SEBI grants NOC for NSE IPO, likely to file DRHP by April

The Securities and Exchange Board of India (SEBI) has granted a No-Objection Certificate (NOC) for the National Stock Exchange’s (NSE) initial public offering (IPO), clearing a key regulatory hurdle for the country’s largest stock exchange to finally go public.

Sources told CNBC-TV18 that NSE is likely to file its draft red herring prospectus (DRHP) by April, with the IPO expected to be launched around Diwali, and the issue likely to be an offer for sale (OFS) of about 2.5%.

The NOC marks a milestone in the exchange’s long-pending listing plans, which have been delayed for nearly a decade due to regulatory and legal challenges linked to the

NSE co-location case.

NSE’s managing director and chief executive, Ashishkumar Chauhan, had earlier said that once the NOC is received, it could take around seven to nine months for the IPO to hit the markets. "From the day that the NOC is received, 8–9 months is what looks like after that, to the listing date," Chauhan had said in September last year.

Under the process outlined by NSE, it may take up to four months to file the DRHP after the NOC, following which the issue will require SEBI’s approval before launch.

The regulatory clearance follows SEBI’s in-principle agreement earlier this month to NSE’s settlement plea in the unfair market access case. NSE had offered to pay ₹1,388 crore in 2025 to settle the charges related to alleged preferential access given to certain brokers, a move seen as essential for unlocking the IPO.

NSE, which last attempted to go public in 2016, is currently valued at nearly ₹5 lakh crore in the unlisted market, with its shares trading at around ₹2,000 apiece. The exchange has over 247 crore outstanding shares and nearly 1.7 lakh shareholders, making it one of the most widely held institutions in the country.

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