NSE may get go ahead to file IPO papers by July-end, listing likely by Q4FY26, say sources

NSE May Get IPO Filing Nod by July-End, Listing Likely in Q4 FY26.

Expert Analysis :

• SEBI Approval Expected: SEBI is likely to issue a No Objection Certificate (NOC) to NSE by end of July 2025.

• Litigation Settlement: NSE filed a settlement application to close co-location and dark fiber cases; resolution may be completed by mid-July.

• Settlement Filed: NSE submitted a settlement application to SEBI after multiple informal negotiations to resolve co-location and dark fiber cases.

• Regulatory Review: The application will undergo review by SEBI’s internal committee, Market Regulation Department, and High Powered Advisory Committee (HPAC).

• Supreme Court Withdrawal: After approvals, SEBI and NSE will jointly approach the Supreme Court to withdraw the co-location case based on mutual resolution.

• IPO Timeline: Post-NOC, NSE will need 4–5 months for audited DRHP and 2–3 months for SEBI’s merchant banker queries.

• Listing Window: If all progresses smoothly, NSE could be listed by the last quarter of FY25.

• Long-Delayed IPO Efforts: NSE’s IPO has been delayed for over eight years; it first filed draft papers in 2016 and sought SEBI’s NOC in November 2019, twice in 2020, and again in August 2024.

• Investor Impact: PSUs own 31% of NSE shares worth over ₹1.7 lakh crore; listing will enhance their net worth significantly.