.

Pandey added that Sebi is using its ‘AI Sudarshan’ tool to scan and detect market-related violations online. The market regulator also highlighted efforts to curb the misuse of the Sebi logo and name by scammers, such as enhanced coordination with law enforcement agencies across the country.

Additionally a tool called ‘SebiCheck’ has been launched allowing investors to verify within 30 seconds whether a bank account, UPI handle, or QR code is officially approved for securities market transactions.