SEBI Grants NoC To NSE For Filing IPO Documents

Expert Analysis:

• SEBI has granted a no-objection certificate to the National Stock Exchange of India, clearing the way for the country’s largest bourse—valued at about ₹5 trillion in the unlisted market—to file draft papers for its long-awaited IPO.​

• The nod follows in-principle settlement of long-pending colocation and dark fibre matters; NSE has already recognised a provision of ₹1,297 crore (including interest) towards these cases, over and above the ₹100 crore SAT penalty adjusted earlier.​

• Sources indicate NSE may file its draft red herring prospectus around April–May, with the proposed issue expected to be an entirely offer-for-sale, even as recent Q2 FY26 profit fell to ₹2,098 crore from ₹3,137 crore and revenue from operations declined 18% year-on-year due to one-time provisions and lower trading volumes.​

• Despite being unlisted, NSE already has a sizable retail base—about 1.72 lakh retail shareholders holding roughly 12.3% as of December 2025—so the IPO will effectively provide a liquidity event for an already broad investor register.​