SEBI chief Tuhin Kanta Pandey on January 16 said the no-objection certificate (NOC) for the National Stock Exchange’s long-awaited IPO is likely to be granted later this month, triggering a 10% surge in IFCI
shares due to its indirect stake in the bourse.
“Already indicated the NOC (for NSE IPO) will likely be given later this month,” Pandey said at the Samvad 2026 event.
IFCI holds an effective indirect stake of about 2.35% in NSE through its majority ownership of Stock Holding Corporation of India (SHCIL). At a potential NSE valuation of over Rs 5 lakh crore, IFCI’s stake is estimated at nearly Rs 13,000 crore — a figure close to its own market capitalisation of around Rs 16,400 crore.
Among other institutional shareholders, Life Insurance Corporation of India, General Insurance Corporation of India and The New India Assurance Company own 10.72%, 1.64% and 1.42% stakes in NSE, respectively.
Pandey also said on Thursday that SEBI has agreed “in principle” to the settlement, clearing a major regulatory roadblock for NSE’s listing. The settlement is seen as a key prerequisite for issuance of the NOC.
With the process now at an advanced stage, the NOC would enable NSE to begin formal listing procedures, including filing its draft red herring prospectus.
However, NSE Managing Director and CEO Ashish Chauhan cautioned that the IPO remains several months away. “The IPO is at least 6–8 months after receipt of the written NOC,” he said on the sidelines of the Samvad 2026 event.
Chauhan added that preparation of the DRHP would take about three to four months, followed by another two to four months for SEBI’s review and query process. “Most IPO timelines are driven by regulators and third parties. It is difficult to commit to whether the IPO will happen in H1FY27 or H2, as much of the process is outside our control,” he said.
