NSE IPO AFTER A DECADE? SEBI CHAIRMAN CONFIRMS NOC BY MONTH-END

In what could be one of India’s biggest market events of the decade, SEBI chairman Tuhin Kanta Pandey has finally confirmed that the National Stock Exchange (NSE) is set to receive its long-pending No-Objection Certificate (NOC) for its IPO by the end of this month.

If this happens, it will unblock an IPO that has been stuck for almost 10 years, making it one of the most delayed public listings in Indian corporate history.

A) Why NSE’s IPO Was Delayed for 10 Years

NSE first filed its DRHP in December 2016. But what followed was a long list of compliance hurdles and regulatory scrutiny.

Key Reasons for the Delay

• Co-location controversy and allegations of preferential access to algorithmic traders

• Governance lapses flagged by SEBI

• TAP (Trading Access Point) architecture and network concerns

• Multiple unsuccessful NOC attempts in 2019, 2020, and August 2024

NSE has since settled several major disputes, including a ₹643 crore penalty for the co-location and connectivity issues.

B) What SEBI Chairman Said

SEBI chief Pandey stated in Chennai:

“We will give the NOC to NSE by this month end. Listing and other procedures regarding the IPO will be taken care of by them.”

This indicates regulatory closure and shifts the responsibility to NSE to resume listing procedures.

C) Financial Performance Snapshot (₹ Crore)

Valuation Metrics

• Market Cap: ₹5.01 lakh crore

• Estimated FY26 PAT: ~₹9814 crore

• P/E multiple (FY26E): ~51x

D) SEBI on SME IPOs and Finfluencers

SME IPO Volatility

SEBI clarified that it does not decide valuations. Its focus is only on ensuring robust disclosures. New advertisement norms now clearly label whether an IPO is SME or mainboard.

Crackdown on Finfluencers

• Nearly 100,000 videos removed for illegal stock tips

• AI tool Sudarshan deployed to scan influencer content

• Stricter norms for misleading financial promotions

E) Conflict of Interest Review Update

SEBI’s high-level committee is still evaluating conflict of interest rules for officials. More discussions are ongoing regarding public disclosures and governance frameworks.

Why This NSE IPO Matters

For Investors

• Opportunity to invest in India’s largest exchange

• Exposure to a monopoly-like business model

• Strong profitability and high entry barriers

For the Market

• Increased transparency

• Stronger governance frameworks

• Potential to attract global institutional investors

Bottom Line

After nearly a decade of delays, NSE’s IPO may finally be set in motion. With regulatory clearance likely this month and strong financials supporting the narrative, 2026 could witness one of the most significant listings in Indian market history.