SEBI Set to Clear Way for NSE IPO; NOC Likely by Month-End

The Securities and Exchange Board of India (SEBI) is poised to grant regulatory clearance for the long-awaited initial public offering (IPO) of the National Stock Exchange (NSE), with the regulator’s approval expected by the end of January. SEBI Chairman Tuhin Kanta Pandey indicated that the market watchdog is at an advanced stage of issuing a No Objection Certificate (NOC) to the bourse, a critical step that could finally unlock the exchange’s nearly decade-long listing efforts.

Speaking at a press event, Pandey said SEBI may issue the NOC within this month, after which NSE can proceed with preparations for its public debut. His remarks fuel optimism among investors and market participants who have awaited clarity following years of regulatory and legal uncertainty.

The NSE’s IPO has been stalled since its initial application, largely due to governance concerns and disputes over alleged preferential access granted to select traders via co-location facilities — issues that drew SEBI scrutiny and delayed approvals.

SEBI’s anticipated decision comes as the exchange has taken steps to resolve outstanding matters, including compliance and settlement efforts. If the NOC is granted as expected, NSE will begin drafting its IPO prospectus and move closer to one of the most significant market listings in India.