'May issue NoC for NSE IPO within this month', says SEBI Chairman Tuhin Kanta Pandey

The Securities and Exchange Board of India (SEBI) is at a "very advanced stage" of issuing the no-objection certificate (NoC) for the initial public offering of the National Stock Exchange (NSE). SEBI Chairman Tuhin Kanta Pandey indicated that the process is nearing completion. Though he did not commit to a definitive timeline, he said, "it may be done within this month," he said according to ANI.

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| Chennai, Tamil Nadu | SEBI Chairman Tuhin Kanta Pandey says, "... We are at a very advanced stage of issuing the NOC for the NSE IPO, it may be done within this month..." pic.twitter.com/AEA1eY02c8

— ANI (@ANI) January 10, 2026

The NSE has been seeking approval for its IPO for several years, following governance concerns and the co-location controversy that attracted SEBI’s scrutiny. The exchange first filed its draft red herring prospectus in December 2016, but the plan was put on hold amid allegations of unfair access to its algorithmic trading platform. In August 2024, the NSE reapplied to SEBI for a no-objection certificate to proceed with the IPO.

In October 2024, the exchange settled its Trading Access Point architecture and network connectivity case by paying a penalty of ₹643 crore. Pandey noted that the NSE has since implemented several corrective measures, including changes in senior management, board restructuring, strengthening of compliance frameworks and resolution of past regulatory issues.

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